Having a strategy for passing along the assets to your heirs can help ensure that assets go to your chosen beneficiaries as efficiently as possible and with the least difficulty for them.
Pennsylvania estate and tax planning attorney, CPA, and partner at MacElree Harvey, Joseph A. Bellinghieri recently co-presented for Citadel clients a discussion highlighting the tax-efficient ways to pass wealth to heirs and inheritance tax mistakes to avoid.
Outlined below are some of the potential ways to pass assets on to your heirs, but you should always check with your estate and tax planning attorney before making any decisions.
- Gifting
- Joint Account
- Transfer on Death/ Payable on Death Account
- Retirement Account/ Roth IRA
- Savings Bonds
- Annuities
- Life Insurance
- 529 Plan
- HSA Contributions
If you have questions about Pennsylvania inheritance tax and would like to schedule a consultation to help you understand which wealth transfer strategy is best for you, feel free to contact Joe at [email protected] or 610-840-0239.
Joe is an experienced estate and tax planning attorney representing individuals and businesses with a variety of estate, tax and business issues. His philosophy is to provide prompt and personal individual attention to each and every client. He strives to understand his client’s needs and to provide positive outcomes based on those needs. Joe is also a Certified Public Accountant and Licensed Pennsylvania Realtor which gives him the ability to provide his clients with different perspectives on their issues.
