SEE THE 2024 UPDATE BELOW Suppose you own a home, have life insurance, own a business or have a substantial retirement account with your employer. Without knowing it, you may need a lawyer. It’s not because you are on the verge of being sued, rather it’s because your net worth may be more than you […]
IS THE DEATH TAX DEAD?
See the 2024 update at the end of this article. On June 7, 2001, President George W. Bush fulfilled his campaign promise to reduce taxes by signing a much ballyhooed $1.35 trillion tax cut package known as the Economic Growth and Tax Relief Reconciliation Act of 2001. The good news is that the new law […]
LIFETIME GIFTS
As the proverb goes, “It is better to give than to receive.” The sage who coined this phrase was no doubt speaking in terms of the good we can do by making gifts. Little did he know that following this same advice can lead to tax savings as well. However, another wise man instructed us […]
PRESERVING YOUR HOME
In articles on spousal asset protections and income protections and another article on medicaid gifts we looked at the public assistance program known as Medicaid that provides benefits for the costs of long-term health care. Medicaid is the federal program administered by the states which provides medical benefits to those with limited assets. If your […]
PENNSYLVANIA INHERITANCE TAX
One of the first questions asked by those who prepare to plan their estates is “How will my property be taxed at the time of my death?” Many are pleased to know that they need not worry about federal estate tax since Uncle Sam imposes this levy in the year 2024 only if the estate […]