A common way for Pennsylvania residents to save for retirement is with an individual retirement account (IRA). The potential problem with setting up an IRA is that the account holder could pass away before having the opportunity to take out the money at the appropriate time. One possible solution is designating a trust as the IRA beneficiary.
Your relationships with your children can help them recover from the stress of divorce. In most cases, children of divorce fare best when they can keep up healthy relationships with both parents. Those parents don’t have to live together, but it often helps if they live within a short distance of each other.
There are many different reasons to include trusts in an estate plan. These legal documents can be utilized to protect funds from the creditors of recipients and from being split up during a divorce. A trust could also manage and regulate investments and spending so that beneficiaries with faulty judgment may not squander the assets. Furthermore, trusts can hold assets that will serve as financial support should a settlor become incapacitated, hold life insurance policies and manage funds that can't be easily divided.