One of the duties of the executor or administrator of an estate is to file required income tax returns for the decedent. I.R.C. § 6012(b)(1) states that the federal income tax return that is required for a decedent shall be…
The Act of February 5, 2021 (No. 1 of 2021), S.B. 109, provides that
Section 104-A of the Act of April 9, 1929 (No. 176), known as the Fiscal Code, as amended by Section 1.1 of Act 1 of 2021.
In an action to set aside a deed allegedly obtained by undue influence, plaintiff’s testimony that she and the defendant were friends and she trusted him, and that she was “weak in bode and mind” following the death of her husband five years before, was not sufficient to establish a confidential relationship or weakened intellect and summary judgment for the defendant was granted. A claim for unjust enrichment was denied because the four year statute of limitations had run, and because the evidence showed that the plaintiff had intended to benefit the defendant so the enrichment was not unjust. Stackhouse v. Gordner, 10 Fid.Rep.3d 330 (Lycoming C.P. 2020).
The court did not have jurisdiction to determine the priority of a purchase money mortgage over a later inheritance tax lien when the mortgage holder failed to exhaust the administrative remedies found in § 2186 of the Inheritance and Estate Tax Act (72 P.S. § 9186). Tammac Holdings Corp. v. Werner Estate et al., 10 Fid. Rep.3d 327 (Berks C.P. 2020).
One of two co-administrators of an estate has the power to compel an accounting by an agent for the decedent without the consent of the other co-administrator. An action in the Orphans’ Court to recover assets transferred by an agent is equitable and not barred by any statute of limitations, but only by a defense of laches, and the party asserting laches must show that there was prejudice caused by any delay in the filing of the petition. Mahlstadt Estate. No. 2, 10 Fid.Rep.3d 323 (Monroe O.C. 2020).
The Pa. Supreme Court has held that the voiding of a trust by a settlor alleging fraud in the inducement requires clear and convincing evidence of common law fraud, the elements of which are a knowing or reckless material misrepresentation, an intention to mislead another into reliance, and resulting injury caused by justifiable reliance. Evidence of the failure of the settlor’s husband to disclose the identity of real property held by entities transferred to the trust was insufficient because it was not a material misrepresentation. In re: Passarelli Family Trust, ___ A.3d ___, 71 MAP 2019 (Pa. 12/22/2020), aff’ng 206 A.3d 1188, 2019 PA Super 95 (2019) (en banc), rev’g 7 Fid.Rep.3d 63 (O.C. Chester Co. 2016).
The Internal Revenue Service has extended until June 30, 2021, the waiver of the physical presence requirement for retirement plan consents that was first announced in Notice 2020-42, 2020-26 I.R.B. 986 (6/22/2020). Notice 2021-03, 2021-02 I.R.B. ___ (1/11/2021).
This latest notice includes a request for comments, in particular on whether the waiver of the physical presence requirement should be made permanent.
