Greensburg Pennsylvania Legal Blog

An entrepreneur in Pennsylvania may find themselves facing conflicting urges when it comes to estate planning. While one might see a great future for their business, they may also want to give a large bequest to their children. In addition, an entrepreneur could be troubled by the thought that their child will eventually be in charge of the family business, especially if they have never shown much interest.

However, there are alternative options that a parent considering the future can choose. They don't have to cut their children out of the business' proceeds in order to keep it in the hands of someone committed to its growth. Instead, they can set up a succession plan that puts the operations of the business in the hands of capable, paid managers while passing on the benefits and profits accrued by the business to the children on an ongoing basis. Rather than providing a one-time wealth transfer, the company can continue to be a source of income.

California residents who have gone through a divorce know the challenges associated with dividing property and assets. A relatively new phenomenon has added a wrinkle. It is that of dividing inherited individual retirement accounts. In truth, no one is sure if an inherited IRA can be split during a divorce. In some locations, however, this is what is already happening.

The year 2019 will bring about new alimony rules in regard to taxes. These alimony rules could mean that IRAs have a larger impact on divorce settlements. Traditional IRAs have often found themselves used as a bargaining chip during a divorce. With the idea of splitting inherited IRAs, the situation becomes more complicated.

Ending a marriage can lead to significant financial and emotional turmoil. Ideally, Pennsylvania residents who are in this position will address the potential financial changes that a divorce can bring head on. This means taking a look at how much money they are making as well as what a person's expenses are after the marriage ends. It can also be worthwhile to account for paying off some or all of joint debt accrued with a former spouse.

In some cases, creditors can come after a person for joint debts even if he or she didn't know about them. To prevent surprise claims, individuals can obtain and review copies of their credit reports. Consulting with a financial adviser can make it easier to develop savings targets and find ways to increase retirement savings. In a divorce, individuals may lose some or all of their retirement assets, which can make replenishing a 401(k) a top priority.

Women are typically known for being relationship-oriented and more focused on settling down with a marriage partner than their male counterparts. Although there are plenty of gray areas to this, men are conversely known for their hesitancy with commitment. However, when couples do get married, studies have shown that it is the woman who is more likely to initiate a divorce nearly 70 percent of the time.

Why does this happen? While there are countless reasons why two people would get married, there are also many reasons why couples divorce. Research psychologist have gathered information that upholds the notion of women feeling unhappy in their marriages more than their husbands. The men report feeling troubled about their wife's marital dissatisfaction but somewhat okay about the state of the marriage in general.