The Looming Federal Estate Tax – What’s Your View?
David M Frees Esq on Pennsylvania Inheritance Tax, The Federal Estate Tax and What Worries You? For the next few months, there is no federal estate tax. Many states ( including Pennsylvania) still have an inheritance tax, and the federal gift tax laws remain in effect. But soon, estates of more than 1 million dollars …
What is A Trust Protector and When Do I Need One?
Trust protectors can provide flexibility in these times of changing laws and tax laws in trusts under your will and for irrevocable trusts...
Inherited Roth IRA Distribution Rules
As a result of the more lenient Roth conversion rules, we have been reviewing the federal estate tax, income tax and distribution issues relating to Roth IRA conversions with clients. I thought this article provided a nice synopsis of the distribution rules facing beneficiaries of a Roth IRA. Here is another article with some …
Elder Law: Medicaid Asset Protection Trust Series
Elder Law: Medicaid Asset Protection Trust Series. Many of our clients want to guard against losing large portions of or even their entire estate to the costs of long term nursing care. They recognize that the ever rising cost of nursing care coupled with increased life expectancies could result in significant expenditure of estate assets. Clients …
Limited Step-Up In Capital Gains Tax Basis In 2010
Although there there will likely be no federal estate tax in 2010, the beneficial “step-up” in capital gains tax basis on property owned by a decedent at death, is now limited to $1.3 million. The limited “step-up” may be allocated among the decedent’s assets by the Executor or Administrator unless otherwise directed in a decedent’s …
Gift Tax Is Not Dead, Learn About These Gift Tax Free Transfers
As most readers know, the federal estate tax (FET) was repealed for one year at the end of 2009 and it is looking less and less likely that there will be a retroactive application of the FET. However, there is still a gift tax, presently 35%, if you give away more than $1 million in …
Pennsylvania Inheritance Tax Is One Of Many Death Tax Systems At the State Level
Pennsylvania, through its Inheritance Tax, is one of many states that applies a death tax upon the estates of its deceased residents and real property owners. I think it is interesting and important to know about the other state death tax systems. Check out this site for a review of how Pennsylvania and all …
Key Medicaid Figures For PA In 2010
It is important to keep up with the annual change Pennsylvania (PA) Medicaid Numbers. These key Medicaid figures help us to properly prepare Medicaid applications and to provide proper Elder Law advice to clients. Click this link to review the updated Medicaid numbers. They include, Community Spouse Resource Allowance (CSRA), Monthly Maintenance Needs Allowance, …
Estate Tax Reform 2010: Modified Step-Up In Tax Basis For Capital Gains
As we have discussed frequently, the Federal Estate Tax system is in a state of change in 2010. Frequently lost in the discussion of revocation of the Federal Estate Tax is the new Modified Step-Up In Tax Basis for Capital Gains. Prior to January 1, 2010 all capital appreciation assets owned by a decedent at …
IN RE: ALICE G. NOVOSIELSKI: PA Supreme Court Rules On Joint Account Case
IN RE: ALICE G. NOVOSIELSKI: PA Supreme Court Rules On Joint Account Case MARCH 25, 2010. The Supreme Court of Pennsylvania overturns the Superior Court on appeal. I think the Supreme Court got this one right. You can read the entire Novosielski Case here, but the general ruling is that accounts made joint by …