Pennsylvania estate planning laws and strategies change more often than you might think -- and it is extremely important that estate planning & trust attorneys in Pennsylvania stay informed and innovative. Below, we regularly add pertinent PA legal news that could affect how we approach your individual estate planning, inheritance dispute resolution, and asset protection needs. Keep up to date by reading about estate planning legal news and current events.
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Agricultural family businesses, family farms and the death taxHow will pending changes in the federal death tax also known as the estate tax effect family farms and ranches?
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Changes In Federal Taxes and Your Estate PlanMore information for Pennsylvania residents on how recent and pending tax law changes will effect their estate plans from the Jewish Exponent.
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The Annual Gift Tax ExclusionThis Wall Street Journal Article examines how much you can give away each year under Federal Gift Tax law. How much can you give to children and grandchildren? Is there a form required? Pennsylvania residents also have a one year look back on such gifts.
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Income and Estate Tax Issues Facing CongressBi partisan tax reform should be more coordinated and less haphazard and reactive.
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Abolish the Internal Revenue Code? 65 lawmakers already sponsor this billIf you've ever had trouble understanding the tax code you are not alone. And, over sixty-five members of Congress think that things have gone so far wrong, that the tax code needs to be abolished.
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401(k)s Disappearing ValueUnder the theory of misery loves company, these statistics show that we have all suffered real and significant losses. But, for many, the 401(k) is an important part of the overall estate plan so we must be vigilant.
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News on The Economy and Commercial Real EstateIf your estate is made up in part with the ownership of commercial real estate then you should read this news release on liquidity needed in the commercial markets
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New Exemption From Tax - Does it apply to you?This tool and news story help you to determine if the federal estate tax applies to you.
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Obama to Keep The Estate TaxThe Wall Street Journal reported today what we have been saying for a long time. That is, that the new government will not allow the state tax repeal to take effect and that the most likely plan will be to freeze the current levels: According to the WSJ "Under the Obama plan detailed during the campaign, the estate tax would be locked in permanently at the rate and exemption levels that took effect this year. That would exempt estates of $3.5 million -- $7 million for couples -- from any taxation. The value of estates above that would be taxed at 45%. If the tax were returned to Clinton-era levels, it would exclude $1 million from taxation with the rest taxed at 55%." What does this mean? Federal Estate Taxes are likely to remain an important issue for many American families. Life insurance will remain taxable. Both spouses should continue to coordinate their planning to take maximum advantage of the planning opportunities.