Blog & Resources

My father, a Camden County, New Jersey resident, is planning to leave me an inheritance in his Will. I have substantial creditor problems. If my father dies, can I disclaim my inheritance so it passes to my children?

In New Jersey, a disclaimer is an heir’s legal refusal to accept a gift or a bequest. In other words, you can’t force someone to accept a gift. If a Will names someone an heir or if a life insurance policy names a beneficiary, that heir or beneficiary cannot be “forced” to accept the gift.

Dying in New York is about to become significantly cheaper. New legislation has been enacted to increase the New York estate tax exemption over the next 5 years. Although most people never think about State estate taxes, for most estates they outweigh any potential Federal tax owed.

A Statute of Limitations serves as a cut-off date. The date is context specific and begins tolling on the date your claim originated. For instance, if you sign a contract, the date the party fails to perform is the start date for tolling period. Once the statutorily provided time has elapsed, the statute of limitations has “run”. After the period has run, except in unusual cases, a Court in Pennsylvania will not hear the merits of your case.

In this recurring piece, I’d like to key you into recent tax news that can affect or guide your estate planning. In this edition, we’ll cover estate tax legislation affecting State tax laws in 2014 and beyond. Specifically, we’ll cover the inheritance and/or estate taxes in New York, Pennsylvania and New Jersey.

My father wants to transfer a rental property he owns in Philadelphia into my name. If he does, will this gift avoid Pennsylvania Inheritance Tax?

As a Philadelphia resident, at your father’s death, all assets he leaves you at death (except life insurance) will be subject to the Pennsylvania Inheritance Tax at the 4.5% children’s rate. That includes all gifts made within one year of the date of his death. So, if he transfers the rental property into your name and lives for at least one more year, at his death you will avoid Pennsylvania Inheritance Tax payment.

President Obama’s 2015 State of the Union Address was a throwback in some aspects. Specifically, Obama’s proposal included removing a veteran staple in the estate planning attorney’s playbook, the so-called “Angel of Death” tax loophole. Let’s take a look at exactly what the “Angel of Death” tax loophole is, and why you should care about it.

In this recurring piece, I’d like to inform you about recent tax news that can affect or guide your estate planning. In this edition, we’ll cover two topics: inflation rates and the gift of tuition.

In New Jersey, a disclaimer is an heir’s legal refusal to accept a gift or a bequest. In other words, you can’t force someone to accept a gift. If a Will names someone an heir or if a life insurance policy names a beneficiary, that heir or beneficiary cannot be “forced” to accept the gift.

Periodically reviewing your Pennsylvania estate plan is critical. Significant life events including marriages, children and moving can dramatically affect how your assets are distributed. Other issues such as changes in state and federal laws can also affect your intended estate plan. In addition to your plan failing, old and unreviseddocuments can delay probate, and in some cases end up in litigation. These are some of the many reasons reasons to periodically review your estate plan to ensure it still reflects your intentions.

Many Pennsylvania residents die without a Will. Many will die unexpectedly before they can prepare a Will, but most people simply just don’t get around to writing a Will. If you die without a Will in Pennsylvania, you are said to die “Intestate”, or without testamentary documents. It is not true that if you die without a Will in Pennsylvania that your assets pass to the state. Instead, a set of rules decide who is in charge of your estate and to whom your assets pass.

In some instances, Pennsylvania residents attempt to draft a homemade Will, believing they can clearly and legally express their intentions. Without an in depth knowledge of Will drafting, even clear and simple language can fail as ambiguous. Ambiguity in homemade wills leaves Leaving Pennsylvania Estates open to outcomes contradicting the drafter’s written intent. In order to highlight this point, we will take a look at a recent case before the Delaware County Orphans’ Court where a homemade Will failed and partial intestacy resulted.