Distribution of Royalties under Will after Disclaimer and with Ineffective Residuary Clause

The charitable bequest under the residuary clause being impossible to carry out, the Attorney General and all interested parties agreed that the clause was ineffective, so the residue of the estate would pass by intestacy. A disclaimer by one of … Continue reading

IRS Defers Due Dates for Time-Sensitive Actions

We previously reported that Notice 2020-23 defers until July 15, 2020, the filing certain tax returns and making tax payments, as well as the time for completing certain “time-sensitive actions,” that would otherwise be required on or after April 1, … Continue reading

PEF Code Omnibus Amendments and Technical Corrections to Act 95 (Acts 79 and 103 of 2016)

The Act of July 8, 2016, No. 79 of 2016 (“Act 79”), enacting S.B. 1104, put into effect a number of changes to the Probate, Estates and Fiduciaries Code (PEF Code, Title 20 of Pa.C.S.) that had been recommended by...

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The “Disclaimer” Trust

The decision whether to create a trust for the surviving spouse in order to minimize federal estate tax can be a difficult one, but in most cases the decision can be deferred until after a death has occurred, because the creation of the trust can be dependent on a “qualified disclaimer” by surviving spouse. This allows tax planning to be done “post mortem, but only if the will or revocable trust has been drafted to include “disclaimer trust” provisions, so that a disclaimer by the surviving spouse results in a trust for the surviving spouse.

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