Berman & Asbel, LLP

August 2016 Archives

Irrevocable trust creators cautioned to think ahead carefully

Pennsylvanians who want to create estates and pass their assets on may rely on various forms of trust funds. Like other trusts, the irrevocable variety is created on behalf of designated beneficiaries and overseen by an independent administrator. Unlike other options, however, they're permanent. Because irrevocable trusts can't be modified, it's important to have a firm plan in place before creating one.

Paying for a child's sport as a divorced parent

Helping Pennsylvania kids reach their sports dreams can be time consuming and expensive. For many single or divorced parents, finding the money to support those dreams can be quite difficult. This is especially true if both parents do not agree on how much should be spent on particular activities.

Resolving disputes between trustees and heirs

There are several reasons why a Pennsylvania resident may want to make a trust part of their estate plan. Trusts provide testators with an additional layer of control if they worry that heirs will spend their inheritances unwisely. While trusts can also allow estates to be administered away from the public scrutiny of the probate process, disputes between trustees and heirs can sometimes become contentious.

Making financial decisions during a divorce

One of the more difficult aspects of divorce for some people in Pennsylvania may be dealing with a new financial situation. Those who have never participated in the financial aspects of their marriage could feel especially overwhelmed. For example, one recently divorced woman found out that keeping the marital house can be quite a financial burden.

Appointing a trust protector to oversee co-trustees

Pennsylvania residents who have made an estate plan that includes a trust might wonder what will happen if their trustee runs into a conflict with their beneficiaries. They might also be concerned about their wishes being carried out properly. Provisions in a trust could be reasonably interpreted in different ways by different people. A trust protector is a person who can be called upon in the event of disputes or other issues to make sure that the person's wishes are followed.

Smart estate planning can help to avoid a Prince-like scenario

Prince was a legend for many Pennsylvanians, making highly creative music for decades. During his life, Prince went to great lengths to protect his body of work. Therefore, it may be surprising to fans that he did not have a will in place to properly distribute his assets.

Estate planning in a blended family

Pennsylvania residents who are creating an estate plan may run into particular challenges if they are part of a blended family. One scenario that may cause problems is one in which there are children from a previous marriage as well as a child from the present marriage. In one of these cases, a woman was concerned about securing financial stability for her and her husband's autistic daughter. She was afraid that demands made by her husband's teenage children from a previous marriage would deplete what they had to leave and that if she died first, her husband would not honor her wishes.

When to use a trust

Wills and trusts are frequently used for estate planning documents. Pennsylvania residents concerned about which to use for their assets should know of the situations in which using a trust would be more beneficial.

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