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Klenk Law

Tag: Inheritance Tax

Is Collecting Life Insurance Before Filing The Will Allowed?

Posted on Fri Sep 9, 2016, on Probate and Estate Administration

From Our “Ask a Question” mailbag: “My father died recently, and I am the executor. I will file his Will next week. But my siblings have already contacted the life insurance company to collect the life insurance. Can they receive the life insurance before I file the Will? Is collecting life insurance before filing the Will proper?”

As executor, can I donate estate assets for a PA charitable deduction?

Posted on Tue Sep 8, 2015, on Probate and Estate Administration

From our “Ask a Question” mailbag: My mother died and I was named Executor of her estate. The estate is divided equally between myself and my brother and sister. She had so many things in her house that none of us want. Can I give these to charity and then take a deduction on the Pennsylvania Inheritance Tax return?

If I have the facts correct, all assets are equally divided between you three siblings. This includes all personal property. If so, then the right to collect the property is with the children and the Commonwealth’s Inheritance Tax is due on the fair market value of those things. The tax for children is 4.5%.

Does the Pennsylvania Inheritance Tax include my mother’s antiques?

Posted on Thu Aug 13, 2015, on Probate and Estate Administration

From our “Ask a Question” mailbag: Does the Pennsylvania Inheritance Tax include my mother’s antiques?

If your mother died a Pennsylvania resident, then the estate must pay the Pennsylvania Inheritance Tax on the fair market value of all of her taxable assets, including her antiques.

If these antiques are passing to you, the tax rate will be 4.5%, due within nine months of her death.

Is there any inheritance tax on real estate transfers in Philadelphia?

Posted on Fri Jun 19, 2015, on Probate and Estate Administration

From our “Ask a Question” mailbag: My mother transferred her Philadelphia 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.

Do lifetime transfers avoid estate tax in Delaware County, PA?

Posted on Fri May 8, 2015, on Estate Planning

From our “Ask a Question” mailbox: My father wants to transfer a rental property he owns in Delaware County into my name. If he does, will this gift avoid Pennsylvania Inheritance Tax?

As a Delaware 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.

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.

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AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!

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Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest, but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.

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Peter is excellent. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. Highly recommend Peter. He is very easy to work with.

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Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.

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