Until recently, Revenue Procedure 2017-34 permitted an executor of an estate to make a portability-only election on or before the later of Jan. 1, 2018, or 2 years after the decedent’s date of death. Effective July 8, 2022, the Department of the Treasury and the Internal Revenue Service issued Rev.» Read More
In 2010, the Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010 for the first time permitted the estate of a decedent who dies leaving a spouse to elect to transfer the decedent’s unused exclusion amount (“DSUE”) to the surviving spouse.» Read More
It’s 2021. COVID vaccines are being administered, the election is over, the electoral college votes have been certified, and the Georgia runoff has been concluded. We know that Joe Biden is the President, the House is controlled by the Democrats, and the Democrats hold a razor-thin margin that depends on a Vice Presidential tiebreaker and complete loyalty from the Democratic caucus.» Read More
With all the uncertainty we have faced during the COVID-19 pandemic, the need for effective estate planning has become more apparent than ever. Further, the prospect of significant changes to the federal transfer tax regime makes 2021 the perfect time for attorneys to help their clients focus on updating outdated estate planning documents, create new documents to ensure assets pass to clients’ intended beneficiaries, and advise clients about wealth transfer techniques to take advantage of the current federal transfer tax laws before any changes occur.» Read More
Every month, the Internal Revenue Service (IRS) publishes interest rates that taxpayers use to determine the interest to be charged in income tax and estate planning strategies. Those published rates, called the Applicable Federal Rates, depend on the length of the term of a promissory note, the number of times interest is paid each year (i.e.,» Read More
The COVID-19 pandemic has altered our daily lives. Social distancing measures advanced by the CDC (i.e., maintaining six feet of distance, no group gatherings, wearing masks outside, setting aside documents traveling in the mail for 2-3 days to allow the virus to die on surfaces) are designed to slow the spread of the virus by flattening the curve and keep us safe.» Read More
On April 2, 2020, Pennsylvania Governor Wolf approved a temporary and limited suspension of current law 57 Pa.C.S. § 306, which requires the physical presence of notaries, for estate planning documents that require notarization or for which notarization is considered best practice.» Read More
As part of the federal government’s rapidly evolving response to the impact of the 2019 Novel Coronavirus (COVID-19), the IRS has announced that individuals covered under a high deductible health plan (HDHP) will not lose their eligibility to make or receive pre-tax contributions to a health savings account (HSA) merely because their health plan provides benefits associated with testing for and treatment of COVID-19 before the HDHP’s ordinary minimum deductibles are met.» Read More
