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Using an Intentionally Defective Grantor Trust to Transfer Assets

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

Requiring Adult Children to Pay for Aging Parents’ Care

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 Tax Consequences of Selling a House After the Death of a Spouse

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