The IRS has issued another private letter ruling granting retroactive tax effect to a judicial modification of a trust. In PLR 201652002, the IRS granted retroactive effect to a court “reformation” under Uniform Trust Code § 416, which allows a … Continue reading
Category Archives: News
The “21st Century Cures Act,” H.R. 34, which was signed into law on December 13, 2016, becoming P.L. 114-255, made a change to the Social Security Act in order to allow people with disabilities to create their own Medicaid-qualifying trusts … Continue reading
Under Act 95 of 2016 (H.B. 1605), which became effective last Saturday, inactive individual retirement accounts (IRAs) can escheat to the Pennsylvania Treasury even though the account owner is under age 70-1/2 and not required to take distributions. Under the … Continue reading
Cumberland County has published new fees schedules for the Register of Wills and the Orphans’ Court. Both schedules are effective 1/1/2017. “Register of Wills Fee Schedule; 21-16-1253,” 46 Pa.B. 7812 (Cumberland Co. 12/17/2016). “Orphans’ Court Fee Schedule; 21-16-1253,” 46 Pa.B. 7811 (Cumberland … Continue reading
The Orphans’ Court Procedural Rules Committee has released a Notice of Proposed Rulemaking with new proposed rules for guardianship proceedings. “Proposed Amendment of Pa. O.C. Rule 1.5, Proposed Rescission of Pa. O.C. Rules 14.1—14.5 and Orphans’ Court Forms G-01—G-04, Proposed … Continue reading
The Act of November 2, 2016, No. 116, H.B. 447, adds a new section 514 to the Landlord and Tenant Act of 1951 that allows the personal representative to terminate the decedent’s lease of a residential unit, but only for … Continue reading
With the release of the Consumer Price Index for August 2016, it’s possible to calculate various inflation adjustments for 2017. The following are the significant federal estate planning numbers: The base applicable exclusion amount (and generation-skipping tax exemption) will be … Continue reading
The Pennsylvania Department of Revenue has published 2017 Tax Amnesty Program Guidelines, 46 Pa.B. 5856 (9/10/2016), in accordance with Act 84 of 2016. The program begins April 1, 2017, and inheritance tax liabilities owed on or before December 31, 2015 … Continue reading
In an order dated August 9, 2016, (No. 702 Supreme Court Rules Docket), the Supreme Court rescinded and replaced Some of the state-wide forms for use in the Orphans’ Court and Register of Wills, specifically Forms OC-1 through OC-6 and … Continue reading
The July 30, 2016, Pennsylvania Bulletin (Vol. 46, No. 31) includes new or amended local Orphans’ Court rules for Allegheny, Beaver, Berks, Chester, Dauphin, Delaware, Franklin, Fulton, Lackawanna, Lancaster, Lehigh, Philadelphia, and Washington counties, all to be effective September 1, … Continue reading