LIVING TRUSTS – REVISITED

If you created a Living Trust or a Revocable Trust years ago when the Federal Estate Tax Laws were completely different than they are today, it is a good idea to have the Trust reviewed by an attorney.  It may no longer be appropriate to have your assets titled in the Trust, and it can even be harmful from both a tax standpoint as well as an estate administration standpoint.  It may now be advantageous to have the Trust updated or even revoked.  In some instances, a Trust may have been created, but the assets were never properly transferred to the Trust, which entirely defeats the purpose of the Trust. 

Even if you have established a Trust, it is still important to have an appropriate Will and other estate planning documents in place. There are instances where a Trust is beneficial, but frequently under the current Estate Tax Laws, a Trust serves to create an additional layer of complexity to administering an estate, and there is typically no Pennsylvania Inheritance Tax or Estate Tax benefit.

PYFER REESE STRAUB GRAY & FARHAT PC is here to assist with your estate planning needs and to help you navigate through the complex process of estate planning and administration.  Our experienced attorneys can provide you with an individualized plan to meet your needs.  Contact us today at 717.299.7342 for a convenient appointment with one of our Attorneys: Christopher C. Straub, Sandra Edwards Gray, Albert J. Meier, and Linda F. Gerencser. 

Posted in News on by Pyfer Reese.