Tagged: Estate Planning


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College Tuition: Discover How Grandparents Can Help Their Grandchildren and Save Taxes Too

Posted: September 01, 2014

With college tuition coming due, families should consider tax efficient ways to pay for these expenses. Grandparents who wish to help their children with tuition costs can take advantage of some special gift tax breaks. Grandparents have the usual annual present interest gift tax exclusion (now $14,000) and a lifetime exclusion (now $5,340,000). When a… Read more »

Philip Seymour Hoffman: Estate Planning Lessons For Us and Especially Women

Posted: March 04, 2014

The sad and tragic death of Philip Seymour Hoffman at age 46 last month is yet another reminder of the importance of estate planning. Most of us go along each day not thinking or worrying about what would happen to our loved ones if we suddenly died. Some, in an attempt to be conscientious, draft… Read more »

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The Biggest (Tax) Loser: Misguided Gifts of Real Estate By Uninformed Do It Yourselfers, Realtors & Attorneys

Posted: January 10, 2014

With the increase of the federal estate tax exemption to $5,340,000 in 2014, most taxpayers are not subject to federal estate taxes. The focus for many now has shifted to the income tax implications that arise when wealth passes to the next generation. With no regard to the income tax implications, many times elderly people… Read more »

Same-Sex Marriage Tax Guide: 16 Essential Tax Rules and Tips

Posted: October 17, 2013

Federal tax rules for same-sex couples have recently been issued in response to the Supreme Court decision in Windsor, No. 12-307 (U.S. 6/26/13). This landmark case invalidated a key provision of the 1996 Defense of Marriage Act (“DOMA”) and resulted in major changes in the tax landscape for many same-sex partners. These new tax rules… Read more »

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New Inheritance Tax Exemption For Family Businesses In Pennsylvania

Posted: August 23, 2013

Pennsylvania has just created a new tax break for transfers of businesses to certain family members.  This new inheritance tax law applies to estates of some one who dies on or after July 1, 2013. Qualification For Inheritance Tax Exemption: To qualify for this Qualified Family Owned Business exemption under new Section 9111(t), the following… Read more »

Estate Planning: Now What? A Must Read For Everyone

Posted: January 13, 2013

We now know what the federal estate tax laws will be this year and in the future.  Our federal government has stated that these estate tax rules are now permanent after a decade of uncertainty.  (A cynic may say that these federal tax laws are permanent until our federal government says they are not!). Anyway, here… Read more »

Helping Elderly Parents with Their Finances and Estate Plan

Posted: July 29, 2012

As our older parents age it is harder for them to deal with the financial details of their lives. With the complicated financial products out there and the low-interest rate environment it becomes very difficult for them to make sound financial decisions. In addition, dealing with one’s own mortality can prevent parents from focusing on… Read more »

Michael Jackson & Farrah Fawcett: Estate Plan Wake Up Call

Posted: June 28, 2009

In the wake of the sad and tragic deaths of Michael Jackson and Farrah Fawcett, we are all reminded how fragile our lives can be and how quickly things can change. The death of these two iconic figures should be a call to many to put their estate plan in order. It should be noted that… Read more »

The Silver Lining of a Bad Economy: Gifting of Shares of Stock in a Closely Held Business

Posted: June 05, 2009

As with most things in life, when things are bad, there usually is something good that can come out of it. Our current economic troubles have resulted in many closely held or small businesses being worth far less then they used to be. This is not a good situation for businesses that are hanging on… Read more »

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From their offices in Philadelphia, PA, the law firm of Steven J. Fromm & Associates, P.C. provides a full range of estate planning, probate and estate administration, tax, business and corporate legal services to clients throughout eastern Pennsylvania and the Delaware Valley, the Lehigh Valley Area, the Five-County Area, Bucks County, Delaware County, Montgomery County, Chester County, Philadelphia County, Berks County, Lehigh County, Lancaster County, York County, Harrisburg, Norristown, Doylestown, Media, West Chester, Allentown, Lancaster, and Reading.