Realty Transfer Tax for Estates and Trusts

The Pennsylvania realty transfer tax (and the Philadelphia and other local versions of that tax) can be an issue when an executor or administrator is distributing real property from an estate, or when property is being transferred to or from...

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Income Tax Basis of Inherited Property

Most people know that property gets a “step-up” in its income tax basis upon the death of the owner of the property, but most people don’t know that the rules are different for federal income tax purposes and Pennsylvania income...

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Clawback Has No Teeth

[This article was originally published on 2/23/2012 as Steve Leimberg’s Estate Planning Newsletter #1929.] Practitioners continue to express concerns about the possible “clawback” of tax benefits if a taxpayer uses the current $5,000,000 federal gift and estate tax exclusion amount...

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Complications from Changes in the Exclusion

[This article was originally published on 1/31/2011 as Steve Leimberg’s Estate Planning Newsletter #1768] The new tax act [Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010] provides a gift and estate tax exclusion of $5,000,000, and many...

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Tax-Driven Trusts

The following article is a combination of materials created for the Pennsylvania Bar Institute’s Estate Law Institute for 2018.  The section on sole use trusts is adapted from the “overview” and “details” texts that are part of the Sole Use Trust...

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