New Law Alert – Pennsylvania Adopts Federal Grantor Trust Rules in 2025
If you are a trustee, beneficiary, or grantor of an irrevocable grantor trust, Pennsylvania’s new tax law may impact you. NOTE: PA never honored grantor trusts – until now. Governor Josh Shapiro signed Senate Bill 815 (S.B. 815) into law on December 14, 2023. As a result, effective January 1, 2025, Pennsylvania’s taxation of …
Die With Zero by Bill Perkins — A Different View On Gifting, Spending, Retirement, and Estate Planning
Bill Perkins’ book Die With Zero challenges traditional thinking about wealth, retirement, and legacy. It introduces a bold premise: life is finite, and our goal should be to maximize meaningful experiences, not to accumulate endless wealth. For affluent families, the book’s ideas have profound implications for gifting, spending, retirement planning, and estate planning. Click …
Navigating Gift Taxes: What You Need to Know About Large Gifts for Education, Weddings, and Home Purchases – What You Don’t Know Can Cause Trouble For Your Estate Plan and Your Heirs
As the costs of weddings and homes have skyrocketed, many families want to help their children achieve these milestones by offering financial support. However, the growing expense of these gifts has made tax planning for affluent families more complicated than ever. If you’re even considering a large gift to fund a wedding or help with …
Bracing for Impact: How the Harris Tax Shift Could Hit Your Estate
The Kamala Harris campaign recently announced that it is endorsing several significant changes to the transfer tax system, which were initially proposed in the American Housing and Economic Mobility Act of 2024. These proposed changes could have a substantial impact on your estate plan. Click the link below to see if you may be …
Four Essential Estate Planning Questions Retired Couples Should Address Today To Avoid Problems Later
As you plan for and then enter retirement, getting your financial affairs in order is crucial. However, many couples put off essential estate planning conversations (about wills, living wills, powers of attorney, and trusts) until it’s too late. Don’t make that mistake – addressing these four essential questions with your spouse today can provide invaluable …
The Impact of AI (Artificial Intelligence and Large Language Models) on Business in the Next Two Years
David Frees recently attended a conference on AI, and in particular, what is changing, how it is being used (either alone or in conjunction with virtual robots – BOTS), and the implications for our businesses, and our ability to serve our clients in the best possible ways. Since many of you own or …
A Well-Designed Estate Plan Protects Your Assets and Your Legacy
As a team of very experienced trust, estate, and wealth preservation lawyers, paralegals and client service representatives, we have helped over ten thousand clients to design estate plans that protect their assets and their heirs from divorces, lawsuits and other business creditors, ensure their wishes are carried out (on their terms), and provide peace of …
How To Take Advantage Of An Economic Downturn
We recently published two great articles on how to take advantage of an economic downturn, bad stock market, or even a recession as part of your estate planning and your asset protection planning for your children and grandchildren. Click here to get access to Part 1 Click here to get access …
Protecting Your Heirs From Federal Estate Tax When One Spouse Dies
The IRS has extended the time to file a “Portability Return” from 2 years to 5 years. If you are a surviving spouse this is vitally important to protecting your heirs from possible Federal estate tax at your death! To find out more about portability and what that means for your estate, please click …
Elder Law & Medicaid: Protecting the Family Home
The Family Caregiver Exception is one opportunity available to protect the family home from nursing home spending. Generally, there is a 5 year ineligibility for Medicaid qualification that results from a transfer of the family residence to a child. However, there is no penalty for a transfer of a primary residence if a son or …