With the release of the Chained Consumer Price Index (C-CPI-U) for August 2022, it’s possible to calculate various inflation adjustments for 2023. The following are the significant federal estate planning numbers, with the numbers for 2022 shown in parentheses: The … Continue reading
Category Archives: News
[Note: The news posting below has been left as it was originally published, but tables it refers to have been superseded, and the current factors to be applied to life estate and remainder interests subject to Pennsylvania realty transfer tax … Continue reading
The Orphans’ Court Procedural Rules Committee is considering an amendment to Pa.R.O.C.P. 14.8 to require a court that completes reasonable enforcement procedures to ensure compliance with guardianship reporting to enter an order to explain the actions taken to attempt enforcement, … Continue reading
The Internal Revenue Service has announced that the two-year period for filing an estate tax return merely to elect portability has been extended to five years from date of death. Rev. Proc. 2022-32, 2022-30 IRB 101 (7/25/2022). In Rev. Proc. … Continue reading
Section 15.1 of the Act of July 8, 2022, No. 53 (HB 1342), adds a new subsection 2111(u) to the inheritance and Estate Tax Act (72. P.S. §9111(u)) that exempts from inheritance tax the transfer of personal property resulting from … Continue reading
Bucks County has adopted a new Rule 4.7A for electronic filing in the Orphans’ Court. ”Order Approving Electronic Filing in the Office of the Clerk of the Orphans’ Court and Promulgating Rule of Orphans’ Court Procedure 4.7A; Administrative Order No. … Continue reading
The Supreme Court Orphans’ Court Procedural Rules Committee is planning to propose amendments to Pa.R.O.C.P. 5.50 governing the petition to settle a small estate in accordance with 20 Pa.C.S. § 3102. In addition to technical and stylistic changes, the proposed amendments … Continue reading
The Pa. Supreme Court is allowing an appeal from a decision of the Superior Court on the following issue (as stated by the petitioner): Did the Superior Court err by not enforcing modifications to trusts under 20 Pa. C.S.A. §7740.1(a), … Continue reading
[Update (8/24/2023): The Supreme Court has reversed the Superior Court and reinstated the judgment of the Orphans’ Court.] The Pa. Supreme Court is allowing an appeal from a decision of the Superior Court on the following issue (as stated by … Continue reading
On May 5, the Treasury Department published new proposed regulations for the valuation of life estates, remainders, and unitrust interests based on a new mortality table from the 2010 census. “Use of Actuarial Tables in Valuing Annuities, Interests for Life … Continue reading