Tax Effects of Retroactive Reformations and Modifications

The IRS has issued five identical private letter rulings, PLRs 201442042, 201442043, 201442044, 201442045, and 201442046, apparently to five different parties involved in the same transaction, agreeing that a court-approved reformation of a trust in accordance with § 415 of...

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Commentary to Sample Form of General Power of Attorney Following Act 95 of 2014

This article will explain some of the drafting decision reflected in the author’s sample form of durable general power of attorney (“the form”).  The form and this commentary were originally published on 12/1/2014 to reflect changes to 20 Pa.C.S. Ch....

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Powers of Attorney after Act 95 (Part I)

House Bill 1429, which makes a number of changes to the form and effect of powers of attorney, was signed by Governor Corbett on July 2, becoming Act 95 of 2014. The more important changes made by Act 95 include new requirements for witnesses and notarized acknowledgements, changes to the notice to the principal and the required acknowledgements by agents, new limits on the liability of third parties in order to reverse the reasoning of the Supreme Court in the Vine decision, new limits on the power of agents to make gifts and other estate planning actions, and a revision and restatement of the duties and liabilities of agents.

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