An intentionally defective grantor trust (IDGT) is a common estate planning tool that is used by wealthy families to transfer assets from one generation to the next while achieving significant tax savings. IDGTs are especially useful if you have assets that will appreciate significantly over time. An IDGT is “intentionally defective” because it purposely gives
If your spouse dies, you may have to decide whether or when to sell your house. There are some tax considerations that go into that decision. The biggest concern when selling property is capital gains taxes. A capital gain is the difference between the "basis" in property and its selling price. The basis is the
Did you know you could be responsible for your parents' unpaid bills? More than half of all States currently have laws making adult children financially responsible for their parents, including their long-term care costs. Among those States, Pennsylvania is perhaps the most notorious. In most States, these laws are rarely enforced. Not so in Pennsylvania.
The maximum amount that can be contributed each year to an ABLE account for a person with disabilities rose $1,000 to $16,000 on January 1, 2022. The figure, which is tied to the inflation-adjusted value of the IRS’s gift tax annual exclusion, had been stuck at $15,000 since 2018. Pennsylvania and 45 other states offer ABLE
When a married person applies for Medicaid, the Medicaid agency must analyze the income and assets of the applicant and the applicant’s spouse as of a particular date to determine eligibility. Elder Law attorneys refer to this as the “snapshot” date. It can have a major impact on a couple’s financial future. In order to
Depending on which statistics you believe, between 40 and 50 percent of first marriages will end in divorce or permanent separation, and second marriages fare even worse. While there is no such thing as a "typical" divorce, a divorcing couple that has a child with special needs faces an even more complicated series of
Tax day, which is Tuesday, April 19 in 2022, is approaching and it is time to begin crossing T's and dotting I's in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions you're entitled to. Following are some things to keep in
When loved ones pass away, there are lots of considerations, including what happens to their Social Security. The decedent’s payments need to be stopped, but survivor’s benefits may be available to the spouse or, in certain cases, children. Social Security benefits stop at death. If a loved one who was receiving Social Security dies, you
By Stanley M. Vasiliadis, Esq., CELA While a durable general power of attorney that appoints someone to act for you if you become incapacitated is a great tool, in some circumstances it is not enough. In these cases, a revocable trust can help. A durable general power of attorney allows you to appoint someone you
If you are about to turn 70, congratulations on reaching a big milestone. And if you also have delayed claiming Social Security retirement benefits up till now, you are joining a select group -- only 6.5 percent of Social Security recipients put off collecting their benefits until they reach three score and ten, the age
