In general, property law is state law. There are a few exceptions and one of them is Spousal Consent to change a beneficiary on qualified plans. Many employees are surprised to find out that they must name their spouse as primary beneficiary of their retirement benefits unless the spouse consents to their naming another beneficiary.… Read More
Where you live and where you are taxed. Many folks like to spend the cold winter months in Florida, or some other warm state, and return to northern climates for the summer. Many of these folks think that their tax status is determined by the number of days spent in each location and claim residency… Read More
Few things cause more trouble than titling assets jointly, especially bank accounts. What does it mean if your name is on someone else’s bank account? It depends. For all deposit accounts, the rights of the parties to a multiple-party account are determined under the Pennsylvania Multiple-Party Account Act. Here is the applicable provision: 2010… Read More
In many families, there is an uncomfortable silence when the subjects of death and money come up. According to Eileen and Jon Gallo, authors of Silver Spoon Kids: How Successful Parents Raise Responsible Children (McGraw-Hill, 2001), most adult children have no idea of their parents’ net worth, let alone the details of their estate plan.… Read More
Give your family the gift of telling them what you have planned for them. Decide who will be your executors, agents under your power of attorney and surrogate for health care decisions under a medical directive. Let the family know who is going to hold these positions. Make sure the persons you name are willing… Read More
According to Fortune, if the estate tax is repealed, the government won’t even feel it. The 2017 exemption is $5.49 million. The U.S. Census bureau estimates 2.7 million people will die in 2017, but only 11,000 of them will need to file estate tax returns and only about 5,200 will actually have to pay any… Read More
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… Read More
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… Read More
Can’t pay your income tax? Didn’t pay enough in estimates or had too little withholding? Can’t pay at all? Do you feel like you have to choose between the frying pan and the fire? You’re not alone, and there are ways to settle up with the IRS. First, if you are considering not filing your… Read More
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). In the legislation signed by the President on December 18, 2015 the IRA charitable… Read More