How to contest a revocable living trust in Pennsylvania
Most people know that a will made under dubious circumstances can be contested after the death of the person who signed it (or allegedly signed it). But these days, many people use revocable living trusts, instead of wills, to pass their estates to others (usually to...
How to save 5% on PA inheritance tax
Pennsylvania law provides an easy way to save 5% on inheritance tax. Simply make an estimated payments within three months of the date of death. Suppose you are the executor for the estate of your mother, who died August 1. She had assets estimated, after allowable...
#1 reason why trusts fail
A trust can have powerful effects – protecting assets from long term care costs, safeguarding an estate from loss due to unexpected events, preserving benefits for the disabled, saving probate and legal costs … the list goes on. But many trusts fail to work as...
What is probate in Pennsylvania?
“You can’t take it with you,” goes the old saying. So how does your property pass to your heirs when you die? One way is through the probate process. I find that many people have heard the term “probate” but not everyone has a clear understanding of what the term...2016 estate tax exclusion: $5,450,000
For 2016, the basic estate tax exclusion amount will be $5,450,000, the IRS has announced. The annual gift tax exclusion remains at $14,000 per person per year for 2016. These figures are contained in Rev. Proc. 2015-53 at pages 19-20. Free Estate Planning Workshop...About Andrew Sykes
The founder of Sykes Elder Law, Andrew Sykes is recognized as a leading elder law authority in Western Pennsylvania. Mr. Sykes is the past chair of the Elder Law Committee of the Allegheny County Bar Association.