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Estate planning, like retirement planning or life insurance, is an important step to ensure your family’s well-being in times of uncertainty. You may have heard about estate planning before, but may be unsure as to exactly what an estate plan is. We want to help answer that question.
Sales Tax on Beer – This summer, the cost of your beers are going to increase. Starting on July 1, 2019, the Pennsylvania Department of Revenue will be collecting 6 percent sales tax for every dollar of beer that is sold directly to consumers via brewery taprooms, tasting rooms, and brewpubs. In essence, a $6 beer today will cost a consumer at minimum of $6.36 after July 1st.
Signing away ownership of assets often seems contradictory when you start to think about creating an estate plan that gives you control of what happens to your accumulated assets and meets your goals for financially protecting loved ones.
However, you might wish to create an Irrevocable Trust for many purposes, such as reducing taxes, gifting, and asset protection. Assets placed inside cannot be easily removed later because you essentially relinquish ownership of those assets to the trust.
In 1974, Pennsylvania enacted a law amid fears that farmers were going to be taxed off their lands and their property would be paved over. Clean and Green is most often advertised as a way to help the struggling farmer. It allows for owners to apply for a reduced property tax assessment if they have 10 acres or more and fall under three categories: (1) agricultural use (working farm); (2) forest reserve (wooded areas); and (3) agricultural reserve (open space). Properties of less than 10 acres are able to be a part of the program, provided that they can prove that at least $2,000 in annual income is through agriculture.
Check out these ten New Pennsylvania Laws Now In Effect That Could Affect Your Life.
Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life. An out of date or inadequate estate plan could result in a farm or ranch that has been passed down for generations ending up being sold and converted into non-agricultural use.
2018 was no stranger to natural disasters. From multiple earthquakes, back-to-back hurricanes, and raging wildfires, the United States and abroad has suffered some serious natural disasters. These acts of nature can devastate your life and your family. Who knows what 2019 will bring.
Check out the Top Ten Strangest Will Bequests of all Time.
Employers in Pennsylvania May be Held Responsible for Data Breaches of Employees’ Personal Information.
New laws in Pennsylvania are now active and each one is worth reading about because they could have a major impact on you or your business.
Our team has the knowledge and experience to provide you with sound legal advice and representation.
We are a law firm in Harrisburg, PA dedicated to providing comprehensive, highly personalized planning services to individuals, couples, families and businesses.
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Learn how you can begin planning for the care of the elders in your life. Receive a download of our most current Elder Care Planning Guide by clicking the download button and filling out your information.
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Learn where you stand in your Estate Administration process. Receive a download of our most current Estate Administration Guide by filling out the form below.
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Learn where you stand in your Estate Planning process. Receive a download of our most current Estate Planning Guide by filling out the form below.
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