Pennsylvania estate planning laws and strategies change more often than you might think -- and it is extremely important that estate planning & trust attorneys in Pennsylvania stay informed and innovative. Below, we regularly add pertinent PA legal news that could affect how we approach your individual estate planning, inheritance dispute resolution, and asset protection needs. Keep up to date by reading about estate planning legal news and current events.
- Page 2
-
New Exemption From Tax - Does it apply to you?This tool and news story help you to determine if the federal estate tax applies to you.
-
Obama to Keep The Estate TaxThe Wall Street Journal reported today what we have been saying for a long time. That is, that the new government will not allow the state tax repeal to take effect and that the most likely plan will be to freeze the current levels: According to the WSJ "Under the Obama plan detailed during the campaign, the estate tax would be locked in permanently at the rate and exemption levels that took effect this year. That would exempt estates of $3.5 million -- $7 million for couples -- from any taxation. The value of estates above that would be taxed at 45%. If the tax were returned to Clinton-era levels, it would exclude $1 million from taxation with the rest taxed at 55%." What does this mean? Federal Estate Taxes are likely to remain an important issue for many American families. Life insurance will remain taxable. Both spouses should continue to coordinate their planning to take maximum advantage of the planning opportunities.