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April 2013 Archives

Even 'permanent' estate tax exemptions aren't permanent

Taxes are a very common discussion where estate plans are concerned. Creating an estate plan that maximizes the legacy one can give to their heirs and beneficiaries is something that is surely sought after on a regular basis. After the American Taxpayer Relief Act was passed, the hype over the tax exemption seemed to die down quite a bit. Why; the act set the estate tax exemption at a permanent level of $5 million indexed for inflation. But how permanent is permanent?

NFL broadcaster's death good time to discuss ancillary probate

Pat Summerall may be best remembered by younger sports fans as the voice that broadcasted football games involving teams like the Philadelphia Eagles opposite John Madden in the NFL booth across the nation, but his career started well before that. He was born in Florida where he played a wide variety of sports but eventually went to Arkansas as football player.

Trusts and bankruptcy: some important things to know

Financial problems are something that a lot of Pennsylvania individuals and families worry about. Trusts are a common tool to help individuals or families avoid financial struggle, but some are forced to consider bankruptcy even when one is in place. Some common questions arise, including whether a trust could affect the ability to file, whether assets held in trust could be included in the bankruptcy estate or how to draft a trust that would avoid issues in the future.

The actions of beneficiaries can affect their inheritance

Estate administration during probate is about determining what goes where. It is about calculating taxes, determining what is included in the taxable estate, what liabilities may need to be addressed and of course who the beneficiaries of the estate will be. Determining the beneficiaries is not simply about reading a name. In fact, the actions of the beneficiary could even affect his or her inheritance.

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