Applicable Federal Rates for 2022

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— Short Term Rates for 2022 —

MonthAnnualSemiann.QuarterlyMonthly
Jan.0.44%0.44%0.44%0.44%
Feb.0.59%0.59%0.59%0.59%
March0.97%0.97%0.97%0.97%
April1.26%1.26%1.26%1.26%
May1.85%1.84%1.84%1.83%
June2.21%2.20%2.19%2.19%
July2.37%2.36%2.35%2.35%
Aug.2.88%2.86%2.85%2.84%
Sept.3.05%3.03%3.02%3.01%
Oct.3.40%3.37%3.36%3.35%
Nov.4.10%4.06%4.04%4.03%
Dec.4.55%4.50%4.47%4.46%

— Mid Term Rates for 2022 —

MonthAnnualSemiann.QuarterlyMonthly
Jan.1.30%1.30%1.30%1.30%
Feb.1.40%1.40%1.40%1.40%
March1.74%1.73%1.73%1.72%
April1.87%1.86%1.86%1.85%
May2.51%2.49%2.48%2.48%
June2.93%2.91%2.90%2.89%
July2.99%2.97%2.96%2.95%
Aug.3.15%3.13%3.12%3.11%
Sept.2.93%2.91%2.90%2.89%
Oct.3.28%3.25%3.24%3.23%
Nov.3.97%3.93%3.91%3.90%
Dec.4.27%4.23%4.21%4.19%

 — Long Term Rates for 2022 —

MonthAnnualSemiann.QuarterlyMonthly
Jan.1.82%1.81%1.81%1.80%
Feb.1.92%1.91%1.91%1.90%
March2.14%2.13%2.12%2.12%
April2.25%2.24%2.23%2.23%
May2.66%2.64%2.63%2.63%
June3.11%3.09%3.08%3.07%
July3.22%3.19%3.18%3.17%
Aug.3.35%3.32%3.31%3.30%
Sept.3.14%3.12%3.11%3.10%
Oct.3.43%3.40%3.39%3.38%
Nov.3.92%3.88%3.86%3.85%
Dec.4.34%4.29%4.27%4.25%

New Proposed O.C. Rule for Digital Assets

Posted on by December 4, 2022

The Orphans’ Court Procedural Rules Committee has published a new proposal for a rule for Registers of Wills for the disclosure of the digital assets of a decedent to the personal representative of the decedent’s estate in accordance with 20 Pa.C.S. § 3908. “Proposed Adoption of Pa.R.O.C.P. 10.7,” 51 Pa.B. 7362 (12/3/2022).

This proposal supersedes a previous proposal for a Rule 10.7 which would have consisted of a cross-reference to 20 Pa.C.S. § 3908. That proposal was opposed by the Pennsylvania Bar Association.

Comments on the new proposal may be submitted on or before February 17, 2023.

For additional information about digital assets and the procedures for accessing those assets, see “Fiduciary Access to Digital Assets” (7/27/2020).

Settlor Lacked Standing in Litigation over Trusts

Posted on by March 26, 2024

The settlor of an irrevocable trust, who retained no interests in the trust, did not have standing to participate in proceedings regarding the account filed by, and possible removal of, the trustee, and the decision upholding preliminary objections to dismiss the settlor’s pleadings was not a final or appealable order. Middleton Trust, 12 Fid.Rep.3d 478 (Montgomery O.C. 2022), appeal quashed, 2024 PA Super 54 (3/25/2024). The settlor also did not have standing in an action brought by a beneficiary to challenge the appointment of a trustee or a change in situs of another trust for the same beneficiary, and the dismissal of the settlor’s answer and new matter was not an appealable order. Middleton Trust, 12 Fid.Rep.3d 543 (Montgomery O.C. 2022), appeal quashed, 2449 EDA 2022 (Pa. Super. 3/21/2024) (non-precedential).

[Note: The two opinions are similar, dealing with similar issues but different actions involving different trusts with the same settlor and the same beneficiary. The original version of this summary and this note did recognize those differences.]

Lapse of Interests of Beneficiaries Receiving “Need-Based Benefits”

Posted on by December 4, 2022

Provision of will directing that the shares of beneficiaries receiving governmental “need-based benefits” shall instead be paid to any existing “special needs trust” for the beneficiary or, if there is no trust, the share shall lapse and be distributed as part of the residuary estate, was applied to two of four beneficiaries of a residuary trust, so that the trust income would be distributed to only the other two beneficiaries. Manno Estate, 12 Fid.Rep.3d 489 (Lycoming O.C. 2022)

Agreed Division of Retirement Funds Enforced and Sanctions Imposed

Orphans’ Court had jurisdiction to clarify its own order despite lapse of time, and had jurisdiction over retirement funds which had been liquidated, and so its order enforcing settlement of estate and distribution of retirement funds was affirmed, along with sanctions against appellant, and additional sanctions imposed on appeal for “obdurate, dilatory and vexatious conduct.” In re: Estate of Coleen Tomcik, 2022 PA Super 192, ___ A.3d ___ (11/15/2022).

Divorce Negated Gifts to Step-Grandchildren

Posted on by June 26, 2023

Testamentary gifts to step-grandchildren that were conditioned upon their grandmother (the decedent’s wife) not electing against the will and not recovering assets “in our divorce after my death” were ineffective by reason of a final decree of divorce (and equitable division of marital assets) even though the decree was entered before death and even though the scrivener of the will testified that the testator was concerned about equitable division after his death and not before. Cassidy Estate, 12 Fid.Rep.3d 423 (Bucks O.C. 2022), rev’d, d, 2023 PA Super 101, ___ A.3d. ___ (6/9/2023).

[Revised on 6/26/2023 to correct error in summary of holding.]

Filing of Inheritance Tax Return Is Mandatory for Small Estate Petition

Small estate petition dismissed for failure to include a statement that the Pennsylvania inheritance tax return had been filed and the tax paid and failure to include a copy of a notice of appraisement, as required by Pa.R.O.C.P. 5.50(b)(5) and (c)(3), the provisions of which are mandatory and cannot be waived by the court. Eddinger Estate, 12 Fid.Rep.3d 419, 114 Berks 410 (Berks O.C. 2022).