The ability to make a will is a right given by state statute. If you don’t make a will, the state law of intestacy determines who gets your property. If you do make a will and things in your life change, sometimes state law causes a change in your will. This is called “modification by… Read More
As the life expectancy of people in the United States increases, there are more second and third marriages. Widows and widowers are increasingly likely to meet and decide that another marriage is a wonderful way to spend their remaining years. It is often a surprise to the children that Mom and Dad have lives of… Read More
Thank you to Peterson Hastings for posting this article by Jim Parker, Vice President, DFA Australia Limited: “Human beings have an astounding facility for self-deception when it comes to our own money. We tend to rationalize our own fears. So instead of just recognizing how we feel and reflecting on the thoughts that creates, we cut… Read More
By law, a number of tax provisions must be adjusted annually to keep pace with inflation. Before these numbers were adjusted for inflation, taxpayers automatically fell into higher tax brackets as their income rose with the cost of living. This was a stealth tax increase. Those taxpayers were paying more tax on the same “purchasing… Read More
Thank you to Elder Law Answers for this report: In a major change in Medicare policy, the Obama administration has provisionally agreed to end Medicare’s longstanding practice of requiring that beneficiaries with chronic conditions and disabilities show a likelihood of improvement in order to receive coverage of skilled care and therapy services. The policy shift… Read More
In 1934, the government enacted the National Firearms Act (NFA) as an effort to stop gangster activity. In particular, the government used its taxing arm to arrest gangsters for being in possession of improperly registered or transferred weapons. The NFA was designed to govern the transfer of permissible weapons, to bar certain persons from possessing… Read More
The 2010 Tax Act created significant but temporary reductions in estate and gift taxes. The estate and gift tax exemption amount of $5.12 million plus lower tax rates have created opportunities for individuals to transfer wealth and save thousands or even millions of dollars in taxes – but only through December 31, 2012. By its… Read More
Social Security not only provides us with retirement income if we work in a job that requires payment of Social Security tax (being self-employed or working for a company, but not working for the government), but it also provides our surviving spouse and minor or disabled children with an annuity. The public policy is that… Read More
Extra! Extra! Read all about it! A new law that ends the Pennsylvania inheritance tax on family farms was part of the 2012-13 state budget package. Governor Corbett signed the Act on July 2nd. The repeal of the inheritance tax on certain farms is effective for the estates of decedents dying after June 30, 2012.… Read More
Here is an excellent post by Lancaster lawyer Shawn Pierson, Esq. Mistakes of an Executor