CollectionsInheritance Tax
IN THE NEWS

Inheritance Tax

FEATURED ARTICLES
NEWS
April 11, 2011
Dear Harry: My father-in-law is in his 80s and is living in a nursing home. We have been going over his resources because his money is fast being used up. He inherited a pretty substantial estate from his mother in 1998. However, there seems to be a huge discrepancy in the value placed on his mother's home at the time of her death. There was a very large understatement of the value of the home used on her inheritance-tax report. It had to have been undervalued by at least $400,000, based on sales of a number of similar homes in 1998.
NEWS
May 11, 2011
Dear Harry: My father-in-law is in his 80s and is living in a nursing home. We have been going over his resources because his money is fast being used up. He inherited a pretty substantial estate from his mother in 1998. However, there seems to be a huge discrepancy in the value placed on his mother's home at the time of her death. A very large understatement of the value of the home was used on her inheritance-tax report. It had to have been undervalued by at least $400,000, based on sales of a number of similar homes in 1998.
NEWS
May 17, 2000 | By Ken Dilanian, INQUIRER HARRISBURG BUREAU
When Keith Roessing's mother-in-law became ill, he and his wife sold her home in West Virginia and moved her to their home in the suburbs of Pittsburgh. In January 1999, she died, leaving her daughter $200,000. Then the Pennsylvania inheritance-tax bill came due. The tab: $12,000, a 6 percent hit. Roessing fired off a letter to his state legislator, Sen. Melissa Hart, pointing out that had his mother-in-law died in West Virginia, no taxes would have been owed. He urged the legislature to follow the policy in that state, which, like most states, does not tax estates smaller than $675,000.
NEWS
August 30, 2010
Dear Harry: My brother passed away recently, and among his assets was a large IRA that resulted from a rollover of his employer's pension plan. He was 73 when he died. Of course, he'd started to take his minimum required distribution in the year he was 70 1/2. The IRA was equally distributed to his four heirs (my brothers and me). Since this was his only major asset, I felt that I would be able to file his inheritance-tax return with Harrisburg by myself with a minimum of help. I called the Pennsylvania Department of Revenue, and was told that the IRA was subject to the tax since he already had started to take distributions.
NEWS
August 23, 2000 | by Harry S. Gross
By now, virtually everybody knows that Congress passed a repeal of the federal estate tax. We also know that the repeal is favored by the Republican candidates and their party, as well as some Democrats. But most of us have lost sight of the fact that there are state death taxes as well. Pennsylvania has both an estate and an inheritance tax. Most states have estate taxes if only to take advantage of the credit allowed under the federal law for state death taxes. There's a direct offset for these state taxes against any federal estate taxes due. The state inheritance tax hits every estate, regardless of size.
NEWS
July 14, 1999 | By Herb Drill, INQUIRER SUBURBAN STAFF
Markin R. Knight Jr., 53, of Lansdale, a banking and tax officer for First Union Corp. who had been active in community sports, died Sunday of pneumonia at Hahnemann University Hospital. He had a tissue-related disorder for two years. At the time of his death, Mr. Knight was a vice president in the inheritance-tax department of First Union Corp. in Philadelphia. He had joined Philadelphia National Bank, a predecessor of First Union, in 1974 after beginning his career with Northern Central Bank in Williamsport, Pa. "He touched the lives, in a positive way, of anyone he met," said Tom Shields, manager of the First Union's inheritance-tax department.
NEWS
March 15, 2013
DEAR HARRY: Some time ago, you advised an older reader not to transfer ownership of her home to her child. I don't remember the reason, or even if it was a son or daughter. I thought: "What does he know about family relations? He's a money guy. " Then I had a similar situation. In 2009, I transferred my home to my only child, a son, primarily to save the Pennsylvania inheritance tax. My estate is not big enough to meet the federal minimum. I even protected my interest by getting a long-term lease at $10 a year.
NEWS
May 25, 1998 | By Russell E. Eshleman Jr., INQUIRER HARRISBURG BUREAU
She has promised to run an unconventional political campaign. How's this for starters? Peg Luksik, the Johnstown homemaker who plans to run for governor on the Constitutional Party ticket in November, will launch her media campaign today - six days after the primary, 162 days before the Nov. 3 election, and months before candidates typically begin TV advertising. Luksik's ad is titled "A Political Commercial After the Primary?" It will run on cable television in all of the state's media markets, including Philadelphia.
NEWS
September 25, 1990 | By Russell E. Eshleman Jr., Inquirer Harrisburg Bureau
The state House of Representatives overwhelmingly approved legislation yesterday that would repeal the so-called widow's tax, but the Casey administration, wary of the fiscal impact, expressed reservations about the proposal. The measure, over a five-year period, would phase out the 6 percent inheritance tax surviving spouses must pay on property that is not held jointly. Pennsylvania is one of only three states with such a provision on the books. Opponents contend the tax imposes hardship on the surviving spouses, some of whom must sell assets to pay the tax. "This is one of the few opportunities you'll get to do nothing but good," House Minority Leader Matthew C. Ryan (R., Delaware)
NEWS
August 30, 2000
Jaywalkers make us cross Finally, a Philadelphia newspaper has addressed Philadelphia's jaywalking problem (Aug. 25). I marvel at the lack of intelligence people display while walking the streets. And they get peeved when you blow the horn at them. I hope your article was educational for the dolts who risk their lives just because they can't wait for a traffic light to change. PAUL SMITH, Philadelphia Why do Philadelphians jaywalk? They have no choice. These incidents happened between 2 and 3 p.m. on Friday, the very day your article appeared: On Walnut at Juniper, traffic had blocked the cross street and crosswalk; even with the light, we were dodging cars.
