Estate Administration

What is Probate of a Decedent’s Will ?

Probate and Estate Administration

Making Estate Administration and Probate Simple

I can help you deal with probate of a will in a decedent’s estate. Handling the affairs of someone who has dies is not  an easy process. I can take you through the steps necessary to have a will officially recognized. Next, I will assist in the distribution of the estate assets and work out disagreements between the parties in interest. If issues arise during the estate or probate process, you need an experienced estate administration and probate attorney to help you get through this difficult time. The Wilkes-Barre, PA Law Office of C. Stephen Gurdin, Jr. has the experience you need and the skills necessary to succeed in having a favorable outcome.

I work with clients to resolve all issues in dealing with estate matter and probate.
I have a strong understanding of these practice areas, an extensive track record of success in estate and probate cases, and a clear understanding of what you are going through. Let me help you get through this process as easily as possible.

What is Probate?

Probate is the process that encompasses the steps in the establishment of a will’s validity. It is also known as the admittance of a will, so that a will may be administered in a court proceeding. The term “probate” can also be used to refer to an estate’s administration subject to a court’s jurisdiction. The court must determine whether or not the deceased had a properly legal will in order to begin transferring the assets to the beneficiaries.
In order to begin the process of estate administration, the probate process has to happen first. Should any issues come up, I can help straighten out the following:
· Probate litigation
· Personal representative (executor) malfeasance
· Guardianship litigation
· Will contests
· Trustee malfeasance
· Trust litigation
· Undue influence in the creation of a will or trust

The help of an experienced Wilkes-Barre estate lawyer can provide families facing the frustration and anxiety of loss help to execute the estate plan of their loved one or oversee the distribution of their estate. Having Attorney Gurdin by your side can ensure that things will be taken care of in an efficient, and timely, manner.
To make sure that you are protected, it is crucial that you contact skilled and experienced Attorney C. Stephen Gurdin Jr. a Pennsylvania Estate Planning lawyer.

Call Attorney C. Stephen Gurdin Jr. at his Gurdin Law Wilkes-Barre Scranton Pennsylvania area office today, 570.826.0481 toll free 1.800.221.0618.email Stephen@gurdinlaw.com to schedule a free consultation
Regular Office hours 2:30 and 7 p.m. Monday through Friday by appointment. Earlier appointments available upon request

Estate Tax valuation date

Valuation: The value is the fair market value. This is construed to mean the price at which the property would change hands in an arm’s length transaction between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of the relevant facts. The valuation issue may arise in the context of inclusion of property in the estate or in computing a deduction or exemption.
• Date: The valuation date is the date of the decedent’s death. An alternate date six months later may be elected but only if it decreases both the estate and the tax. If an alternative date is used, that date will be used for all assets of the estate. The election can be used for a late filed return and is irrevocable. Although date of death or alternative date are used, some post death events can affect valuation, such as post death sales or expectation of board approval which might result in a discount in value.

To make sure that you are protected, it is crucial that you contact skilled and experienced Attorney C. Stephen Gurdin Jr. a Pennsylvania Estate Planning lawyer.
Call Attorney C. Stephen Gurdin Jr. at his Gurdin Law Wilkes-Barre Scranton Pennsylvania area office today, 570.826.0481 toll free 1.800.221.0618.email Stephen@gurdinlaw.com to schedule a free consultation
Regular Office hours 2:30 and 7 p.m. Monday through Friday by appointment. Earlier appointments available upon request.

 

Federal Gift and Estate Tax Summary: Generation Skipping, Gifts to Spouse, Transfers Before Death

