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November 2014 Archives

Duties of a trustee in Pennsylvania

When people are planning their trusts and estates, they should fully understand the duties a selected trustee will have when they are deciding whom to choose. When a trustee accepts the job of administering estate, he or she will be taking on several important duties. A good trustee should be someone who is trustworthy and organized so that he or she may appropriately complete all that is expected.

How individuals can maintain control through estate planning

As a person's health changes or as he or she gets older, there is often a greater need for an individual to exert control over their belongings. One of the primary methods that Pennsylvania individuals can have the sense of control that they long for is to establish it through estate planning.

The role of charitable trusts in Pennsylvania

According to the Internal Revenue Code, a charitable trust is treated as a private foundation and as such is not tax exempt in the way that many public charities are. However, various taxes such as capital gains tax or estate taxes are not levied upon charitable trusts. This makes it ideal for estate planning for an individual who wishes to leave an income-generating asset or assets to charity.

What is a Totten trust?

As many Pennsylvania residents may know, trusts may be established to transfer assets to a beneficiary without going through probate. There are two main types of trust depending on whether the trust can be altered once it is formed. A bank account may be considered a Totten trust in that a beneficiary is identified, and the assets are marked to transfer to that person upon the depositor's death.

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