When crafting estate plans in Pennsylvania, there is much to consider. Frequently, people will concentrate on the basics like wills and trusts. However, some individuals can benefit from a power of attorney. Understanding the responsibilities that the agent will have...
Estate Planning
Easy steps for creating an estate plan
Estate planning can be a difficult concept for many people in Pennsylvania and throughout the country. However, it may be easier to create a plan by breaking the process into different steps. The first step is to consider who the beneficiaries of the plan will be. For...
Naming a trust as a beneficiary of an IRA
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...
Using a trust in Pennsylvania
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...
Protecting heirs from financial responsibility
Many parents expect to give their children or other heirs an inheritance but may be concerned that all the wealth they earned will be squandered by an irresponsible heir. There are several reasons this could happen, including bad financial habits, unhealthy...
Misconceptions about estate planning
No Pennsylvania financial plan is complete if it does not include an estate plan. Estate planning is something many adults tend to avoid because it brings on thoughts of death and leaving loved ones behind. There are a number of misconceptions surrounding estate...
How to do beneficiary designations right
It isn't uncommon for Pennsylvania residents to use beneficiary designations for 401(k) or 403(b) assets. Designations can also be used on a variety of other assets, including cars, houses or boats. It is important that these designations are made carefully to avoid...
About estate planning
Many people in Pennsylvania may find that estate planning can be a stressful process. Estate planning requires that people think about the end of their lives, which can be quite uncomfortable for some. It can also be stressful if the estate owner doesn't understand...
Including revocable trusts in estate plans
Pennsylvania residents can use a revocable trust to bolster their estate plans. A revocable trust will continue indefinitely, ensuring the deceased grantor's wishes regarding the handling an estate are honored. If the grantor is also the trustee of the trust, the...
Establishing trusts for children
Looking out for their children's best interests, many parents in Pennsylvania put a sizeable amount of money in a trust that will provide for generations to come. However, these same parents may elect to keep the existence of this trust hidden from their children till...