To avoid interest and penalties, the Pennsylvania Inheritance Tax must be paid within 9 months of the date of death. The date you filed the Will does not matter. Otherwise, executors would simply hold off filing the Will to delay making the tax payment.
Tag: Probate Attorney
Each Pennsylvania estate is subject to two potential estate related taxes; the Pennsylvania Inheritance Tax and the Federal Estate Tax. When you mention a “limit”, you are speaking about the Federal Estate Tax, not the Pennsylvania Inheritance Tax.
The amount of Pennsylvania Inheritance Tax due will depend on the beneficiary’s relation to the deceased. For example, the tax rate for siblings is 12% while the tax rate for someone who was only a close friend is 15%.
The Pennsylvania Inheritance Tax is levied on the net estate value at the date of death, meaning the fair market value of the estate’s assets less the expenses of the estate administration and existing debts.
The Pennsylvania Inheritance Tax is levied on the net estate value, meaning the fair market value of the estate’s assets less expenses and debts.
If repairing the house for sale is reasonable, and the expenses paid are reasonable, they will be deducted from the sale proceeds when calculating the net estate.
Question: As the Executor, if I sell my mother’s Chester County home, do I have to pay the Pennsylvania probate tax before dividing up the sale proceeds with my siblings?
First, let’s clarify a few things. In Pennsylvania the “probate tax” is the Pennsylvania Inheritance Tax. Because the estate is being divided up between the mother’s children, that rate is 4.5% on the date of death value of her entire taxable estate. The house is included in that taxable estate.
Beneficiaries of Camden County estates will often approach us asking our help in keeping an eye on the estate’s executor. This is often the result of the executor not sharing information about the estate with the beneficiary, the executor’s unreasonable delays, or when the executor’s behavior has raised the beneficiary’s concern.
When we are asked about what steps a beneficiary can take to keep an eye on the executor, I will outline various options, such as:
Beneficiaries of Delaware County estates will often approach us asking our help in keeping an eye on the estate’s executor. This is often the result of the executor not sharing information about the estate with the beneficiary, the executor’s unreasonable delays, or when the executor’s behavior has raised the beneficiary’s concern.
When we are asked about what steps a beneficiary can take to keep an eye on the executor, I will outline various options, such as:
Beneficiaries of Bucks County estates will often approach us asking our help in keeping an eye on the estate’s executor. This is often the result of the executor not sharing information about the estate with the beneficiary, the executor’s unreasonable delays, or when the executor’s behavior has raised the beneficiary’s concern.
When we are asked about what steps a beneficiary can take to keep an eye on the executor, I will outline various options, such as:
Beneficiaries of Chester County estates will often approach us asking our help in keeping an eye on the estate’s executor. This is often the result of the executor not sharing information about the estate with the beneficiary, the executor’s unreasonable delays, or when the executor’s behavior has raised the beneficiary’s concern.
When we are asked about what steps a beneficiary can take to keep an eye on the executor, I will outline various options, such as:
