Protecting Your Assets and Ensuring Orderly Transfer
At Lebovitz & Lebovitz, P.A., we specialize in comprehensive asset management and protection. Our services ensure the orderly transfer of your assets through wills, estates, trusts, and probate processes. Our team offers a full range of estate planning services, tailored to your unique needs.
Whether you’re interested in drafting wills, setting up trusts, or planning for business succession, our expertise is at your disposal. We navigate complex areas like generation-skipping transfer taxes and implement strategies such as lifetime gift programs and intrafamily sales.
We understand the complexities surrounding wills, estates, trusts, and probate. Our approach involves customized planning and creative solutions to meet your specific challenges. Given the ever-changing nature of state and federal laws, we stress the importance of regular plan reviews. This ensures the incorporation of new strategies that optimize your results.
Furthermore, our discussions will cover the use of powers of attorney and living wills. These are essential for managing your assets during any periods of incapacity. By doing so, we ensure your estate planning is both comprehensive and forward-thinking. Schedule an appointment with us today to secure your legacy with expert guidance.
Estate Planning for 2024
Maximizing Tax Exemptions
The estate and gift tax exemption has increased to $13.61 million per individual in 2024, allowing married couples to protect up to $27.22 million from federal inheritance taxes. Strategic estate planning, including the use of Credit Shelter Trusts and “portability” elections, is essential to minimize federal estate taxes, which can claim 40% of amounts over the exemption.
Annual Gift Exclusion
The annual gift exclusion for 2024 is $18,000. Gifts exceeding this limit will reduce the giver’s lifetime exemption but do not immediately incur taxes, enabling significant tax planning opportunities over one’s lifetime.
Understanding Pennsylvania’s Inheritance Tax
2024 Tax Rates
- Transfers to a spouse or from a child under 21 to a parent are tax-free.
- Direct descendants and lineal heirs are taxed at 4.5%.
- Siblings face a 12% tax rate.
- Other heirs are taxed at 15%, with exceptions for charities and government entities.
Avoiding Guardianship Through Planning
Effective planning can circumvent the need for guardianship, crucial when individuals can no longer manage their affairs. We guide you in establishing powers of attorney and living wills to avoid the complexities of court-appointed guardianships.
Estate Administration Essentials
Timely Filing and Support
In Pennsylvania, estates must file an inheritance tax return within nine months of death, with a discount available for filings within three months. Our team supports executors and beneficiaries in managing these duties, including probate matters, tax return preparation, and handling audits.
For a comprehensive overview of Pennsylvania’s inheritance tax, including the latest rates, exemptions, and filing requirements, we recommend visiting the Pennsylvania Department of Revenue’s official page on Inheritance Tax. This resource provides valuable information that can help you understand how the state’s inheritance tax may affect your estate planning and administration.
Guardianship: A Closer Look
Managing Disputes and Litigation
We excel at handling disputes and litigation related to guardianships, always prioritizing the best interests of the incapacitated individual.
Choose Lebovitz & Lebovitz, P.A.
For comprehensive advice and planning services in Wills, Estates, Trusts, and Probate, turn to Lebovitz & Lebovitz, P.A. Our approach ensures peace of mind through detailed planning and supportive guidance at every step of your legal journey. Our commitment to customizing planning and creative solutions to your trust and estate issues, coupled with our dedication to adapting to changing laws, makes us your ideal partner in securing your legacy.
When you are seeking Wills, Estate, Probate, or Trust advice or planning, Lebovitz & Lebovitz, P.A. will skillfully and expertly counsel you through the entire process.
Contact us now with questions or concerns about your will or an estate. Make an appointment today to discuss your planning, drafting, administrating, or probate issues.