So, you’ve decided to look your mortality in the eye and sign a will. Congratulations, you’ve done the hard part. Now get some expert help, and do it the right way. Executing a will means you aren’t going to accept the state’s menu of prefab “wills” contained in its intestacy law. Those state provisions are… Read More
If you want to leave something to charity when you pass away and you have a traditional IRA, naming a charity as an IRA beneficiary is an excellent strategy. Under current tax law, your IRA balance will be included in your estate for federal estate tax purposes. If you pass away with a taxable estate… Read More
In 2012 the exemption from the federal estate tax is $5 million. It has risen in leaps and bounds from $600,000 in 1997 to the current $5 million. Part of the tax uncertainty facing us is that unless Congress acts before the end of 2012, the estate tax exemption will fall back to $1 million.… Read More
We can take a lesson from Mark Zuckerberg and Dustin Moskowitz, the founders of Facebook. Both young, unmarried and with no children, they still did estate planning to save a bundle n estate and gift taxes for their beneficiaries – maybe their as yet unborn children and grandchildren. They used a technique called a Grantor… Read More
It seems like a simple question. It’s the first question in the interview for many estate plans. But the answer may be far from simple. There are many issues involving children with unmarried parents, adopted children, stepchildren and children conceived through assisted reproductive technology. Establishing parentage is important for securing a child’s benefits such as… Read More
When a person dies, any debts he or she owes can be collected from his or her estate. If there is no estate or if the estate is insufficient to pay all debts, then usually no one is liable; and the creditor is out of luck. That’s the law. But the practice in the real… Read More
Many Pennsylvania owners of mountain acreage, summer homes, farms, and hunting camps are now benefitting from the Marcellus Share boom. Marcellus Shale landowners are anticipating significant royalties and bonus payments well into the future. Proper planning is necessary to preserve the value of the asset with a minimum of taxation including federal estate tax and… Read More
For parents, deciding who will raise their minor children if the parents die is one of the hardest decisions to make. In fact, the decision is so difficult that many parents avoid the topic and never do it. Not making a decisions is also making a decision and for those parents who avoid the issue,… Read More
Since 1997 Pennsylvania law has permitted the registration of securities in “POD” or “TOD” form. POD means “pay on death” and TOD means “transfer on death.” Titling accounts POD or TOD permits the naming of a beneficiary on all sorts of investments. In the past only life insurance and pension plans had this option available.… Read More
codicil (käd’ i sɘl, -sil’) noun 1. an addition to a will, that changes, explains, revokes, or adds provisions If you have a will, congratulations. That’s great. Now you want to change it. How do you do that? First: NEVER make changes to a will by inserting, crossing out, or doing anything to alter the… Read More