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Welcome to Pennsylvania Estate Planning Lawyers.com
Did You Know?
Estate planning is a process to consider alternatives
Good estate planning is more than just a simple Will. Estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure your wishes regarding health care treatment are followed.
On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event you became disabled or if you die.
In Pennsylvania if you die without a will, your family could be in for more than they bargained for. You sons and daughters could be left fighting over their share of your estate. If you are located in another region of the country contact one of our estate planning attorneys nationwide. Don’t make them go through that hassle; contact our Pennsylvania Estate Planning Lawyer to help get your affairs in order.
[1] Gross estate is shown at the value used to determine estate tax liability. The value could be determined as of the decedent's date of death or 6 months thereafter (i.e., alternate valuation method).[2] Includes U.S. territories, U.S. citizens domiciled abroad, and a small number of returns for whom State of residence was unknown.[All figures are estimates based on samples--money amounts are in thousands of dollars] in Pennsylvania
Gross estate tax purposes
4,125
Gross estate tax Amount
8,060,010
Total allowable deductions Number
4,118
Total allowable deductions Amount
3,141,391
State death tax credit Number
2,656
State death tax credit Amount
293,137
Net estate tax Number
2,187
Net estate tax Amount
1,060,935
Source: Internal Revenue Service, Statistics of Income Division, Unpublished Data, April 2003.
Our Pennsylvania Estate Planning Attorneys can help you decide how best to transfer property, and how to resolve other personal matters including tax planning. Estate-planning lawyers can also help you with the most important part of the estate planning process: Making a will.
If you don’t have a will, the state of Pennsylvania will control who gets your property by default. While most states have their own unique laws descent and property distribution, most states give your children priority when it comes to doling our your possessions.
State laws are modeled after what the legislature thinks most people will want to do, but whatever the laws say might not be in line with your wishes. An estate-planning lawyer can help you draft a will that explains your wishes in great detail.
Our Pennsylvania Estate Planning Attorneys can also help you set up a trust. A trust holds your property until your death and then disperses the property according to your wishes. Trusts can can be created by your will, or the can be revocable or irrevocable.
Most parents use trusts to better prepare for their children’s needs at the time of their death.
Issues and topics related to Pennsylvania Estate Planning include:
Pensions and the Future of Savings
Audio, RM, 44 Kbps, 8:46, 11/17/2004
Pension plans were once considered a good bet for a comfortable retirement -- but these days it can all seem like a gamble. Major companies are defaulting on their pensions, and it's not clear who's going to pick up the tab. We discuss the future of pensions. Source: National Public Radio
Pennsylvania External Sites
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What should I know about estate planning offers? Pennsylvania consumers, particularly senior citizens, are receiving an increasing number of solicita Press Office
Planning in advance for the distribution of assets at death is a good idea. ... fees that can complicate estate distributions do not exist in Pennsyl
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Latest news about Financial & Estate Planning in Pennsylvania and nationwide:
Estate And Gift Taxes
Generally, you do not need to file a gift tax return unless you give someone, other than your spouse, money or property worth more than th... Read more >
Making A Will
The simplest way to ensure that your funds, property and personal effects will be distributed after your death according to your wishes is to prepa... Read more >
Definition:
A long recognized legal concept (first used in ancient Greece during the times of Socrates and Plato) in which some or all property of a Trust Creator is held on behalf of a beneficiary (which may include the trust creator) in the name of the Trustee.
Will
Definition:
A written document that provides instructions for disposing of a person's property upon the person's death. A will generally also names an executor or personal representative to handle the estate.
Gain
Definition:
The difference between the Tax Basis (the amount originally paid for property with certain adjustments) and the amount received for the property when it was sold.
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Did You Know?
Estate Tax Returns Filed in 2001: Gross
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