Category: Estates / Wills

          With the recent changes in the Internal Revenue Code, Congress has increased the personal exemption for the estate of anyone dying after January 1, 2011, to $5,000,000.  For a married couple the exemption is $10,000,000, and talking full advantage of the allowable exemption has… Continue reading →

In the 1970 Disney Movie The Aristocats, Madame Adelaide Bonfamille wishes for her fortune to be left to her cats, which will retain it until their deaths, at which time the fortune is to pass to Edgar, her long-time, yet unscrupulous butler.  Life then imitated… Continue reading →

 Good news.   As you may know, the Internal Revenue Code has recently been revised, and in the case of the Estate Tax, the changes are substantial.   The amount of the individual exclusion which was scheduled to be $1,000,000 in 2011 was increased to… Continue reading →

In December 17 of last year President Obama signed into existence the “Tax Relief, Unemployment Insurance Authorization and Job Creation Act of 2010” to clarify the uncertainties surrounding the future of the federal estate tax – at least for the next two years.  As outlined… Continue reading →

A 2007 study by an affiliate of Martindale-Hubbell found that over one-half of adult Americans do not have a will.  What this statistic implies from state to state varies in the detail.  However, on a general level we can state what it means in Pennsylvania. First,… Continue reading →

Ever since Congress modified the federal estate tax in 2000, we have been predicting additional changes because the provisions of the 2000 Act were (to be charitable) unusual.  The Act provided that the personal exemption for each person on death would gradually increase to $3,500,000… Continue reading →

As many of you already know, Congress partially repealed the federal estate tax by eliminating the federal estate tax for estates of individuals dying during 2010. Prior to the elimination set for 2010, the estate tax was gradually reduced over the years from 2001 to 2009,… Continue reading →

Here is a list of seven ad-hoc suggestions, any one of which could make you feel better as we bring 2007 to a close and move boldly into 2008:   Help a senior (and yourself) by having a durable power of attorney and living will… Continue reading →

Estate planning: Next to a root canal, it is something most of us avoid studiously. Even though some time ago you may have planned your estate with a will, “durable” power of attorney, and advanced health care directive (“living will”), you really should go to… Continue reading →

  Ashes to Whom?       Under the Pennsylvania Divorce Code, the principle from which all else departs is that at the end of the relationship the assets that have been acquired by the couple during their marriage are to be divided equally (subject to… Continue reading →