Inheritance tax in Pennsylvania, a topic often thought of as complex, is a crucial aspect of estate planning that residents need to understand. Unlike many states, Pennsylvania imposes this tax on certain beneficiaries who inherit property, making it an important consideration for those planning their financial legacy. The tax rate varies...
Explaining Gift Tax: Exemptions and Rates
If you’ve considered making a sizeable gift to a child, extended family member, or friend, you might not realize that you may have to pay federal taxes on that gift. However, federal gift tax laws include many exemptions and exclusions that allow most taxpayers to avoid paying gift taxes during their lifetimes....
The New Estate Tax Bill Proposed by Senator Bernie Sanders
Have you been wondering what all the buzz has been about regarding the federal estate tax? Estate planning is not often a hot topic in the news, but when it is, people should definitely take notice. The big news broke back in March when Senator Bernie Sanders introduced the “For the...