We all hope to be able to provide our children with a nest egg when we die. While building wealth is at the forefront of many people’s minds, it does come at a cost. While the Commonwealth does not have a separate estate tax for residents, decedents who have large estates will be required to pay the federal estate tax.
Estate Planning & Taxation
A New Year’s Resolution: Estate Planning
Estate planning, despite the growing number of available resources designed to educate and assist the general public with this important process, can still be a very difficult topic to tackle.
October 17, 2022 – October 23, 2022 is National Estate Planning Awareness Week
More than half of Americans, an estimated 56%, do not have an estate plan in place, making estate planning a critically overlooked component of financial wellness. This creates hardship, financial or otherwise, that can be diminished by advanced planning.
Have You Properly Planned for Your Digital Assets?
The social distancing, telework, and like effects of the Covid-19 pandemic have only increased our use and reliance on electronic communications and assets.
Year-End Tax Planning Considerations
For many, year-end tax planning considerations includes making charitable contributions. When determining how much to contribute, there are number of issues that come into play. The beauty of most charitable gifts is that you get the full benefit of the face value of the asset. Careful planning is necessary to avoid financial and tax pitfalls.
The Effect of the DOMA Decision on Estate Planning in Pennsylvania
The United States Supreme Court declared that the federal government must honor a state’s decision giving same-sex couples the right to marry and that not recognizing such marriages was a violation of basic due process and equal protection principles.
The Perils of Joint Bank Accounts
There are several risks involved when adding another person to a bank account, before creating a joint bank account, one should be aware of some of the potential consequences.
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