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The Best Things in Life Are Free - That Might Even Include Your Inheritance!

If you inherit property in Pennsylvania, you may soon be able to avoid the hefty burden of paying inheritance tax! Starting next year, minor children who

The Fed Cuts Interest Rate in July - Time to Revisit Your Estate Plan?

On July 31, 2019, the Federal Reserve cut interest rates for the first time in over a decade. Although this may be bad news for your savings account,

Kress Case Addresses S Corporation vs. C Corporation Issues

The United States District Court’s March 2019 court decision in Kress v. United States1 created a lot of buzz in the valuation community. The case

Which States Can Tax Your Trust?

Imagine that you are a taxpayer living in Pennsylvania who has recently established a trust for the benefit of your Ohio-resident children. Further imagine

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“Step-Up” Your Estate Tax Strategies

Please note that the following article was co-authored by Greg Allison. One of the most common strategies employed by affluent taxpayers in a comprehensive

Does Santa Pay the Gift Tax? Does Santa Receive Wages of Cookies and Milk?

‘Twas the night before Christmas and all through the house, not a creature was stirring… except for St. Nick’s elf-accountants, who

Year-End Giving from IRAs: Traps to Avoid

The holiday season is a time of giving and reflection. Charitable contributions are a time-honored way of achieving one’s philanthropic goals while

IRS Clarifies Uncertainty Surrounding Lifetime Gifting and Increased Basic Exclusion Amount Under TCJA

Over the past year, Schneider Downs has been busy tracking the drafting, passage and, as of late, the Internal Revenue Service's implementation of

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The Estate and Gift Tax Exemption Planning Puzzle

As every good tax advisor knows, planning is key. So what happens when you have to plan for the unknown? This is the situation that estate and gift tax

Aretha Franklin Left no Will - What Happens Next?

On August 16, 2018, a saddened world mourned the passing of legendary vocalist and songwriter Aretha Franklin. Known affectionately to her fans as the

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