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Klenk Law

Tag: Estate Tax

Do I owe PA inheritance tax on this real estate transfer?

Posted on Sun Apr 5, 2015, on Probate and Estate Administration

My Mother transferred her Lehigh 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.

Will transferring a property before death avoid taxes?

Posted on Sat Apr 4, 2015, on Estate Planning

My father wants to transfer a rental property he owns in Chester County into my name. If he does, will this gift avoid Pennsylvania Inheritance Tax?

As a Chester County resident, at your father’s death, all assets he leaves you at death (except life insurance) will be subject to the Pennsylvania Inheritance Tax at the 4.5% children’s rate. That includes all gifts made within one year of the date of his death. So, if he transfers the rental property into your name and lives for at least one more year, at his death you will avoid Pennsylvania Inheritance Tax payment.

Tax Implications of Transferring Property in Delaware County, PA

Posted on Thu Mar 19, 2015, on Probate and Estate Administration

My Mother transferred her Delaware 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.

Components of a Philadelphia Estate

Posted on Tue Jul 15, 2014, on Estate Planning

All your assets are included in your estate. For estate planning purposes, your estate includes all the assets that you own at your death that could be used to pay your debts. This would include things that you own in your own name or things that you own jointly with others, including real property and bank accounts. It also includes your personal property, such as jewelry, cars or furniture. Your assets may also include your qualified plans (IRAs, 401ks, etc.) and life insurance, assets that you typically would have beneficiary designations.

What Does My Estate Include?

Posted on Wed Apr 2, 2014, on Estate Planning

In estate planning, “my estate” can mean different things. Your probate estate includes all your assets that will pass through your will at your death, while your taxable estate includes all your assets that will be taxed at your death. Many assets are included in your taxable estate, but not your probate estate, such as assets in your revocable living trust, your IRAs, assets held jointly with a right of survivorship and all of your payable on death accounts.

What is the Generation Skipping Tax? (Part I)

Posted on Tue Jul 17, 2012, on Estate Planning

Prologue

This is the first of a series of Articles about the Generation Skipping Tax, one of the more complex taxes that most people will come up against and which is often overlooked in Estate Planning. The goal is to introduce the non-practitioner to the concepts of the Generation Skipping Tax so the planning options and techniques which we will explore together will make more sense. I find that some clients have avoided estate planning techniques which would save their families potentially millions of dollars, because they are uncomfortable with their understanding of the taxes being discussed. My hope is that after reading these articles my clients will have a working knowledge of the Generation Skipping Tax and, with as much enthusiasm a non-tax geek can have, embrace planning techniques that help reduce or even avoid the Generation Skipping Tax.

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