The generation-skipping transfer tax, or GST tax, applies when wealth is transferred to grandchildren or more remote descendants, either directly or through a trust. With careful planning, much or even all of this tax can often be avoided, but once available exemption limits are exceeded, GST tax may apply. For families in...
Understanding Pennsylvania’s Inheritance Tax LawsÂ
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
Most people never pay federal gift tax, even when making substantial gifts to family members or loved ones. That's because federal law provides annual exclusions, lifetime exemptions, and other exceptions that allow many gifts to pass without tax. Understanding how these rules work can help you make informed financial decisions and avoid...
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...