Generally speaking, an individual retirement account (IRA) is subject to inheritance tax if the owner of the account was age 59-1/2 or older at death, and an employer-sponsored pension, profit-sharing, or other form of retirement plan is taxable if the … Continue reading
Tag Archives: Inheritance Tax
Inheritance tax deductions were not allowed to the estate of the beneficiary of a trust for amounts paid as reimbursements for excessive trust distributions and for legal fees paid in accordance with indemnification agreements that were signed by the beneficiary … Continue reading
There are several court opinions holding that the assets held in a Uniform Transfers to Minors Act (UTMA) account are subject to federal estate tax upon the death of the donor when the donor is serving as the custodian for...
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Section 529 plans (also known as “qualified tuition plans”) created under the laws of states other than Pennsylvania are also exempt from inheritance tax, because the limitation on the exemption from tax in 24 P.S. § 6901.316 (Section 316 of … Continue reading
The tax clause in the will directed that the estate and inheritance taxes payable “with respect to property or interests passing my will” were to be paid from the residue without apportionment, and so under 72 P.S. § 9144(f), the … Continue reading
Small estate petition dismissed for failure to include a statement that the Pennsylvania inheritance tax return had been filed and the tax paid and failure to include a copy of a notice of appraisement, as required by Pa.R.O.C.P. 5.50(b)(5) and … Continue reading
Section 15.1 of the Act of July 8, 2022, No. 53 (HB 1342), adds a new subsection 2111(u) to the inheritance and Estate Tax Act (72. P.S. §9111(u)) that exempts from inheritance tax the transfer of personal property resulting from … Continue reading
Reports are circulating that the Pa. Dept. of Revenue has told Registers of Wills that it will no longer be issuing Forms REV-1543 to the surviving owners of joint bank accounts or the beneficiaries of “in trust for” or “pay … Continue reading
Decedent failed to maintain a life insurance policy required by an antenuptial agreement with his widow, but the amount paid by the estate for the benefit of the widow under a negotiated settlement agreement did not qualify for the 0% … Continue reading
There is now a page on the Department of Revenue “Pennsylvania Tax Hub” website (https://mypath.pa.gov) where you can find the status of an inheritance tax return that has been filed, based on the decedent’s social security number and last name. … Continue reading