This is an update to the 2018 post on wrote on the Pennsylvania inheritance tax. However, before I discuss ways to minimize the PA inheritance tax, it is important to understand that the tax rate is affected by who receives money upon your death. As a refresher, Pennsylvania has an inheritance tax on most assets […]
If you have a loved one who died outside of New Jersey, but they owned real property in New Jersey, what do you do? The answer is an Ancillary Probate. Generally, this means you will conduct a second probate action in New Jersey after you have done one in the state (or country) where the […]
Understand what to do if a stimulus payment made to a deceased person
There are many reasons to create a Will. Overall, it makes it must easier and cheaper to handle your affairs after you pass away. Here are some specific reasons for a Will: General Benefits of Having a Will It ensures a clear WRITTEN clear plan for the distribution of assets after your death. Provides proof of […]
I am happy to announce that we have finally finished creating a series of short videos regarding the estate planning and estate administration process. Here is our second video in which Elizabeth Ketterson, Esq., the Director of our estate administration department, is being interviewed by Kevin A. Pollock, Esq., LL.M. regarding the first things a […]
The IRS has released new regulations that have extended the due date for filing Form 8971 to March 31, 2016. Executors and administrators of estates that are required to file a federal Form 706 Estate Tax Return are now also required to file Form 8971 and report the basis of the assets included in the […]
For many years the IRS and beneficiaries of estates had a problem figuring out how much gain should be imposed on an inherited asset because the beneficiaries did not know the basis. The IRS did not like the fact that frequently the value reported by an Executor was not the value reported by a beneficiary […]
Sometimes probate can be a simple process. Sometimes it can be a royal nightmare… and sometimes it can be an expensive royal nightmare. I’m not sure if it is a sign of the times or just a coincidence, but our office has had numerous estates where the probate has not been very easy. To give […]
Many estate planning commentators have joked that estate tax portability will lead to rich individuals marrying others simply to make use of their estate tax exemption. — I have found, in practice, that planning can be far more complicated. Let me take you through a common situation that I am dealing with: I represent a […]