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My 85 year old mother sold her home in NY and now lives in

My 85 year old mother...
My 85 year old mother sold her home in NY and now lives in a very nice Long Term Care community in PA to be near me. My father predeceased her. I have 2 siblings and there are 7 granchildren. All are grown. My mother has a will only, and is leaving an set amt to each granchild and the rest of her assets to be divided among her 3 children. She has no debt, and is living comfortably. I think she should have a trust as well. Do you agree, and what type? Revocable or Irrevocable?
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Answered in 6 minutes by:
7/17/2013
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 39,506
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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If she wants to save money on the probate of her estate and make it very simple and easy to transfer assets to her heirs, then a revocable living trust is the way to go. She can transfer all her assets into the trust and include instructions for the trustee to distribute the assets to whomever she wants to when she passes. The assets in the trust then don't have to go through the time and expense of probate as they are just distributed by the trustee.
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Since it is revocable, she still controls the assets and can make changes or amend the trust if something changes with her intentions or she needed to remove assets for her use.
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

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Customer reply replied 4 years ago

What is the usual percentage that would go to the state/government in PA?

There is no federal inheritance tax on the heirs and the estate only pays if the total value of the estate is over the estate exemption which is currently $5.25 million.
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PA does have a state inheritance tax on the heirs that depend on their relationship to the deceased.
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The rates for Pennsylvania inheritance tax are as follows:

  • 0 percent on transfers to a surviving spouse or to a parent from a child aged 21 or younger;
  • 4.5 percent on transfers to direct descendants and lineal heirs;
  • 12 percent on transfers to siblings; and
  • 15 percent on transfers to other heirs, except charitable organizations, exempt institutions and government entities exempt from tax.

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PA estate taxes mirror the federal estate tax exemptions so if you have to file for federal, you have to file for PA too. Currently it is $5.25 million.

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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

.

I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

.

 

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Customer reply replied 4 years ago

Is there any circumstance where a revocable trust is contra-indicated?

I am not sure what you mean by "contra-indicated". Could you explain what you mean?
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Thanks
Barrister
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Customer reply replied 4 years ago

Any circumstance where you wouldn't recommend a revocable trust?

If a person was trying to shield assets from being included in their taxable estate for estate tax purposes, a revocable trust wouldn't help. If that was the goal, then it would have to be an irrevocable trust because an irrevocable trust give up all strings of ownership to the assets so they wouldn't be included in the person's taxable estate.
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But if the amount of assets is under $5.25 million, then this isn't an issue currently. I don't anticipate the exemption amount decreasing as time passes either.
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Thanks
Barrister
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 39,506
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified
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Barrister
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Barrister, Attorney
Category: Estate Law
Satisfied Customers: 39,506
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Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate

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