Blog & Resources

My Mother transferred her Bucks County home to me two years ago. She recently died. I am going to sell the house soon, but do I have to pay Pennsylvania Inheritance Tax?

Not in your case. The Pennsylvania Inheritance Tax of 4.5% applies to transfers to children at death, and includes all gifts made within one year of the date of death. If the house was transferred properly into your name 2 years ago, it will not be subject to the Pennsylvania Inheritance Tax.

In New Jersey, a disclaimer is an heir’s legal refusal to accept a gift or a bequest. In other words, you can’t force someone to accept a gift. If a Will names someone an heir or if a life insurance policy names a beneficiary, that heir or beneficiary cannot be “forced” to accept the gift.

Pennsylvania allows you to form a Revocable Living Trust. These trusts can own almost any asset including bank accounts, autos, stocks, gold, and Bucks County real estate. While Revocable Trusts can serve many purposes, the primary goal is to avoid probating the will with the Bucks County Register of Wills.

Life insurance is not subject to the Pennsylvania Inheritance Tax, making it an excellent tool to make gifts to those who would otherwise be subject to the tax.

Changing your bank account into a Joint-Ownership account with your daughter or making her the Payable-On-Death beneficiary of the account avoids probate, but these are different tools addressing different situations and goals.

For some estates, spending a little money now to avoid probate at death can create a substantial savings for the family. Typical techniques used to avoid probate include Revocable Living Trusts, Jointly Owned Accounts and Payable-on-Death designations on bank accounts and stock accounts.

For some New Jersey estates, spending a little money now to avoid probate with the Camden County Surrogate at death can create a substantial savings for the family. Typical techniques used to avoid probate in New Jersey include Revocable Living Trusts, Jointly Owned Accounts and Payable-on-Death designations on bank accounts and stock accounts.

New Jersey allows you to form a Revocable Living Trust. These trusts can own almost any asset including bank accounts, autos, stocks, gold, and your Atlantic County real estate. While Revocable Trusts can serve many purposes, the primary goal is to avoid probating the will with the Atlantic County Surrogate.