Are GRATs (Grantor Retained Annuity Trusts) Dead?
GRATs are one of the best estate planning techniques for families with welath of over 1 million dollars and they are under legislative attack. The time to act may be very limited. Read more if you have ever considered a GRAT.
Medicaid Answers at the PA Medicaid Policy Center
We have many clients searching for information about Medicaid, Medical Assistance and payment for Nursing Home Care. The rising cost of Long Term Nursing Care and longer life expectancies have spurred the desire to protect assets and learn more about the PA Medicaid System. I found the following site for the Pennsylvania Medicaid Policy …
Life Insurance and Estate Planning – What Are They Saying Behind Our Backs?
Get the scoop on what life insurance sales people and their industry are saying about the federal estate tax and estate planning when you're not looking.
When is My Gift Tax Return Due? Read On If You’re Short On Time!
Gift Tax Returns Are Due Now! Gift tax returns are due by April 15th of the year following the gift. You must file a return if you have made a gift of a hard to value asset such as real estate or an interest in a closely held business. You may also need to …
Difficult IRA Beneficiary Designations-Naming A Trust
Although you are permitted to name anyone or anything as the beneficiary of an Individual Retirement Account (IRA), there are many pitfalls that must be avoided. Naming a Trust as the beneficiary of an IRA is an important estate planning opportunity, but the Trust and the beneficiary designation language must be drafted properly to insure …
PA Elder Law Case Update: Guardian/Son Held Liable For Medicaid Overpayment
MALLOY v. DEPARTMENT OF PUBLIC WELFARE (No. 1575 C.D. 2009): A Memorandum Opinion was issued by a three-Judge panel of the Commonwealth Court reported unofficially. Read the facts of the case and unofficial reporting here. This case shows the Pennsylvania Department of Revenue’s (DPW) expanded attempts to recapture overpayment of Medicaid benefits. The …
Owning S Corporation Shares in a Trust: ESBT vs QSST vs Grantor Trust
ESBT vs QSST vs Grantor Trust Owning S Corporation Shares in a Trust can be tricky business. There are three types of trusts that can qualifiy with the IRS to own shares of an S Corporation: 1. The Qualified Subchapter S Trust (QSST) 2. Electing Small Business Trust (ESBT) 3. Grantor …
Should I Make Gifts In 2010? The How and Why of Gifting In The Current Environment
Why gifts might really be savvy and how to make gifts to children and grand children in 2010. It looks like there may not be meaningful estate or gift tax changes in 2010. And, the crash landing of the nasty old federal estate tax on January 1, 2011 means that we will soon return to …
Tax Court Case Alert: Gifts of Limited Partnership (FLP) Interests Fail to Qualify for Annual Exclusion
In a Tax Court case, Price v. Commissioner, T.C. Memo. 2010-2 January 4,2010) gifts of limited partnership interests by parents to their three children did not constitute present interest gifts that qualify for the gift tax annual exclusion. The court stated that the present interest requirement is satisfied if the donee has immediate enjoyment …
Alert: PA Case Evidences Need To Review Tax Clause In Your Will
PA Case Tells Us To Review Tax Clause To Insure that the Correct Party Pays the Inheritance Tax on the assets In Your Estate. In Re Estate Of Thomas P. Allen, 2008 PA Super 260 Atlantic: 960 A.2d 470 the decedent had a will and the will contained a Tax Clause intended to determine whether …