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...
There is what seems like an unnoticed provision of Chapter 76 of the Probate, Estates and Fiduciaries Code that is inconsistent with other provisions of Chapter 76 and could invalidate what would otherwise appear to be a natural and valid...
As previously reported, the Supreme Court Orphans’ Court Procedural Rules Committee has published a draft of a new Pa.O.C. Rule 5.50 that it intends to propose to the Supreme Court to specify the contents of a petition to settle a … Continue reading