We talk extensively about the Federal Estate Tax. Indeed, it only applies to less than 10,000 families right now across the entire United States. Why? Because the exemption from being taxed is high for married couples — You must have more than $7 Million in assets as a married couple for the federal estate tax to kick in. But what about the Pennsylvania Inheritance Tax? There is no minimum for that tax, unlike the Federal Estate Tax.
If you are passing assets to your husband or wife in Pennsylvania, there is no Pennsylvania Inheritance Tax.
The inheritance tax rate for passing property onto descendants, children and grandchildren is 4.5%
The inheritance tax rate for passing property onto siblings is 12%.
All others are taxed at 15%.
If you want to learn more about the Pennsylvania Inheritance Tax or Federal Estate Tax, schedule some time with me at our office.