Lehigh Valley Chapter Avoiding Pitfalls in Pennsylvania Inheritance and Estate Tax Acts, 1919-2000

Review of common errors and assumptions that estate representatives make when one is preparing the Pennsylvania Inheritance Tax Return (REV-1500) or discussing with their client the ramifications of writing a Will, a Trust or any other non-probate distribution schedule. The discussion will also review pre 1982 Inheritance Tax Acts and how they can still be a possible problem when distributing funds from an old estate today. 

A review of the Inheritance Tax Bulletins, Information Notices issued by the Department of Revenue since 2010 and Orphans and/or Commonwealth Court cases and their effect on the interpretation of the current and prior Inheritance tax Acts. We will discuss § 9142 and § 9144 as these 2 sections can have a devastating effect on the actual distributions of the estate.

Presenting appeals to the Board of Appeals and discussion of the Leitham Estate.

Topics covered:

• Pitfalls of the 1982 Act, which are still in effect
• Discussion of definitions under § 9102 of the PA Inheritance and Estates Tax Act as they relate to inheritance tax
• Section 9107 (c1)-(c8), Lifetime transfers
• Section 9108, Joint Property
• Section 9116, Tax Rates
• Section 9121, Valuation
• Sections 9126-9130, Deductions
• Section 9142, Payment of Tax
• Section 9144, Source of Payment
• Completing the REV-1500; revised instructions for REV-1500 and schedules.
• Current Sole Use Trust issues.   
• Small Family Business determination.  
• Differences between agricultural business, agricultural conservation easements, agricultural reserves and more.  
• Information notices and private letter rulings issued by the Department of Revenue, Inheritance Tax Division, from 2012 to today
• Leitham Estate.   
• Q &A

Immediately following the program enjoy a networking cocktail reception where you can mix and mingle with fellow chapter members, and tour the museum.

Schedule of Events:

• 1:00-5:00 p.m. - Program
• 5:00-7:00 p.m. - Networking Cocktail Reception & Museum Access

Thank you to our title sponsor: Corbenic Partners