Mitt Romney’s Tax Return and Estate Planning Strategies of The Rich and Famous That Matter To You
The Romney’s 2010 tax return (which is quite lengthy and can be viewed in it’s entirety by clicking Mitt Romney’s Tax Return) gives us a few hints about trust and estate planning techniques of the wealthy that may have relevance for you – even if your net worth is closer to 1 million dollars than 150 million. …
Your Worst Nightmare…… A Bad Executor
Picking an executor is a critical part of any sophisticated or even simple and effective estate plan. Having the wrong executor or someone that does not fully understand your wishes can wreak havoc on your estate’s administration and more importantly on the execution of your wishes. In fact, other than the decision to create and …
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...