If you wish to create a trust for your family, you do not have to make one right away. You can use your will to form a testamentary trust after your death. This allows you to change your trust as many times as you want by updating your will. While a testamentary trust...
Trusts
What should you look for in your trustee?
Setting up a trust can help to manage your assets and ensure that your beneficiaries receive the inheritance you plan for them more quickly. While creating a trust, however, you must choose a person to oversee and administer the trust, known as the trustee. According...
Special needs trust versus supplemental needs trust
People in Pennsylvania who have disabilities may qualify for Medical Assistance, known as Medicaid in the rest of the country. Eligibility for MA depends on financial resources. Special needs trusts and supplemental needs trusts both set aside money on behalf of a...
Understanding living trusts
The majority of Americans understand what a will is, at least in concept, but many people are not nearly as familiar with living trusts. Living trusts may be important components of estate or long-term care plans. There are two main types of living trusts -- revocable...
Can I change a totten trust?
One of the concerns people grapple with in their estate planning is the ability to change their estate plans when circumstances warrant. Sometimes people want to change their wills to reflect new priorities. Similarly, people may set up a Totten trust but after some...
Why use an irrevocable trust?
Whether you are in the process of organizing your estate and making plans as to what will happen with your property once you pass, or you are dealing with the aftermath of a friend or family member's passing, you may be faced with some difficult issues. One of the...
Pet trusts and how to avoid probate litigation
More pet owners are creating pet trusts that ever before. Unlike you might think, they are not just for the super wealthy. Pet trusts are created like any other trust. Once you determine the amount of money you wish to leave for the benefit of your pet, you need to...
Addressing future care needs of Pennsylvanian Special Needs Loved One
Trusts may be helpful for special needs individuals, regardless of their ages. Often, it is believed that only older people might require residence in a nursing home, but there are conditions and illnesses that make it necessary for younger special needs people to...
Will a trust help you plan for your long-term care needs?
A trust, or legal instrument that transfers title from an owner to a trustee to administer on behalf of the beneficiaries, can complement financial planning in a variety of areas: retirement, long-term care needs, and estate plans. A law firm that focuses on estate...
Protecting a Son or Daughter with an Inheritance
A goal of estate planning for many parents is to leave assets to adult children and other heirs. In some cases, however, parents may worry about the possible negative consequences of doing so. Consider these statistics: According to a recent report issued by U.S....
