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 … Continue reading
Tag Archives: Inheritance Tax
The following message was sent to the Pennsylvania Bar Association on or about 6/29/2020 by Lora A. Kulick, Senior Counsel in the Office of Chief Counsel of the Department of Revenue: “The department recently received inquiries regarding whether it was … Continue reading
[5/6/2020 Update: The IRS has updated its “Economic Impact Payment Information Center” FAQ to include the following new Q10: “Q10. Does someone who has died qualify for the Payment? (added May 6, 2020)“A10. No. A Payment made to someone who died...
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The Pa. Department of Revenue recently posted the following on its website: “Due to the recent closing of commonwealth and county office buildings to help prevent the spread of COVID-19, the Department of Revenue is aware that taxpayers have been … Continue reading
A ninety year old woman suffering from dementia was unable to change her domicile, so her estate was not subject to inheritance tax even though her son had moved her from New York to an assisted living facility in Pennsylvania … Continue reading
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...
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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....
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There have been attempts from time to time in the Pennsylvania House of Representatives to repeal the Pennsylvania inheritance tax, but those attempts have always died in the Senate. It is therefore noteworthy that a bill to repeal the inheritance … Continue reading
The Webcalculators website for online estate, trust, tax, and financial calculators now includes a projection of the value of a “sole use trust” for the benefit of a surviving spouse with and without the election to pre-pay the inheritance tax … Continue reading
The five percent discount for inheritance tax paid within three months of death (§ 2142 of the Inheritance and Estate Tax Act, 72 P.S. § 9142) is often a significant benefit, and so care should be taken to make sure...
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