Spencer Law Firm LLC
717.207.7935 866.639.5451

Lancaster PA Trust, Estate and Tax Law Blog

Discussing 'The Estate Plan' with Beneficiaries

Estate planning aims at the transfer of wealth from one generation to another in a way which minimizes taxes and maximizes economic gain. It usually involves parents making gifts to their children, grandchildren, or charities. The problem is that while many clients spend hours with attorneys, accountants, and financial advisors crafting an estate plan, they spend no time with their intended beneficiaries explaining what they have done and why. After mom and dad are gone, the family acrimony begins - brother sues brother and sisters stop talking to one another for years.

Issues of Diminished Capacity - Is it Time to Take Away the Car Keys?

Maggie Kuhn started the Gray Panthers in 1970 as a response to her forced retirement at age 65. The mission of the Gray Panthers was to speak out against age discrimination, the Viet Nam war, and other political oppressions. There is no doubt that stereotyping due to age exists in contemporary society. The Gray Panthers call this kind of discrimination "ageism." To be told "you're too old" is as disheartening as to be told "you're too young"; both statements make you a stereotype when in fact you are an individual.

There's Still Time to Make 2015 Qualified Charitable Contributions

On Friday, December 18, 2015 President Obama signed the 2016 Consolidated Appropriations Act into law. Among its many provisions it is the permanent extension of the ability for a taxpayer to make qualified charitable distributions (QCDs) from individual retirement accounts (IRAs).

Year-End Tax Planning for 2015

Year-end Tax Planning for 2015hourglass.jpg

There is still­ some time left to make some income tax savings moves for 2015.

Charitable Contributions
Make deductible charitable contributions on or before December 31. Taxpayers must be itemizing deductions on IRS Schedule A in order to benefit. Be sure to obtain acknowledgment letters for donations greater than $250. Cancelled checks are insufficient to support a deduction for a gift greater than $250.

The Bipartisan Budget Act of 2015

President Obama, Nov. 2, signed into law the Bipartisan Budget Act of 2015, a two-year budget deal. The legislation raises the federal debt limit and is paid for in part by provisions eliminating two Social Security retirement benefit claiming strategies, a provision to prevent a significant increase in Medicare Part B premiums for some, and provisions that will make it easier for the Internal Revenue Service to audit large partnerships.

We’d Like to Hear From You

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Contact Information

Spencer Law Firm LLC
320 Race Ave
Lancaster, PA 17603

Toll Free: 866-639-5451
Phone: 717-207-7935
Lancaster Law Office Map

  • The American College of Trust and Estate Counsel
  • Super LawyersAV Peer Review Rated
  • fig | figmagazine.com