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February 2017 Archives

Credit card debt may be a problem when the card holder dies

When a Pennsylvania resident dies, their heirs may wonder who inherits what. A will generally disposes of the deceased's assets. However, these documents are often silent on who inherits the debts, including credit card debt.

Americans have trouble with end-of-life planning

Pennsylvania residents may have heard that over half of Americans don't have a will. That was according to a Caring.com study that found only 42 percent of those living in the United States had estate planning documents. However, there was a relationship between a person's age and the likelihood that there was some sort of estate plan in place. The survey found that 81 percent of those 72 or older had a will or living trust.

Estate dispute arises for singer's estate

Pennsylvania residents might not have heard of Robert Velline, but Bobby Vee might be more familiar. When the Big Bopper, Buddy Holly and Ritchie Valens were killed in a 1959 plane crash, it was Bobby Vee that took their place at the trio's planned performance in Moorhead, Minnesota. A lot has happened since the former teen idol performed, and the man's family is now arguing about the singer's estate after his passing in October 2016.

Will a trust help you achieve your goals?

You may have a will, but perhaps you are becoming concerned about the probate process. You have probably heard that it can be expensive and that the distribution of assets to your heirs may take months, if not years. For the sake of comparison, perhaps you should look at the advantages of setting up a trust. There are many different kinds, but you will probably want to focus on two major distinctions: revocable versus irrevocable trusts.

Dividing the marital home in divorce

Individuals in Pennsylvania and elsewhere across the country who are hoping to avoid any costly missteps during the divorce process may want to pay particular attention to their options regarding the marital residence. The question of what to do about the house might be best addressed when the parties clearly understand the effect of the divorce on their home, taxes and mortgage.

Electronic accounts and divorce

Pennsylvania residents who are getting a divorce may want to be careful about how they handle their social media accounts and other electronic communications. These could all potentially become fodder for their spouse and their spouse's attorney to use against them. However, people can take steps to protect themselves.

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