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Many Pennsylvania owners of mountain acreage, summer homes, farms and hunting camps are now benefiting from the Marcellus shale boom.
Marcellus shale landowners are anticipating significant royalties and bonus payments well into the future. But proper planning is necessary to preserve the value of the asset with a minimum of taxation, including federal estate tax and Pennsylvania inheritance tax.
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In 1994, T died intestate. Her son, D, was the sole heir under state (Arkansas) law. D was insolvent at this time and owed the IRS $325,000 in unpaid ...
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We soon will be dragged into the 2012 campaign season. Its time to get prepared so we can separate the wheat from the chaff, the substance from the rhetoric, the truth from the spin. What better way than to sneak a peak into the phrase tool box many candidates will use to craft their message?
Frank Luntz, a consultant who usually works for Republicans, is revered in political circles for his ability to polish a candidates messaging chops. Mr. Luntz is renowned for creating the phrase death tax to describe the federal inheritance tax and government takeover of health care to describe the Affordable Care Act. He also is known for advising candidates to use the phrase climate change instead of global warming and for urging them to assert that there is scientific uncertainty about the pheno...
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... nonproperty taxes, and for estate or inheritance taxes. In 1979 and 1980, Texas imposed a property ... a tax is barred regardless of its form if federal obligations must be considered, either directly or...
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Soon we willhave some much-needed changes to Pennsylvania's Probate, Estates and Fiduciaries Code which will clarify rights of inheritance when a divorce is pending, interpret funding clauses dependent on the federal estate tax and curtail some abuses prevalent in the use of powers of attorney.
As of Thursday, Senate Bill 53 had been approved by both the Pennsylvania House and Senate and had been sent to the governor for his signature. The governor is expected to sign it in due course. Here are a few of the provisions:
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... of any estate, succession, legacy, or inheritance tax imposed by a State, Territory, or the District...
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Any debate about an estate tax brings to mind a couple of observations by former U.S. Rep. Jennifer Dunn back in 1998, when she introduced legislation in Congress to phase out the federal inheritance tax:
It's been said that only with our government are you given a certificate at birth, a license at marriage and a bill at death!
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By the time this is published the Federal Estate Tax may have been repealed. This is the tax of which Andrew Carnegie said, "Of all forms of taxes this seems the wisest." Theodore Roosevelt concurred.
If we get unusually lucky the law will have been revised, not repealed. Such a course of action was recommended in Our Views of Aug. 25. The recommendation there was to exempt the first $4 million of inheritance, which may actually be a little on the low side. How did this monumental give-away of federal revenue, and some state revenue in those states in which the state inheritance tax is tied to the federal liability, take place?
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... at all levels, including city, state, and federal, charge citizens and businesses for these services...Other taxes include estate, inheritance, and gift taxes. Federal Government Tariffs. Prior...
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My dad has a will that leaves his estate divided among us four kids. He has a money market account of $80,000, stocks totaling $75,000, and a $375,000 house with no mortgage. Will we have to pay inheritance tax? Is there a better way to arrange his will?
There is no federal estate tax, because he can leave up to $2 million free of estate taxes. However, the will must go through the probate process, which is time-consuming and expensive. You might suggest that your father consider talking to an attorney about a revocable living trust, which can help avoid probate.