Q: I have incurable cancer. Would it make sense to transfer all assets with my name on it to my wife?
A: First of all sorry to hear of your diagnosis. Second, you should not make any hasty decisions right now. There are many considerations involved in the transfer of your assets or designations of beneficiaries, and you should gather your information and meet with an experienced estate planning attorney to discuss your wishes. In addition you should make sure you have appropriate Powers of Attorney prepared so that your financial and health care decisions can be made in the event you are unable to communicate those decisions.
Nina Whitehurst agrees with this answer
A: If your goal is to minimize your PA estate tax, you may be too late. PA has an 8-year "reach-back" for transfers of assets made "in contemplation of death". In other words, assets you transfer as gifts during the reach-back period will still be includable in your estate for estate tax purposes.
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