Can you avoid PA Inheritance Tax?

Pennsylvania imposes an inheritance tax on all assets that pass to anyone besides a spouse. That includes children, grandchildren, parents, siblings, cousins, domestic partners, and more. The rates are as follows:

Children/Grandchildren/Stepchildren: 4.5%Siblings: 12%All others (nieces, nephews, cousins, partners, friends, etc.): 15%

Pennsylvania does not offer a general exemption for inheritance tax. In other words, it...

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Do I Need a Living Trust?

What are living trusts?

A living trust is a valid will substitute in the Commonwealth of Pennsylvania. During your lifetime, you have the ability to place your assets in a trust, designate a trustee (usually yourself while you’re living), a successor trustee (someone to take the job after you pass away), and...

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Should I Transfer My Home To My Kids Now?

Have you heard advice that you should sell your house to your kids now for $1? We advise you to schedule an appointment with us before you re-title property in your children's names.

Here are the reasons why you should reconsider this option and consider alternatives:

* Inheritance Taxes: Many people...

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What’s up with the Federal Estate Tax?

2010 has been quite a year already... The U.S. Congress has failed miserably at giving us direction on what the tax landscape will look like come 2011. Folks, we're only five months away from 2011, believe it or not. And in 2011, the federal estate tax comes back with a roar. If Congress...

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Paying PA Inheritance Tax is Not Optional

 

No one likes taxes, especially “death taxes” – many people fundamentally disagree with a system that taxes a dead person’s belongings that pass on to their loved ones. However, if you are a resident of Pennsylvania, and due to your death you pass property onto others, your estate and/or your heirs...

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Executors; Estate & Gift Tax Update

 

THE ROLE OF THE EXECUTOR... The Executor is the CEO of an estate. The individual or institution filling that role is, in essence, the owner of your estate when you pass on, and has a “fiduciary duty” to do what is in the best interests of your beneficiaries, the people you leave...

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