There is some talk from PA state legislators about repealing the PA inheritance tax. See Neil Hendershot’s blog post here. ACTEC (American College of Trust and Estate Counsel) maintains a chart showing the death taxes in all 50 states: 2009 State Death Tax Chart. States with death taxes are in the minority, but not overwhelmingly… Read More
A car abandoned in a garage for more than 50 years sold at auction in Paris this month for $4.4 million. The car was the star attraction at the Bonhams Retromobile auction in Paris on February 7. The 1937 Bugatti Type 57S was sold on behalf of the family of its last owner, Dr. Harold… Read More
Must Read: Steelers and Estate Tax at Neil Hendershot’s PA Elder, Estate & Fiduciary Law Blog. Both the Arizona Cardinals and the Pittsburgh Steelers are family-controlled. To give you an idea of the estate tax problem, a 2007 Forbes article estimated the fair market value of the Steelers at $900,000,000. Is there a lobby for… Read More
You’re retired, you own your own home, but the funds don’t stretch the way they used to and suddenly you need more income. Maybe you need to fix the roof. Or your medical bills have increased. Or, simply, inflation has eroded your retirement fund. Where’s the money going to come from? You can sell your… Read More
Entrust Group launched a new service for IRA owners. Now you can access your IRA with the swipe of a debit card. Want that new pair of shoes – go ahead – use your IRA money. Want to go on vacation – use your IRA. This is the worst idea I have heard in a… Read More
Looks like we won’t be throwing Momma from the train in 2010 when there is no estate tax. According to this WSJ article Obama plans to sponsor legislation that will keep the estate tax in effect and keep the exemption at $3.5 million - which is where it is now since January 1, 2009. The… Read More
You don’t have to take a required minimum distribution (RMD) from your IRA in 2009. Under the Worker, Retiree, and Employer Recovery Act of 2008 (WRERA) signed by President Bush on December 23, 2008, RMDs for IRAs and other qualified defined contribution plans are suspended. It is a one year waiver for 2009 only. This… Read More
Check out this article by Professor Katherine Pearson of Penn State Dickinson School of Law: Evaluating Long-Term Care Insurance in a Troubled Economy “I’m not going into a nursing home, and I’m not spending my money on nursing home insurance.” How many times have I heard that? If you can comfortably afford $9,000 a… Read More
2008 Tax Offender of the Year Russ Fox of Taxable Talk tells the story: “Mr. Beale directed the bookkeeper at his company to first not withhold taxes on the $700,000 and then to pay him through an offshore shell company. He began to file statements with the IRS claiming he didn’t have to pay… Read More
A will can be revoked by operation of law, by some physical act performed on the will with intent to revoke, or by a subsequent written instrument, meeting the statutory requirements. Revocation or modification by operation of law refers to statutory provisions that modify or revoke will provisions in the event of marriage, divorce, birth… Read More