Blog & Resources

Ensuring the financial well being of family after death is a fundamental concern for clients when estate planning. By Trust or by Will, various strategies exist to satisfy that concern. Keeping up to date on real cases helps ensure our strategies are appropriately tailored to your needs.

The Orphans’ Court of Common Pleas of Montgomery County, Pennsylvania recently ruled on one family’s strategy in Zucker Estate. This case provides insight into how accurate trust drafting can achieve your financial support goals. The court focuses on the marital trust and critical difference between exclusive and non-exclusive powers of appointment. A factual background will serve as a point of reference for the key takeaways in Zucker.

Addressing your blended LGBT family in your estate plan is a good idea. Though you may not wish to treat your Partner’s children the same way you treat your biological children, by at least mentioning them or giving them a small gift you may avoid hurt feelings and potential conflict.

Summary: In 2014, a trust utilizing Crummey powers allows an individual to contribute $14,000 a year ($28,000 for married couples) into a trust without diminishing the lifetime gift tax exemption. Instead, the gift is exempt from the gift tax under the Annual Gift Tax Exclusion. These gifts can help avoid the 40% Federal Gift Tax, preserving wealth for the family.

Pennsylvania allows you to form a Revocable Living Trust. These trusts can own almost any asset including bank accounts, autos, stocks, gold, and Bucks County real estate. While Revocable Trusts can serve many purposes, the primary goal is to avoid probating the will with the Bucks County Register of Wills.

Addressing your blended LGBT family in your estate plan is a good idea. Though you may not wish to treat your Partner’s children the same way you treat your biological children, by at least mentioning them or giving them a small gift you may avoid hurt feelings and potential conflict.

Making gifts to nieces and nephews for Pennsylvanians forces the calculation of the Pennsylvania Inheritance Tax. The tax is levied on the transfer of your assets at your death, and the rates differ depending on who is the recipient.

Changing your bank account into a Joint-Ownership account with your daughter or making her the account’s Payable-On-Death beneficiary avoids probate, but these are different tools addressing different situations and goals.

Changing your bank account into a Joint-Ownership account with your daughter or making her the Payable-On-Death beneficiary of the account avoids probate, but these are different tools addressing different situations and goals.

For some estates, spending a little money now to avoid probate at death can create a substantial savings for the family. Typical techniques used to avoid probate include Revocable Living Trusts, Jointly Owned Accounts and Payable-on-Death designations on bank accounts and stock accounts.

For some New Jersey estates, spending a little money now to avoid probate with the Camden County Surrogate at death can create a substantial savings for the family. Typical techniques used to avoid probate in New Jersey include Revocable Living Trusts, Jointly Owned Accounts and Payable-on-Death designations on bank accounts and stock accounts.