Along with other estate planning tools, trusts are an essential aspect of safeguarding your assets. In addition to wills and beneficiary designations, trusts ensure the assets and property you worked so hard for during your life go to your heirs in the manner you...
How often do you need to update your estate plan?
Estate planning is an excellent way to visualize the type of future you want. Throughout your plan, you can incorporate details that describe your final wishes and how you want your assets distributed. Updating your estate plan is just as important as having one....
What are the two types of a living trust?
Most Americans are aware of what a last will and testament do. However, many people do not understand the role that living trust can play in a comprehensive estate plan. In many cases, you may benefit from including living trusts in your estate plan along with a last...
3 common ways to protect your assets
The main goals of an estate plan are to reduce taxes, have control over estate distribution and protect your assets for future generations. Asset protection does not hide your assets, but it helps build a wall around your wealth to motivate those who want to come...
Will you owe estate taxes?
The deeper you get into the estate planning process in Pennsylvania, the more you realize that there are opportunities to optimize your plans in order to preserve assets for your beneficiaries. These include structuring your estate so as to avoid probate, or...
What are some common myths about estate planning?
Estate planning protects the property and assets you worked so hard for during your life. It can also support your loved ones after you are gone. As explained by U.S. News & World Report, estate plans are not only for the wealthy. They benefit people with moderate...
Situations where you might need an irrevocable trust
When you are estate planning, one option that you have is an irrevocable trust. A revocable trust is more desirable in most cases because you still retain some ownership of your assets. However, there are cases where only an irrevocable trust will meet your planning...
Have you updated your estate plan recently?
If you already have an estate plan in place, you may be better off than many Americans. Almost half of adults age 55 and over do not even have a simple will. However, revisiting your estate plan regularly is just as important as creating one in the first place. While...
3 important facts regarding probate in Pennsylvania
Pennsylvania calls its probate court Orphans' Court. Currently, it exists as a division of the Court of Common Pleas rather than as a separate entity. Like other states, the commonwealth possesses specific regulations concerning inheritance. There are key facts those...
What makes for a good estate executor?
Pennsylvania residents like you want your estate plan executed well after your death. There is only one way to ensure that. You must have an estate executor who serves your needs and wishes well. But how do you find this executor? What are the skills and traits that...
