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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?”

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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%.

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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.

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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.

Klenk Law

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.

Klenk Law

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.

Klenk Law

What Our clients are saying

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A Google User

Peter Klenk was great in leading us in the estate planning process.He was clear in describing the various steps and what they would accomplish. We were well satisfied and pleased that we had Peter to guide us.

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Glenn P.

Peter Klenk ESQ is a thoughtful and capable attorney who we work with on estate planning issues. His firm recently provided us with new Wills, Power of Attorneys and our instructions regarding major health issues. These documents are important for estate and life planning. Peter and his team are masters in the complexities of Estate Law. We highly recommend Peter and his Associates to provide thoughtful advice and outstanding work on these complex issues of the law. Make sure your estate planning documents are up to date, and Peter can be relied on to do an excellent job. Well done Peter!

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Joe Peters

Always professional and very responsive. Everyone on the staff that I have worked with. I look forward to continuing our relationship.

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Rachel Roney

Peter has done a great job with the estate planning for my father. He is very thorough and patient as we, the family need to make decisions.

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Rocco D.

I have worked with Peter Klenk & his associates for some time now and I have found them to be ultra-qualified, knowledgeable and diligent about their work. I highly recommend them.

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