Part III of this series on the Pennsylvania inheritance tax deals with the taxation of future interests, the sole use trust election, the family exemption and the early payment discount. The Pennsylvania inheritance tax is an excise tax on the receipt of inherited property by a beneficiary. The rate that applies depends on the beneficiary’s… Read More
Inheritance Tax Treatment of Gifts Transfers made by a decedent within one year of death are brought back into the estate for the purposes of the Pennsylvania Inheritance Tax. You can’t avoid the inheritance tax by giving away everything you own right before you die. There is an exemption of $3,000 per donee per calendar… Read More
They call it the American Taxpayer Relief Act. Funny, that. Overall it produces tax increases – that’s relief? Early January 1, 2013, the Senate, by a vote of 89-8, passed the “American Taxpayer Relief Act”. Late on that same day- after the government had technically gone over the “fiscal cliff” – the House of Representatives,… Read More
The 2010 Tax Act created significant but temporary reductions in estate and gift taxes. The estate and gift tax exemption amount of $5.12 million plus lower tax rates have created opportunities for individuals to transfer wealth and save thousands or even millions of dollars in taxes – but only through December 31, 2012. By its… Read More