In This Issue:
Qualified Family Business Exemption for Inheritance Tax; 3.8% Medicare Tax on Net Investment Income; and Payable on Death Accounts – Pros and Cons.
Excerpt from Qualified Family Business Exemption for Inheritance Tax -
The Pennsylvania Inheritance Tax Act was amended recently to exempt interests in a “qualified family-owned business” from the Inheritance Tax. The goal of this exemption is to preserve certain family-owned business enterprises in the event of the death of the owner. Although the exemption makes for a good sound bite, it will have limited application for business succession planning.
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