Lisa S. Presser, left, and Brian M. Balduzzi, right, of Faegre Drinker Biddle & Reath. Courtesy photos Keystone State Strengthens Its Irrevocable Trusts With Grantor Trust Rules
This new act simplifies the rules for irrevocable trusts to mirror those in other jurisdictions, and it provides an opportunity for grantors to plan for new irrevocable trusts, and for grantors, trustees, and beneficiaries to review certain existing irrevocable trusts.
January 08, 2024 at 09:23 AM
6 minute read
Trusts and Estates
Grantors of Pennsylvania irrevocable trusts may now elect to pay the income taxes on the trusts' income under the recently signed Act 64 of 2023, provided that such trusts qualify as "grantor trusts" under federal tax law. For decades, Pennsylvania has deviated from federal income tax laws by specifically prohibiting grantor trust tax status for irrevocable trusts. This new act simplifies the rules for irrevocable trusts to mirror those in other jurisdictions, and it provides an opportunity for grantors to plan for new irrevocable trusts, and for grantors, trustees, and beneficiaries to review certain existing irrevocable trusts.
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