Many Americans experience ALS, Alzheimer’s disease, Huntington’s disease, Parkinson’s disease, multiple sclerosis (MS) or other types of chronic diseases. If you have a chronic illness, your personal planning will need to involve careful consideration of your medical and physical condition. If you or a loved one has one of these conditions,… Continue reading
Federal estate tax is levied on the privilege of transferring property to a person’s heirs upon death. The tax is imposed on the value of the decedent’s taxable estate, which is calculated by subtracting allowable deductions from the decedent’s gross estate. The gross estate consists of all property owned by… Continue reading
On February 25, 2015, the Pennsylvania Department of Revenue released Inheritance Tax Bulletin 2015-01: Realty Transfer Tax Bulletin 2015-01 (Policy Concerning Same-Sex Marriage for Inheritance and Realty Transfer Tax Purposes). The portion related to inheritance tax among married same sex couples is as follows: “Purpose “This bulletin is issued to explain… Continue reading
The preparation and execution of a Last Will and Testament serves to designate who gets what and organizes the management of your estate. The will permits the decedent to speak after death and is enforceable by the court. A will assures its drafter with peace of mind. The laws of… Continue reading
What happens if a person dies without leaving a will in Pennsylvania? Will the state get everything? A person dying without a will in Pennsylvania is said to have died intestate. A common misconception is that the state takes everything. State law outlines disposition when you die without a will.… Continue reading
One of the most common questions that I hear from clients is, “How can I avoid probate?” The answer surfaces in understanding what is probate. Probate is the process of court supervised administration and distribution of an estate. The process is handled after a funeral and issuance of the death… Continue reading
Inheritance tax is a tax on the right of succession or privilege of receiving property at death, and it is imposed upon the transfer of taxable property. The net value subject to tax is determined by subtracting from the value of the gross estate the amount of approved deductions. Who… Continue reading
Many individuals entering a second marriage have unique estate planning issues. Often, the assets each person brings to the marriage are unequal. Additionally, one or both individuals may wish to make provisions for their children from a prior marriage. Several tools are available to address such situations, but perhaps the… Continue reading
On December 19, 2014, President Obama signed into law the Achieving a Better Life Experience (ABLE) Act of 2014. The ABLE Act authorizes states to establish programs allowing qualifying disabled individuals to maintain special tax-favored accounts without compromising their rights to certain means-tested benefits, such as Medicaid or Supplemental Security… Continue reading
Whether your goal is to provide for a physically and/or mentally disabled loved one, or to prepare for the increased risk of dementia, Alzheimer’s disease, and other neurological disorders that accompany advanced age, disability is an important topic that should not be overlooked in your estate planning process. Health Care… Continue reading
