Articles & Blog

Estate Tax Debate Begins on Capital Hill

There are 27 days left before the estate tax law changes which will eliminate the estate tax. The House of Representatives are debating today whether to extend the current law which provides an exemption of $3,500,000 to each citizen.  Also, the current law allows an adjustment in basis of property inherited equal to the date of death value; thus avoiding subsequent capital gains on sales by heirs.  The extension of the current law will continue with this favorable tax treatment for capital gains. Otherwise, the change beginning January 1, 2010, will disallow adjustment to basis for amounts above $1,300,000 for certain assets inherited; thus incurring capital gains on subsequent sales by heirs.  We will keep you advised.

Current Legislation, Case Law and Estate Planning

We expect Congress to pass new estate tax laws if not by year end by September of 2010.  Such changes as  increasing the estate and possibly gift exemption from the current law which provides for an amount of only $1 million in 2011 and later years ; and the ability to transfer credits between spouses upon death . Also there are changes in the Pennsylvania case law which have an effect on estate planning . 

For more in-depth review download pdf here:

Estate Planning update 12-1-09

Extending Payment of Estate Taxes for Closely Held Businesses

This article helps clients understand how to spread out estate tax payments if a small business does not have liquidity for immediate satisfaction of the tax…

Download pdf file:
Extending Payment of Estate Tax Closely Held Bus

The Need for a Last Will

Everyone should have a Last Will and Testament.  Read the attached to find out why…

Download pdf file:
Need for Last Will Checklist Review