[DBE (7/21/2024): This article has not yet been updated to reflect the final regulations published at 89 F.R. 58886 (7/19/2024)., the SECURE 2.0 Act of 2022 (Division T of the Consolidated Appropriations Act of 2023, P.L. 117-328), or Notice 2023-54, 2023-31 I.R.B....
Among the more significant tax law changes made by the “Setting Every Community Up for Retirement Enhancement Act of 2019,” also known as the SECURE Act, enacted as Division O of P.L. 116-94, H.R. 1865, the “Further Consolidated Appropriations Act,...
The new amendments to the Orphans’ Court Rules (“Order Amending Rules 1.7, 1.8, 2.1, 2.5, 2.7, 3.5, 3.7, 4.3, 4.6, 5.1, 5.3, 5.4, 7.1, 10.1, 10.5, and the Index of the Appendix of the Pennsylvania Orphans’ Court Rules, and Rescinding...
In June, the Pennsylvania legislature took a small bite out of the inheritance tax by enacting a 0% tax rate for the inheritances of minor children. (See “No Inheritance Tax on Transfers from Parents to Minors.”) The legislature may now...
The Pennsylvania realty transfer tax (and the Philadelphia and other local versions of that tax) can be an issue when an executor or administrator is distributing real property from an estate, or when property is being transferred to or from...
In H.B. 262, the Pennsylvania legislature has voted to eliminate the inheritance tax on all transfers from parents to children who are 21 or younger. The legislation was approved by the governor on June 28 as Act 13 of 2019....
Most people know that property gets a “step-up” in its income tax basis upon the death of the owner of the property, but most people don’t know that the rules are different for federal income tax purposes and Pennsylvania income...
[The following is the text of the comments (with some corrections for typographical errors) I have submitted to the Treasury Department on the proposed regulation that addresses changes in the federal estate tax exclusion amount under the tax reconciliation act … Continue reading
[This article was originally published on 2/23/2012 as Steve Leimberg’s Estate Planning Newsletter #1929.] Practitioners continue to express concerns about the possible “clawback” of tax benefits if a taxpayer uses the current $5,000,000 federal gift and estate tax exclusion amount...
[This article was originally published on 1/31/2011 as Steve Leimberg’s Estate Planning Newsletter #1768] The new tax act [Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010] provides a gift and estate tax exclusion of $5,000,000, and many...