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July 20, 2010

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Estate Planning News

IRS Plans To Reduce Estate Tax Lawyers

Washington, D.C. - The Internal Revenue Service (IRS) plans to reduce by nearly half the number of tax attorneys assigned to audit estate tax returns. By the end of September 2006, under the Bush Administration’s plan, the IRS will terminate 157 estate tax lawyers and 17 support staff.

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Did You Know?

A "Living Trust" can be used to hold legal title to and provide a mechanism to manage your property
You can select the person or persons you want -- often even yourself -- as the Trustee(s) to carry out the instructions you want in the Trust and name one or more Successor Trustees to take over if you cannot. Unlike a Will, a Trust usually becomes effective immediately, continues in force during your lifetime even in the event of your incapacity, and continues after your death. Most Trusts are "revocable" which allows the person who creates the Trust to make future changes, modifications and even to terminate it.

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	Latest news about Financial & Estate Planning in Pennsylvania and nationwide: Governor Appoints Split Estates Task Force CHEYENNE, Wyo. - Gov. Dave Freudenthal today announced his five appointments to the newly created Split Estate Task Force. The task force is charge... Read more > Making A Will The simplest way to ensure that your funds, property and personal effects will be distributed after your death according to your wishes is to prepa... Read more > More Estate Planning News >

Estate Planning Terms

Today's Terms

Joint Tenancy

Definition:
Property owned by two or more people in a manner such that upon death of one of the joint owners, all of his/her interest in the property is transferred immediately, by operation of law, to the other surviving owners.

In-Terrorum Clause

Definition:
A provision of a will or trust that disinherits a person in the event that he/she challenges the terms of the will or trust. Sometime called a No-Contest Clause.

Tenancy-in-Common

Definition:
A form of ownership of property in which two or more persons share ownership (may be equal or unequal shares). At the death of a tenant-in-common, his/her share in the property transfers to his/her heirs, rather than to the other surviving owner(s). Compare with Joint Tenancy.

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Estate Planning Resources

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Estate Planning Hot Topics

Topics Related to Estate Planning:

Trusts
Wills
Uniform Probate Code
Gift Tax

Pennsylvania Estate-Planning Attorney

If you live in the following cities and need an Estate-Planning attorney you should contact our Estate-Planning Attorney as soon as possible:

Aliquippa
Allentown
Bensalem
Bethlehem
Butler
Carlisle
Chambersburg
Chester
Coatesville
Coraopolis
Downingtown
Doylestown
East Stroudsburg
Easton
Greensburg
Hanover
Havertown
Hazleton
Irwin
Lancaster
Lansdale

Lebanon
Lititz
Media
Morrisville
New Castle
New Kensington
Norristown
Philadelphia
Pittsburgh
Pottstown
Southampton
State College
Uniontown
Upper Darby
Warminster
Washington
West Chester
Wilkes Barre
Williamsport
York

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