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June 2014 Archives

Choosing whether to create a trust

Pennsylvania residents may be of the belief that putting their assets into a trust will prevent the inheritors of the trust funds from being hit with an estate tax when the funds are transferred. However, a recent change in tax policy has made it so that up to $10.6 million of a married couple's estate will be exempt from estate taxes, making it less necessary to create a trust for the purposes of avoiding hefty estate taxes.

Late estate tax returns may carry penalties

Pennsylvania residents may be interested in a recent case that could affect taxpayers throughout the country. On June 10, the U.S. Court of Appeals for the Federal Circuit held that the penalty assessed when an estate tax return is filed after the deadline is mandatory.

Estate planning tips for the young and single

For those Pennsylvania residents who are young and don't have children, the idea of estate planning may seem like a waste of time. However, those who aren't sure who they may want to give their wealth to when they pass on have several options available to them. One such option is a donor-advised investment fund that enables those with any level of assets to give to charities or other causes that they care about without doing as much paperwork or paying as much in fees.

Trusts as part of an estate plan

Pennsylvania residents who would like to pass their assets to family members, either during their life or at their death, may recognize that trusts can be a valuable tool to effectuate these goals. Trusts are an important part to estate planning because they allow individuals to create additional controls that are not available through disposing of assets through wills.

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