By way of background, a Roth IRA is a retirement plan where the funds contributed to the plan do not qualify for an income tax deduction, but are also not taxed upon withdrawal. On the other [...]
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Acting boldly when others are meek can result in very effective estate tax planning. It seems counter-intuitive, but the recent halving of oil prices and a similar bloodletting in natural gas [...]
The Internal Revenue Service (“IRS”) has warned of a telephone scam targeting taxpayers. Victims, contacted primarily by phone, are often told that they owe money and must immediately [...]
Starting January 1, 2015, new rules apply to Powers of Attorney executed in Pennsylvania. The first major change is the requirement of two independent witnesses. The witnesses must be over 18 and [...]
The Tax Extender Bill has passed through Congress and is expected to be signed by the President. One of the provisions allows individuals who are 70 1/2 or older to make a Charitable IRA [...]
The Achieving a Better Life Experience (ABLE) Act has passed both the House and the Senate with bi-partisan support and is on its way to the President to become law. The Act will allow families [...]
Yesterday afternoon the Senate approved by a vote of 76 to 16, the Tax Increase Prevention Act (TIPA) (H.R. 5771) which retroactively reinstates over fifty expired tax provisions. Although not [...]
In July of 2014, the Internal Revenue Service issued Form 1023-EZ to allow charitable organizations seeking recognition of tax-exempt status under Section 501(c)(3) an easier, online, three page [...]
Lifetime trusts offer families both tax and non-tax benefits. Careful drafting of lifetime trusts allows greater-than-expected flexibility to address unexpected future circumstances. Tax [...]
A Qualified Personal Residence Trust (“QPRT”) is a trust into which you transfer a personal residence. The QPRT document gives you (and often your spouse) the right to live in the [...]
