Regardless of the overall value of your assets, you should plan now to maximize the amount that you can leave to your family and loved ones and to reduce government taxes. This is especially true for wealthier individuals who may be subject to the federal estate tax. Consulting with an experienced estate planning [...]
Estate Planning It is important to make sure that your money and property are distributed to your family, loved ones or favorite charity in the way you want when you die. It is also important to create an estate plan that minimizes taxes (such as estate and inheritance taxes) and minimizes [...]
First Proposal -Under the current tax system, a federal estate tax is payable based on the net worth of a person at the time of his death. There is a current $11.7 million per-person tax exemption. Therefore, only assets over $11.7 million are subject to estate tax, and if a person dies with [...]
Are you operating a family-owned business and worried about how to transfer the business to your family members? The transfer of your family-owned business to your family members may not be subject to any PA Inheritance Tax if it meets certain requirements. PA Inheritance Tax is due within 9 months after the date [...]
Governor Wolf signed PA House Bill 262 of 2019 into law on June 28, 2019 which included a significant change to the Pennsylvania Inheritance Tax rate for children under 21 years old that inherit from their parent. Prior to this new law, the Inheritance Tax rate for transfers from a natural parent, an [...]
Many of us think of our companion pets as family members. It is therefore important to make sure that your pets are cared for if ever you were unable to do so. One way to plan for their continued care is to create a Pet Trust in your Last Will. Pennsylvania law recognizes [...]
Pennsylvania law has rules that must be followed before anyone enters a safe deposit box upon the death of an owner of the box. Even spouses and joint owners of the box must follow these procedures. A safe deposit box may be entered to remove a Will or burial instructions, but a bank [...]
One of the most important legal documents that a person can create is a Last Will and Testament. If a person dies without a Will, the state law decides how your property gets distributed. For example, if you die without a Will in Pennsylvania and you have a living spouse and children, then [...]
If you own real or tangible personal property in Pennsylvania at the time of your death, you may owe Pennsylvania inheritance tax. This applies to both Pennsylvania residents and to nonresidents who own property in Pennsylvania. Pennsylvania imposes an inheritance tax on the value of the assets owned by the decedent located in [...]
Do you have any of the following? -Will -Individual Retirement Accounts (IRAs) -Life Insurance Policies -Retirement Plans through your employment (401k) […]