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| Month | Annual | Semiann. | Quarterly | Monthly |
|---|---|---|---|---|
| Jan. | 1.60% | 1.59% | 1.59% | 1.58% |
| Feb. | 1.59% | 1.58% | 1.58% | 1.57% |
| March | 1.50% | 1.49% | 1.49% | 1.49% |
| April | 0.91% | 0.91% | 0.91% | 0.91% |
| May | 0.25% | 0.25% | 0.25% | 0.25% |
| June | 0.18% | 0.18% | 0.18% | 0.18% |
| July | 0.18% | 0.18% | 0.18% | 0.18% |
| Aug. | 0.17% | 0.17% | 0.17% | 0.17% |
| Sept. | 0.14% | 0.14% | 0.14% | 0.14% |
| Oct. | 0.14% | 0.14% | 0.14% | 0.14% |
| Nov. | 0.13% | 0.13% | 0.13% | 0.13% |
| Dec. | 0.15% | 0.15% | 0.15% | 0.15% |
| Month | Annual | Semiann. | Quarterly | Monthly |
|---|---|---|---|---|
| Jan. | 1.69% | 1.68% | 1.68% | 1.67% |
| Feb. | 1.75% | 1.74% | 1.74% | 1.73% |
| March | 1.53% | 1.52% | 1.52% | 1.52% |
| April | 0.99% | 0.99% | 0.99% | 0.99% |
| May | 0.58% | 0.58% | 0.58% | 0.58% |
| June | 0.43% | 0.43% | 0.43% | 0.43% |
| July | 0.45% | 0.45% | 0.45% | 0.45% |
| Aug. | 0.41% | 0.41% | 0.41% | 0.41% |
| Sept. | 0.35% | 0.35% | 0.35% | 0.35% |
| Oct. | 0.38% | 0.38% | 0.38% | 0.38% |
| Nov. | 0.39% | 0.39% | 0.39% | 0.39% |
| Dec. | 0.48% | 0.48% | 0.48% | 0.48% |
| Month | Annual | Semiann. | Quarterly | Monthly |
|---|---|---|---|---|
| Jan. | 2.07% | 2.06% | 2.05% | 2.05% |
| Feb. | 2.15% | 2.14% | 2.13% | 2.13% |
| March | 1.93% | 1.92% | 1.92% | 1.91% |
| April | 1.44% | 1.43% | 1.43% | 1.43% |
| May | 1.15% | 1.15% | 1.15% | 1.15% |
| June | 1.01% | 1.01% | 1.01% | 1.01% |
| July | 1.17% | 1.17% | 1.17% | 1.17% |
| Aug. | 1.12% | 1.12% | 1.12% | 1.12% |
| Sept. | 1.00% | 1.00% | 1.00% | 1.00% |
| Oct. | 1.12% | 1.12% | 1.12% | 1.12% |
| Nov. | 1.17% | 1.17% | 1.17% | 1.17% |
| Dec. | 1.31% | 1.31% | 1.31% | 1.31% |
The Supreme Court has allowed an appeal from the Superior Court decision in Trust under Will of Augustus T. Ashton, 203 EAL 2020 (12/2/2020). The order states the issue to be:
Did the Superior Court err when it held that the equitable property interest in the trust res of a current vested beneficiary does not establish the beneficiary’s automatic standing to raise issues with the Trustees’ breach of fiduciary duties to the Trust, but instead a court must evaluate each and every beneficiary’s individualized financial loss to determine if it meets some unknown threshold sufficient to meet the “substantial, direct and immediate” test?
Going forward, the docket number in the Supreme Court will be 36 EAP 2020.
As previously reported, the beneficiary in question is entitled to an annuity of $2,400 each year for life from the trust. The Superior Court held that the beneficiary did not have have a “direct, immediate and substantial” interest in transactions reported in the trustee’s account covering a period during which the trust fund increased from about $5.56 million to about $73 million and so did not have standing to object to those transactions or to petition for the appointment of a co-trustee, but did have standing to object to the division of the trust into separate trusts, only one of which would be used to pay the annuity. Trust under Will of Augustus T. Ashton, Deceased, Dated January 20, 1950, 2020 PA Super 130 (6/3/2020), rev’g No. 1039 ST of 1952 (Philadelphia O.C. 2/25/2019).
Update: On 10/4/2021, the Supreme Court issued an opinion reversing the Superior Court in part. Trust under Will of Augustus T. Ashton, Deceased, Dated January 20, 1950, ___ Pa. ___, ___ A.3d ___, 36 EAP 2020 (Pa. 10/4/2021), (with concurrence by Wecht, J.).
Luzerne County has published a new fee schedule for the Register of Wills and Clerk of the Orphans’ Court, to be effective January 1, 2021. “Request to Increase Fees of that Section of the Division of Judicial Services and Records, Formerly Referred to as the Office of the Register of Wills/Clerk of Orphans Court; No. 10345 of 2020” (11/10/2020), 50 Pa.B. 7018 (12/12/2020).