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McClellan Legal LLC Estate Planning & Tax Assessment Blog

Wednesday, January 16, 2013

Estate Planning After the Fiscal Cliff

The recent fiscal cliff legislation did very little to change the previous federal estate tax.  The only substantive change was to raise the estate tax rate from 35% to 40%, while maintaining all other 2012 rules. 

Therefore, the federal estate tax exclusion amount remains at $5,000,000 (adjusted for inflation to $5.25M) for 2013.  While many thought the federal estate tax exclusion amount would drop from $5M to $3.5M, nearly everyone expected the federal gift tax exclusion amount to drop drastically from $5M down to $1M.  This fear caused many planners to recommend making large gifts at the end of 2012.  However, the federal gift tax exclusion amount also stayed at $5M (adjusted for inflation to $5.25M).  

The only other change of note for 2013 occurred prior to the end of 2012, wherein the annual tax-free gift amount was increased from $13,000 to $14,000.  Therefore, in 2013, you can give $14,000 to any individual tax free. 

If you have any additional questions regarding federal tax planning, please call my office at 610.444.5552. 


Sunday, December 9, 2012

Am I Over-Assessed?

How do you know if your property is currently over-assessed?  I talk with property owners that call my office and they often say, “I think I pay too much property tax.”  They often tell me that they think their neighbors that have similar homes are paying much less.  However, due to the seemingly complex ratios and formulas that the taxing authorities use (with very little or no explanation in your property tax bills), a typical property owner simply is unable to accurately evaluate whether their current assessment is fair.


Read more . . .


Saturday, December 8, 2012

Isn't Estate Planning Only For The Wealthy?

Many people believe that estate planning is only for the wealthy.  The fact is that everyone over 18 years old, despite whether they are married, have children, or have a large net worth, will benefit from preparing at least a basic estate plan.  So if estate planning is beneficial for everyone, what is estate planning?


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McClellan Legal LLC is located in Kennett Square and serves clients throughout the areas of Avondale, Chadds Ford, Coatesville, Downingtown, Landenberg, Oxford, Phoenixville, Pottstown, West Chester, & West Grove. We also serve the following towns in Lancaster County: Lancaster, Lititz, Strasburg,Millersville, Ephrata, Leola, Manheim, New Holland, Willow Street, Quarryville, Elizabethtown and Mountville.



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113 South Broad Street, Kennett Square, PA 19348
| Phone: 610-444-5552

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