Federal Gift and Estate Tax Summary: generation skipping, gifts to spouse, transfers before death
The tax at death and the tax on transfers that skip a generation were repealed and then reinstated. The gift tax was not repealed. All these taxes are now in effect. The top gift rates for transfers during life, the estate tax at death and which skip a generation are at 40% for 2013.
A transfer to a spouse is exempt from taxation without limit.
A gift made during life is exempt from taxation up to a limit for 2013 of $14,000.00 per year for each recipient(the annual per-donee exclusion). This amount is doubled for gifts by husband and wife. The life time exemption for gifts and estate tax is $5 million, adjusted for inflation after 2011. ($5,120,000 for 2012, $5,250,000 for 2013, 5,450,000 for 2016).
The exemption for generation skipping transfers is a cumulative $5 million for 2013, covering both transfers during life and at death.
If transfers during life, at death or skip a generation exceed the applicable exemptions or exclusions, the transfer may be subject to tax.
Even with this integrated tax structure, there are substantial opportunities for tax savings. For example, annual gifts equal to or less than the then current annual per-donee gift tax exclusion continued over a period of years will allow a tax free transfer of substantial property. In addition, gifts of property that will substantially appreciate can be transferred at its value at the time of the gift, which may be at or below the annual per-donee exclusion, with the appreciation in value passing to the donee tax free. This type of lifetime gift can be utilized with the transfer of insurance, closely held stock and other property having a substantial likelihood of appreciation over time. Another variation is the Grantor Retained Income Trust(GRIT). The planning involving such a retained interest transfer is complex, but the tax savings can be substantial. Frequently, there is no tax at the time of the gift. The trust income is a periodic gift as it becomes distributable to the beneficiary. The controlling estate tax factors have to do with the grantors reserved power to alter, amend or revoke as well as to designate who shall possess and enjoy the property.
Planning for these events, as well as the valuation of the property transferred, the application and allocation available exclusions or exemptions, the calculation of the tax, and the preparation of appropriate returns, are complex matters upon which it is best to seek professional assistance.

To make sure that your protected, it is crucial that you contact skilled and experienced Attorney C. Stephen Gurdin Jr. a Pennsylvania Estate Planning lawyer.
Call Attorney C. Stephen Gurdin Jr. at his Gurdin Law Wilkes-Barre Scranton Pennsylvania area office today, 570.826.0481 toll free 1.800.221.0618.

Pennsylvania Inheritance tax rates are based upon classes of beneficiaries

Pennsylvania Inheritance tax rates are based upon the following classes of beneficiaries:
Class: tax rate in %
Surviving spouse 0%
Property owned jointly by husband and wife or passing to a surviving spouse is exempt from Pennsylvania Inheritance tax
Minor children:
Beneficiaries of the estate of a child age 21 or less to natural parent, stepparent, adoptive parent
0% tax exempt charitable organizations, tax exempt institutions government entities 0%
Class A (lineal descendants)
Grandparents, parents,
Decedents:
grandfather, grandmother, father, mother, and their children. Children include natural children, (whether or not they have been adopted by others) adopted children; and stepchildren.
exemption of $3500.00 then 4.5%
Class A1 (sibling tax rate)
Brothers, half brothers Half sisters Persons having at least one parent in common with decedent by whole blood or adoption
12% with no exemption
Class B (collateral tax rate)
All other beneficiaries
15% with no exemption
Family farms and certain agricultural property are exempt from Pennsylvania Inheritance Tax if they meet certain conditions.
Life insurance payments are exempt from Pennsylvania Inheritance Tax whether they are payable to the estate or to a beneficiary.

Whether you are interested seeking to make organizational changes, forming a new business, branching into new territory with a joint venture partner, or dissolving a partnership or older business entity, PA business formation lawyer Attorney Gurdin can provide you with the legal guidance and help you need to successfully meet your goals.
Contact C. Stephen Gurdin, Jr. phone 570-826-0481, toll free 1-800-221-0618, fax 570-822-7780

Pennsylvania Inheritance tax

ESTATE ADMINISTRATION

Pennsylvania Inheritance tax

Pennsylvania imposes a tax on assets passing to a beneficiary. The rate of the tax depends on the relationship of the beneficiary to the decedent (the person who has died). This type of tax differs from an estate tax such as that imposed by the Internal Revenue Service on certain larger estates. An estate tax is imposed on the entire estate regardless of the relationship of the persons who benefit from the estate. Only large estates are taxed by the Internal Revenue Service (currently estates having a value at the date of death exceeding $5.43 million).