It is worthwhile to start thinking about an estate plan as soon as possible. One aspect of a solid estate plan is an adequate life insurance policy. Although an individual or his or her spouse may have life insurance through an employer, it may not be enough.
When a couple gets a divorce in Pennsylvania, one spouse may have to pay alimony to the other. The monthly payment amounts are normally determined by how much money each spouse makes. This may include salary, bonuses, dividends and other forms of income.
Married Pennsylvania residents who are over the age of 50 may be more likely to divorce than their younger counterparts. According to several studies, divorce has remained steady or declined among most other age groups, but for individuals over 50, twice as many got a divorce in 2014 compared to 1990, according to Bowling Green State University researchers.
Pennsylvania fans of the late actor James Gandolfini may have heard that due to his lack of proper planning, most of his estate, valued at about $70 million, was subject to estate taxes after he passed away. However, individuals can plan ahead to avoid estate tax, and irrevocable charitable trusts are one way of doing this.
Typically, a trust contains one or more assets that are overseen by a trustee for the benefit of one or more named parties. However, a constructive trust is used to transfer property from an individual who obtains the title to it illegally or through unscrupulous means back to its rightful owner. The trust is considered to be a passive vehicle that is created by a court to remedy the unlawful act.
Pennsylvania residents may be familiar with the story of an Austrian women who destroyed the equivalent of $1,020,490. This was reportedly done just before her death in an effort to keep heirs from inheriting it, and it is believed that the woman decided to take the drastic action to circumvent European estate laws. In many European nations, assets in an estate will automatically pass to a spouse or certain linear descendants.
Hobby businesses have become unique opportunities for some Pennsylvania residents, providing unexpected success that can become a significant concern if a married entrepreneur is facing the end of a marriage. Because an unexpected business success may occur long after the couple has gotten married, it may seem like one's hard work will be lost through asset division during a divorce. However, this isn't a given, making it important to consider helpful strategies for preserving business interests in the case of a divorce action.
Movie fans in Pennsylvania may be saddened to learn that Halle Berry and Oliver Martinez have announced that they are divorcing. Berry has starred in Hollywood blockbusters such as 'Swordfish ' and 'Cloud Atlas," and she won an Academy Award in 2001 for her work in 'Monster's Ball." Martinez is most widely known for his performance alongside Richard Gere in the 2002 film 'Unfaithful."