Keystone State Strengthens Its Irrevocable Trusts With Grantor Trust Rules

Private client partner Lisa Presser and associate Brian Balduzzi coauthored an article for The Legal Intelligencer titled “Keystone State Strengthens Its Irrevocable Trusts With Grantor Trust Rules,” which discusses the recently signed Act 64 of 2023 from which grantors of Pennsylvania irrevocable trusts may now elect to pay the income taxes on the trusts’ income.

Presser and Balduzzi explain that the new act simplifies rules for irrevocable trusts to mirror those in other jurisdictions and provides an opportunity for grantors to plan for new irrevocable trusts, and for grantors, trustees and beneficiaries to review certain existing irrevocable trusts.

The authors cover historical and new treatment for state income taxation of Pennsylvania irrevocable trusts, as well as planning for future Pennsylvania irrevocable trusts.

The full article is available for The Legal Intelligencer subscribers.