Pennsylvania residents have likely heard that Aretha Franklin recently passed away after a battle with pancreatic cancer. While her estate was worth an estimated $80 million at the time of her death, the music legend never created a will. An adviser for the singer urged her to go through the estate planning process, but she never followed the advice.
When parents in Pennsylvania decide to separate, there may be confusion as to how the child support system works. Noncustodial parents have a responsibility to provide financially for their children, and the support system functions to make that a reality. August marks Child Support Awareness Month, an initiative designed to draw attention to support programs and their importance for children.
In addition to addressing inheritance issues, an estate plan can also be used to plan for the possibility of becoming incapacitated and to appoint a guardian for minor children. However, Pennsylvania parents may also want to think about making plans for the immediate aftermath of becoming incapacitated or death.
As a parent, you may have painstakingly considered many aspects of your children's lives and futures. While you certainly hope to be there for them every step of the way, you likely also understood from your first child's birth that a sudden accident could easily leave your kids without parents. This idea was certainly hard to imagine, but you felt it necessary to consider in order to plan for their futures.
While a growing national conversation has pointed to the damage that massive student loans have done to millennials' financial well-being and future, that student loan debt could also pose a risk to their marriages. Student loan debt is a significant financial issue for many, especially young people. Across the country, the average educational debt burden is $34,144 while that number is $39,400 for people who graduated as part of the class of 2017. In addition, over the past decade, the percentage of borrowers who owe $50,000 or more has gone up by three times.