Many couples in Pennsylvania live together without getting married. Cohabitation agreements offer these people a way to protect their assets. For example, these civil contracts should clearly define which assets have individual and joint ownership. This helps prevent...
Putting money into a trust might be your preferred method of giving family members an inheritance or even a steady income stream during your lifetime. A trust can also be useful if you wish to leave a large amount to a charity. It is possible to create a trust for a...
Wealth Transfer A Family Limited Liability Company (FLLC) is frequently used to pass wealth from one generation to another. Before the advent of limited liability companies in Pennsylvania in 1994, family limited partnerships were the vehicle of choice for this type of family planning and are still used today. With a FLLC the owner of the FLLC (often the company’s…
Wills, Trusts, Estates and Taxes – Why draft a will when the Commonwealth of Pennsylvania already provides one? What happens if you die without a will? In Pennsylvania, your assets* that are in your name will be distributed based on the intestate succession laws of Pennsylvania. Specifically, your property will be distributed in the following manner: If you are only…