Archive for the Irrevocable Trusts Category

VA Establishes Asset Limits and Transfer Penalties for Needs-Based Benefits

The Department of Veterans Affairs (VA) has finalized new rules that establish an asset limit, a look-back period, and asset transfer penalties for claimants applying for VA needs-based benefits. This is a change from current regulations, which do not contain a prohibition on transferring assets prior to […]

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PA Inheritance Tax Primer – No Changes For 2017

2017 PA Inheritance Tax rates are unchanged.  Pennsylvania imposes an inheritance tax on a decedent’s taxable estate.  The tax applies to every dollar of the estate in excess of expenses and debts.  There is no exemption nor is there an exclusion under which no tax will apply.  […]

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Tax Allocation Clause – Protect Your Beneficiary(s)

Remember to Review The Tax Allocation Clause In Your Will or Trust Most people do not realize that they can choose which beneficiaries will be responsible for paying the PA Inheritance Tax and Federal Estate Tax on their taxable estate. Many wills are written automatically and sometimes […]

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