The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, has breathed some new life into a little-used estate planning measure for high income taxpayers. Beginning in 2025 incomplete non-grantor (ING) trusts provide new opportunities to reduce income taxes by shifting income to one or multiple trusts. This can be especially
Did you know that a properly drafted “irrevocable trust” can be modified or terminated with or without court permission? The settlor (creator and funder) of an irrevocable trust cannot simply “revoke” a trust. But there are other legal means to modify or terminate it. Why, you may ask, would a someone who creates and funds
For many Pennsylvanians, a rental property is more than an investment. It’s a source of income, a family asset, and a cornerstone of long‑term financial security. Yet few owners realize how vulnerable rental real estate can be — not only to lawsuits and creditor claims, but also to the devastating cost of nursing home care.
EDITOR’S NOTE: This article appeared one year ago in our February 2025 issue of Elder Law Alert. Subsequently, on July 4, OBBBA, the new federal tax law, came into existence. We chose to run this article again to offer an opportunity for our readers, as well as for ourselves, to see if the new tax
Takeaways The generation-skipping transfer (GST) tax applies primarily to very large estates that transfer wealth to grandchildren (or unrelated individuals 37.5+ years younger), ensuring at least one layer of transfer tax is paid. The new One Big Beautiful Bill Act permanently increases the GST exemption to $15 million per person starting in 2026 (up from
Most seniors want to stay at home as long as they can. The little-known Program for All-Inclusive Care of the Elderly (PACE) allows persons to do just that instead of going into a nursing home. Program History PACE’s inception dates to the 1970s when the federal and state governments were developing community-based services for some
Two retired married couples, long-time friends, Bob & Carol, Ted & Alice, experienced very similar health care crises. They responded differently with radically different results. Bob’s wife, Carol, sustained a massive stroke, rendering her severely paralyzed. After a brief hospitalization, Carol transferred to Dirty Pines Nursing and Rehabilitation Center for short-term rehab. Thirty days later,
While a Last Will & Testament is one of the most important estate planning documents you can have, there are things that it won’t cover. A Will is just one part of a comprehensive estate plan. What is a Last Will & Testament? A Last Will and Testament is a legally binding statement directing who will
Many people continue to work beyond retirement age, either by choice or out of necessity. If you are receiving Social Security, you need to be aware of how working can affect your benefit payments. The Social Security Administration (SSA) sets certain limits on how much you can earn in income if you are receiving Social
Answer: Federal And State Tax Laws Encourage Charitable Giving. Consider Doing One Or More Of The Following: Include a charitable organization in your Will. This can be via a cash bequest (specific dollar amount) or perhaps a fractional share of your estate. You can make a restricted gift, for example, to the chemistry department of
