Using the MIDGT To Take Advantage of Long Term Care Expense Deductions
One of the Irrevocable Trusts we prepare for clients who enter into Nursing Home Asset Protection planning is referred to as the Medicaid Intentionally Defective Grantor Trust (MIDGT). One of the tax features of the MIDGT is that the person, usually an elderly parent, who transfers assets to the irrevocable trust will continue to be …
Estate Tax Portability: Why More People Than Ever Will File Estate Tax Returns in 2011 and 2012
If Your Spouse Dies in 2011 or 2012 You May Think That There Is No Estate Tax Return Due You Might Right And You Might Be Surprised To Know You Should Still File Most people now know, that if they die during the calendar year 2011 or 2012 that there is a five million dollar …
Pennsylvania Trustee Liability for Investments – Important Law if You Own Your Own Company
Is Being An Executor or Trustee More Dangerous Than You Think? Yes! Even your own kids might sue you. By: David M. Frees III JD In many cases it might be. But, if you own your own business you might want to pay particular attention to this case. If you’re a business owner who …
Who Gets What When You Die Without A Will? A Review of Pennsylvania Intestacy
When a person dies without a will, (intestate), his or her property will go through a court supervised intestate process. That process is a set of inflexible rules created by state law that dictates how the deceased person’s property and assets are distributed. Only a will, or a non probate beneficiary designation (a combination of …
Updating A Will and Getting An Estate Plan – The Quick Quiz
Need to get a will or to update your will, trust or estate planning? Want to know if your plan is still good? Take this quiz...
IRS Releases Guidance on Federal Estate Tax Exemption Portability (Notice 2011-82, September 29, 2011)
As many of you know, the present Federal Estate Tax Law allows for a surviving spouse to carry forward the Federal Estate Tax Exemption available to his or her deceased spouse at his or her death. To garner the benefits of this “Portability” provision, the Internal Revenue Service (also referred to as “IRS”) does not …
Estate Planning and Elder Law Events – Pick a Topic and Get Your Invitation
Want to attend one or more of our client appreciation events?
New Video Keeps Pennsylvania Executors Out Of Court and Out of Trouble
If you have been appointed as an executor of an estate you need the resources to stay out of trouble, to avoid liability, and to answer the many questions...
If You’re Going To Make A Statement In Your Will – Don’t Mumble And Get The Right Lawyer
Want Your Estate Plan To Really Work ? Most Plans Don’t. If You Have A Clear Desire To Leave A Legacy and To Protect Your Heirs You Need Your Estate Plan or Will To Be Clear, Loud, and Effective. If You Want Yours To Actually Work, Then Here Are The Must Know Strategies and …
Will the Federal Estate Tax Law Be Modified In 2012? Obama Gives Us A Snippet of Insight.
In the past month the estate tax has been back in the limelight. As most of you know, in December of 2010 President Obama signed the Tax Relief Act of 2010. Prior to the ratification of the present law, the federal estate tax was repealed for the 2010 tax year. For 2011 and …