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EIN Application Requires SSN for Fiduciary

Posted on April 1, 2019 by Daniel EvansApril 1, 2019

The Internal Revenue Service has announced that, starting May 13, all applications for an employer identification number (EIN), whether submitted on-line or on Form SS-4, will require the name of an individual and either a Social Security number (SSN) or … Continue reading →

Using the Grantor’s SSN for an Irrevocable Trust

Posted on February 25, 2019 by Daniel EvansFebruary 25, 2019

When a trust is a “grantor trust” and is considered to be owned by the grantor for federal income tax purposes, and so all of the income, gains, losses, deductions, and credits of the trust are reported on the grantor’s...

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A Trap in Exercising Powers of Appointment

Posted on February 11, 2019 by Daniel EvansFebruary 11, 2019

There is what seems like an unnoticed provision of Chapter 76 of the Probate, Estates and Fiduciaries Code that is inconsistent with other provisions of Chapter 76 and could invalidate what would otherwise appear to be a natural and valid...

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Timely Payment of Inheritance Tax

Posted on October 15, 2018 by Daniel EvansOctober 15, 2018

The five percent discount for inheritance tax paid within three months of death (§ 2142 of the Inheritance and Estate Tax Act, 72 P.S. § 9142) is often a significant benefit, and so care should be taken to make sure...

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Selling the Decedent’s Residence at a Loss

Posted on September 9, 2018 by Daniel EvansSeptember 21, 2018

One of the most common capital transactions for estates is the sale of the decedent’s residence, and current tax law would seem to provide the greatest benefit to beneficiaries by claiming the expenses of that sale as part of that...

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Other Inheritance Tax Exclusions

Posted on July 23, 2018 by Daniel EvansJuly 23, 2018

Most exclusions from the Pennsylvania inheritance tax can be found in section 2111 of the Inheritance and Estate Tax Act, Part III of Article XXI of the Tax Reform Code of 1971, 72 P.S. § 9112. However, there are other...

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Things To Do Before Closing an Estate

Posted on June 29, 2018 by Daniel EvansJune 29, 2018

Some things to consider doing before ending an estate administration: Check with the Life Policy Locator Service provided by the National Association of Insurance Commissioners to see if there are any policies insuring the decedent that were overlooked or not known...

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Who is the “Executor” for Tax Purposes When There is No Executor?

Posted on April 29, 2018 by Daniel EvansApril 30, 2018

The executor or administrator of a decedent’s estate is required to file the estate tax return for the estate (I.R.C. § 6018(a)) and is liable for the resulting tax (I.R.C. § 2002), and is required to file the decedent’s income...

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Pennsylvania Income Tax Returns for Revocable Trusts after the Settlor’s Death

Posted on April 13, 2018 by Daniel EvansApril 16, 2018

IRC section 645 allows an election to treat a revocable trust as part of the estate of the settlor for income tax purposes, which allows revocable trusts to file income tax returns as estates following the death of the settlor...

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Public Access Policy Compliance for Orphans’ Court Filings

Posted on January 7, 2018 by Daniel EvansMarch 17, 2018

On January 6, 2017, the Supreme Court adopted a new public access policy (“the Policy”) for records of appellate and trial courts in Pennsylvania, which became effective January 6, 2018. The Policy applies to filings in the Orphans’ Courts of...

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