In many cases, even very wealthy Pennsylvanians may expect their large estates to only benefit a couple of their family's generations. Because of division, taxes and business risks, a family's wealth may be depleted within three generations.
Many couples that get married in Pennsylvania consider setting up a prenuptial agreement. Young couples with few assets and no children from previous relationships may find that a prenuptial agreement is not necessary. Conversely, a person who is getting married later in life or entering into a second marriage may decide that a prenuptial agreement is worth the effort and expense.
Many Pennsylvanians have established trusts as a part of their overall estate plans. The issue is that some laws have changed substantially in the past few years, making it a good idea to review trusts and to try to alter them to reflect the current legal and financial environment.
Same-sex couples in Pennsylvania may have heard about a Michigan case between two women who split up in December 2014. According to news reports, the pair had two daughters that were both birthed by one of the women after she obtained donor sperm. Because the couple was never legally married, however, the courts now have to decide who will be awarded custody.
Pennsylvania movie fans may have heard about the divorce of actors Antonio Banderas and Melanie Griffith. The two have been separated since June 2014, and their divorce was finalized a little more than one year later.
A divorce bully is someone who has started bullying their spouse during a divorce but did not exhibit these behaviors during a marriage. Ending a marriage is a difficult enough proceeding without additional stress from a spouse bent on antagonization, so it's important to understand how to deal with these behaviors.
Families obviously face a difficult period when a loved one passes away, but this time can become even more emotional when disagreements about the decedent's estate arise. The rules regarding challenging a will vary from state to state, but there are generally only some people who can question a will. Here is some information about probate laws that Pennsylvania residents may need to know.
Many Pennsylvania residents consider their companion animals to be cherished members of the family, and they often worry about what would happen to their beloved pets is they were no longer able to care for them. The law views pets as personal property no different than a piece of furniture or jewelry, so they cannot be bequeathed money in an owner's will. However, setting up a trust to provide for companion animals is a viable and increasingly popular option for pet lovers around the country.
Younger Pennsylvania residents may think that it is premature to think about an estate plan, but having one is important for adults of all ages. Younger people might also think that they do not need an estate plan until they have children, but this is not the case. Single individuals need to protect their income and make a plan for their care in case they are incapacitated. Partnered individuals need to make sure that their partner is cared for. When a person is young and healthy is one of the best times to begin thinking about an estate plan.