For Certain Estate Planning Purposes A Custodian Can Manage Property Until Age 25 Under PUTMA: The Uniform Transfers to Minors Act (UTMA) provides a simple, inexpensive way to transfer ownership of cash and other financial... Continue Reading
The Pennsylvania Uniform Transfers to Minors Act PUTMA is a simple, inexpensive way to receive gifts, such as money, patents, royalties, real estate and fine art without the aid of a guardian or trustee. A custodian manages the... Continue Reading
When a person passes away and leaves behind an estate, the total amount of the estate’s value is subject to the federal estate tax. The percentage of the estate tax varies each year, and typically is applied directly to the... Continue Reading
The District Court found that the executors of an estate reasonably relied on the erroneous advice of counsel in the late filing of the estate’s federal estate tax return. Read More… Because of a dispute over the... Continue Reading
The Tax Court upheld an IRS assessment of a deficiency in the valuation of two Old Master paintings, Pieter Brueghel the Younger’s Maypole and Jan Brueghel the Elder’s Orpheus, for federal estate tax purposes. The estate of... Continue Reading