Pennsylvania residents may be of the belief that putting their assets into a trust will prevent the inheritors of the trust funds from being hit with an estate tax when the funds are transferred. However, a recent change in tax policy has made it so that up to $10.6 million of a married couple's estate will be exempt from estate taxes, making it less necessary to create a trust for the purposes of avoiding hefty estate taxes.
Going through divorce can be difficult for many Pennsylvania residents. Parties must deal with the emotional and legal aspects of the process, and some of those processes may seem a bit intimidating. However, there is information available that can help individuals better understand what aspects they should pay attention to during property division and other proceedings.
When Pennsylvania parents must confront child custody agreements, they may have a difficult time coming to terms with the fact that they will likely see their children less often. Many different emotions can stem from such situations, and if parents are not careful, these emotions could negatively affect their children. By handling child custody situations in the best way possible, parents may be able to make the most out of the time they have with their children.
Pennsylvania residents may be interested in a recent case that could affect taxpayers throughout the country. On June 10, the U.S. Court of Appeals for the Federal Circuit held that the penalty assessed when an estate tax return is filed after the deadline is mandatory.
Though lives of celebrities may seem glamorous to some Pennsylvania residents, individuals who are in the spotlight can have many of the same issues as those who are not. Child support and custody issues are among those that many celebrity individuals must handle, and often the results are public knowledge. As a result, some parents going through similar issues may wish to know more.
For those Pennsylvania residents who are young and don't have children, the idea of estate planning may seem like a waste of time. However, those who aren't sure who they may want to give their wealth to when they pass on have several options available to them. One such option is a donor-advised investment fund that enables those with any level of assets to give to charities or other causes that they care about without doing as much paperwork or paying as much in fees.
Many Pennsylvania residents know that there can be numerous financial issues that go along with divorce. Not only do certain fees come into play, but property division can also have effects on the tax situation as well as how much money an individual may be entitled to from certain accounts. Therefore, it is important for parties to understand how property division may financially affect them.
Pennsylvania residents who would like to pass their assets to family members, either during their life or at their death, may recognize that trusts can be a valuable tool to effectuate these goals. Trusts are an important part to estate planning because they allow individuals to create additional controls that are not available through disposing of assets through wills.