PA Inheritance Tax & the Family Business Exemption: Where Does Real Estate Land? | Season 1 Episode 17

<p>In this episode of <em>Death and Dirt</em>, Philadelphia trusts and estates attorney Charles Bender joins the show to break down one of Pennsylvania’s most misunderstood inheritance tax provisions: the Qualified Family-Owned Business Interest (QFOBI) exemption. We cover who qualifies, how investment real estate fits in, why the seven-year rule matters, and what families can do to avoid costly mistakes. A must-listen for practitioners, advisors, and anyone navigating PA inheritance tax.</p><p><br></p><p>Charles Bender is a partner at Fox Rothschild LLP. He focuses his practice on tax and estate planning for high-net-worth individuals and trust and estate administration. Chuck is a frequent lecturer and writer on tax and estate topics. He has been a pioneer in incorporating the computer into the practice of law, drafting document assembly systems for preparing complex estate planning documents, and developing spreadsheet and PowerPoint presentations to make even the most complicated estate planning concepts simple for others to understand. In addition, Chuck is a past president of the Bucks County Community College Foundation, where he served as a Board member for 14 years. He is also on the Board of All Vets USA, Inc., a 501(c)(3) organization that supports veterans&#39; causes.</p><p> </p><p>Additional Show Notes:</p><p>• <a href="https://foxrothschild.gjassets.com/content/uploads/2015/05/PA-Family-Business-Interests.pdf" target="_blank" rel="noopener noreferer">Article by Charles Bender: The New Pa. Inheritance Tax Exemption for Qualified Family-Owned Business Interests (2013)</a> </p><p>• <a href="https://www.foxrothschild.com/publications/the-pa-inheritance-tax-exemption-for-qualified-family-owned-business-interests-10-years-later" target="_blank" rel="noopener noreferer">Article by Charles Bender: The PA Inheritance Tax Exemption for Qualified Family-Owned Business Interests — 10 Years Later: Does a Rental Real Estate Business Qualify for the Exemption? (2024) </a></p><p>• <a href="https://www.pa.gov/content/dam/copapwp-pagov/en/revenue/documents/formsandpublications/formsforindividuals/inheritancetax/documents/rev-571.pdf" target="_blank" rel="noopener noreferer">Form: REV-571 / Schedule C-SB</a> </p><p>• Statute: 72 P.S. § 9111(t)</p><p>~~~</p><p>Jennifer Galloway - Jenn attended Elizabethtown College, double majored in Criminal Justice and Political Science, always planning to attend law school. She graduated Summa Cum Laude from Duquesne University School of Law, in Pittsburgh, and moved back to York County, where she currently resides and works. After just over a decade in private practice in estate planning, estate and trust administration and Orphans’ Court litigation, Jenn recently joined Counsel Trust Company as their Chief Fiduciary Officer. In this new role, she oversees the trust operations and administrations department back office and team of financial advisors, and was happy to trade the billable hour for a bit more structure.</p><p>Jay Hagerman - Jay earned a degree in American history at Gettysburg College. During that time, he worked in the White House Office of Correspondence in Washington, D.C. He attended Duquesne University School of Law, focusing his time learning about laws relating to wealth creation and preservation. He founded the elder law firm Abernethy &amp; Hagerman, where he currently works. Jay resides in Hampton Township with his wife and family, which allows him to serve clients throughout Western Pennsylvania.</p><p>Fred Long - Fred Long is a partner at Long Brightbill, a law firm based in Lebanon, Pennsylvania. His practice is focused on estate planning, trust and estate administration, probate, and real estate transactions. Fred holds an Estate Planning Certificate from Temple University Beasley School of Law and earned a Juris Doctor from Widener University School of Law, graduating with honors. Additionally, he has a Bachelor of Science in Communications with a Minor in Economics