1 | 2 | 3 | 4 | 5 | Next »
ARTICLES BY DATE
NEWS
March 28, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - Assembly Speaker Vincent Prieto said Thursday that he doesn't think Republicans have the "political will" to raise taxes to replenish New Jersey's near-depleted fund for transportation projects. For months, Prieto (D., Hudson) and the rest of the Legislature's Democratic leadership have been pushing for a plan to raise revenue for the Transportation Trust Fund, which they had warned would run out of money July 1. "It looks like [Republicans] are heading in a different direction, again kicking the can down the road," Prieto told reporters Thursday.
BUSINESS
March 4, 2014 | By Erin E. Arvedlund, Inquirer Columnist
In Pennsylvania, you can get a state tax credit for contributions to 529 plans. So one financial planner helped his client, an elderly widow, endow her nieces and nephews with a way to pay for college, plus get her a $180,000 estate tax savings. Funding children's educations is not only a wonderful way to help out family members, but it can also earn you a state tax deduction. "If you are a grandparent or an older relative, and you have the assets to pay for education, there's a three-way benefit," says David Zalles, a tax planner in Blue Bell.
NEWS
March 15, 2013
DEAR HARRY: Some time ago, you advised an older reader not to transfer ownership of her home to her child. I don't remember the reason, or even if it was a son or daughter. I thought: "What does he know about family relations? He's a money guy. " Then I had a similar situation. In 2009, I transferred my home to my only child, a son, primarily to save the Pennsylvania inheritance tax. My estate is not big enough to meet the federal minimum. I even protected my interest by getting a long-term lease at $10 a year.
NEWS
December 21, 2012 | By Tom Infield, Inquirer Staff Writer
Among the many Americans concerned about the fiscal-cliff negotiations in Washington are farmers, who have a particular stake. Their worry: inheritance taxes. If Congress doesn't act, the threshold for an estate to become subject to federal taxation would fall from $5 million to a little over $1 million on Jan 1. And the tax rate on value above $1 million would jump from 35 percent to as much as 55 percent. Small-business owners and well-to-do seniors could also be hit by a return to pre-2001 tax rates.
NEWS
November 30, 2012 | HARRY GROSS
D EAR HARRY: My mother passed away in April. She had an annuity from one of our major life-insurance companies. My brother and I were listed as equal beneficiaries on the annuity. At the time of the distribution, an agent of the company told us that there is no Pennsylvania inheritance tax on the money we were to receive. Our lawyer/accountant had the appropriate Pennsylvania tax forms prepared showing a zero value for the annuity. Now, both the agent and the lawyer are telling us just the opposite - that the annuity is taxable at the rate of 4 1/2 percent.
BUSINESS
November 12, 2012
Now that the election is over, it is time to get back to reality. Unfortunately, that means Congress and President Obama need to address the biggest threat to growth, the "fiscal cliff. " This is a loaded pistol pointed at the head of the economy, and if it goes off, we could be facing another recession. So, what is the fiscal cliff? In order to get Congress to agree to a simple increase in the debt ceiling in the summer of 2011, a bill was passed that mandated the formation of a congressional "super committee" to come up with a proposal to cut the deficit by $1.2 trillion over 10 years.
NEWS
November 8, 2012
DEAR HARRY: My husband is 70, and I am 69. We both get Social Security checks, and he gets a pension. He had a life-insurance policy paid for by his employer while he was working, but he let it lapse when he retired. Neither of us has any life insurance now. We have no children, and we own our house and car free and clear. We have long-term-care insurance, but not enough to cover all costs. If I die first, he'll lose my Social Security, but there will also be less cost for my living expenses.
BUSINESS
November 5, 2012
Benjamin Franklin is credited with saying: "In this world, nothing can be said to be certain except death and taxes. " That might be true, but few people like to pay taxes, so we do everything possible to escape them. Tax reform might be the hottest political issue, and it will heat up even more after Tuesday's election. Most of us cannot afford the best tax lawyers to scour every nook and cranny of the tax code to ensure we pay the least amount possible, so we demand tax breaks through the ballot box. That raises the question: "What taxes should be cut?"
NEWS
November 3, 2011
Who says it's time to retire longtime Register of Wills Ronald R. Donatucci? He does - and that's just what Philadelphia voters should do on Tuesday, Nov. 8. Donatucci, seeking his umpteenth term in the row office that issues marriage licenses and maintains records related to wills and estates, is signed up for the controversial retirement perk known as DROP. After his present term ends, he'll pocket a tidy lump-sum payment in addition to qualifying for a generous monthly pension.
BUSINESS
September 25, 2011 | By Joseph N. DiStefano, Inquirer Staff Writer
Philadelphia's Republican business owners are weighing where to invest for next year's presidential race. Here's one for Romney, one for Perry: Manny Stamatakis , chief executive officer at corporate employee-benefit consultant Capital Management Enterprises Inc. in King of Prussia and longtime donor to Pennsylvania Republicans, read Gov. Rick Perry's book and came out swinging for the Texan. "I like him personally," he said of rival front-runner Mitt Romney . But he prefers Perry's record as governor of a state known for having "no income tax, no inheritance tax, no tax on dividends, tort reform, caps on noneconomic [lawsuit]
1 | 2 | 3 | 4 | 5 | Next »
|
|
|
|
|