How Death Taxes in Philadelphia affect your Inheritance The death of a property owner in Philadelphia can trigger several taxes. Your estate may be subject to income taxes, inheritance taxes, capital gain taxes, and estate... Continue Reading
Estate Planning & Estate Administration
For Certain Estate Planning Purposes A Custodian Can Manage Property Until Age 25 Under PUTMA: The Uniform Transfers to Minors Act (UTMA) provides a simple, inexpensive way to transfer ownership of cash and other financial... Continue Reading
The Pennsylvania Uniform Transfers to Minors Act PUTMA is a simple, inexpensive way to receive gifts, such as money, patents, royalties, real estate and fine art without the aid of a guardian or trustee. A custodian manages the... Continue Reading
ARE LIFE INSURANCE AND JOINTLY-HELD PROPERTY CONSIDERED PART OF THE ESTATE OF THE DECEASED, AND THUS SUBJECT TO THE ESTATE TAX?
When a person passes away and leaves behind an estate, the total amount of the estate’s value is subject to the federal estate tax. The percentage of the estate tax varies each year, and typically is applied directly to the... Continue Reading
ABATEMENT OF PENALTY FOR THE LATE FILING OF FEDERAL ESTATE TAX RETURN DUE TO RELIANCE ON ATTORNEY’S ADVICE
The District Court found that the executors of an estate reasonably relied on the erroneous advice of counsel in the late filing of the estate’s federal estate tax return. Read More… Because of a dispute over the... Continue Reading