Wills and Estate Planning in Pennsylvania, and New Jersey.

Sosnov & Sosnov

540 Swede St
Norristown, PA 19401
Montgomery County
[P] (610) 279-8700
[F] (610) 277-9490


47 N. Tallahassee Avenue
Atlantic City, NJ 08401 
Atlantic County

(609) 345-3235

Amy Sosnov Esq.
Amy Sosnov Esq.
Home

Personal Attention is
Given to Every Client
.

 

 

HOURS
Monday through Friday

9:00 a.m. to 5:00 p.m.

Wills and Estate Planning in Pennsylvnia

As of 2013: While the Social Security trust fund is projected to be depleted by 2033, that doesn’t necessarily mean you won’t get a dime of Social Security after that. There will still be people paying into the program but only enough to cover about 75-80% of the estimated benefits. So when you look at your Social Security estimate, you don’t need to disregard it completely but you might want to reduce it by at least 25% to be on the safe side.

Does a will protect your estate from probate?

This is another common misconception. Unfortunately, a will still has to go through the time and cost of probate. However, that doesn’t mean a will is useless. Without a will, your estate would be subject to something much worse. Instead of your wishes being carried out, the court would apply a default set of laws called intestacy. This site shows you what would happen if you died without a will in your state.

2011 and 2012 federal estate tax will be imposed at a flat 35 percent rate.

Exemption for the first $5 million of assets, indexed for inflation for the first time to married individuals.

1) A married couple will have a $10 million exemption.
The estate tax exemption will be “portable.”

Portable means if one spouse dies with $2 million, the surviving spouse will have his or her own exemption PLUS the unused $3 million from the first spouse.

ALL WILLS FOR MARRIED COUPLES SHOULD BE REVIEWED NOW.

There will be an increase in the lifetime gift tax exemption from $1 million per person to $5 million per person. This expands greatly the ability of wealthy people to make gifts during their lifetimes.

An extension of the ability to do a charitable IRA rollover, a direct transfer of IRA assets to a charity. This is a provision limited in terms of who can make use of it, but it can be useful in the right circumstances.

 

The generation skipping tax makes such transfers easier to accomplish.

The federal estate and generation-skipping transfer ("GST") taxes are scheduled to be reinstated on January 1, 2011, with a federal estate tax exemption of $1,000,000 and a maximum tax rate of 55%. The GST exemption will be $1,360,000. After years of benefit from a rising exemption (from $1,000,000 in 2002 to $3,500,000 in 2009) and a year of total repeal in 2010, we find ourselves once again facing higher federal estate tax rates. A proposal to limit the effectiveness of grantor retained annuity trusts, by requiring a minimum 10-year term, did not make it into the final bill.

Call to make an appointment to review your documents and set up your plan to avoid paying unnecessary taxes.

 

Long Term Care Policy

According to the National Academy of Elder Law Attorneys, your odds of experiencing a car accident are 1 out of 240 (0.4%). Your odds of having a house fire are 1 in 1,200 (0.08%). But your chances of needing long-term care are 1 in 2, or 50%. Even so, more people insure themselves against the first two risks than the third.

The American Association for Long-Term Care Insurance recently offered some encouragement, noting that 35% of recent long-term care insurance buyers paid less than $1,500 per year. Its executive director added, "Individuals mistakenly have been led to believe that long term care insurance costs thousands of dollars. A significant number of individuals today pay between $10 and $20 a week. That's a highly affordable way to protect $150,000 to $250,000 of future care."

 


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Sosnov and Sosnov is located in Norristown,
approximately 25 minutes from Philadelphia.
Our office is very close to the Court House.

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