With the average cost of Nursing Home Care in Pennsylvania now exceeding $150,000.00 per year, will my husband and I have to sell our home and spend our savings should one of us be admitted to a Nursing Home?
What Is A Will?
A will is a writing signed at the end by a person at least eighteen (18) years of age and of sound mind wherein that person directs the distribution of property at death. The Will may also appoint guardians of the estates of minors who receive property under the Will.
Beginning in 2024 the Estate and Gift Tax exemption for all citizens is $13,610,000.00 dollars. In addition, a surviving spouse can also include the unused portion of their deceased spouse exemption. The new law makes the exemption “portable” between spouses. For example, if the first spouse to die uses only $2 million dollars of his exemption the surviving spouse will be able to exclude $23,840,000.00 million dollars of her estate from Federal Estate and Gift Tax.