Practice Areas
- Medicaid
- Living Trusts
- Estate Administration and Probate
- Asset Protection
- Veterans Benefits
- Special Needs Trust
Blog 
Asset Protection
- "Do I Qualify For Financial Assistance For Nursing Home Care?"
- Free Asset Protection Seminar For Anyone Considering Long Term Care Planning
- Medicaid Compromise in Health Care Bill On the Chopping Block
- Medicaid and Caregiving: Who Are the Ones Taking the Lead?
- Avoid Pitfalls of Medicaid
News
- How To Avoid Wasteful Spending On Health Care...
Posted on 4/29/2010 - Health Care Debate: Long Term Insurance Overhaul...
Posted on 1/5/2010 - Survey uncovers surprising long-term care myths and facts...
Posted on 10/29/2009 - Healthcare reform may offer another option for long-term care planning...
Posted on 10/25/2009 - Will Pennyslvania lawmakers divert Medicaid stimulus money?...
Posted on 7/29/2009
Library
Asset Protection
- 10 Reasons to Consider Long-Term Care Insurance
- Solve Eligibility Problems Using the Personal Care Contract
- What Can Seniors and Their Families To Legally Protect Themselves In These Dire Times?
- Gift tax annual exclusion to remain unchanged in 2010. Contact us to see how this factors into your estate plan
- Gift tax annual exclusion to remain unchanged in 2010. Contact us to see how this factors into your estate plan
What should you know about the PA Inheritance Tax?
The 2001 changes to the federal estate tax accelerated the trend toward reducing the number of estates subject to the tax. If the proposed repeal takes place on Jan. 1, 2010, the tax will be totally eliminated, at least for the year 2010; but it will return in 2011. Both the elimination and the return seem to be unlikely; but it will not be known until Congress takes action.
The reduction and potential elimination of federal taxation on the vast majority of estates does not mean that estate planning should be ignored. For those estates still subject to the federal estate tax, there is at least on more year of tax to consider (2009) and if Congress acts to retain the tax, the federal estate tax will remain an important factor to consider.
The PA Inheritence Tax is computed at four levels, depending on the relationship of the transferee to the decedent:
Rate | Transferee
0 % | Spouse and parent of a child who died prior to age 22
4.5% | Grandparent, parent (unless the 0 percent rate applies), stepchildren, and spouse of a child
12% | Sibling (including a half-sibling)
15% | All others
The due date for filing the PA return and paying the inheritance tax is nine months after the date of death. An extension of time for filing the return may be granted for an additional six months.
Follow our blog to keep up to date on changes in law by Congress that should be occuring in a relatively short amount of time.
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ShieldsandBoris Blog
Elder Law Offices of Shields and Boris
109 VIP Drive
Suite 102
Wexford, PA 15090
Phone: (724) 934-5044
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