Posted on Fri Nov 14, 2014, on Probate and Estate Administration
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.
Klenk Law
Posted on Thu Nov 13, 2014, on Probate and Estate Administration
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.
Klenk Law
Posted on Wed Nov 12, 2014, on Probate and Estate Administration
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%.
Klenk Law
Posted on Mon Nov 10, 2014, on Probate and Estate Administration
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.
Klenk Law
Posted on Sun Nov 9, 2014, on Probate and Estate Administration
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.
Klenk Law
Posted on Fri Oct 17, 2014, on Probate and Estate Administration
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.
Klenk Law
Posted on Mon Oct 13, 2014, on Probate and Estate Administration
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:
Klenk Law
Posted on Sun Oct 12, 2014, on Probate and Estate Administration
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:
Klenk Law
Posted on Sun Oct 12, 2014, on Probate and Estate Administration
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:
Klenk Law
Posted on Sat Oct 11, 2014, on Probate and Estate Administration
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:
Klenk Law
Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
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I contacted Peter through his website using the free consultation link for a question regarding a will. While I was expecting only a few minutes, it was a lengthy conversation. He made sure he understood the situation by asking many questions before offering advice. He then went through my options and results of each one. He left it up to me to decide if I wanted to proceed and did not push me toward one or another. His website has very useful information which I definitely researched before I called him. While I decided not to proceed at this time, I feel I had enough information to make that decision. I would not hesitate to hire him should I need to in the future.
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Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. I would unhesitatingly recommend him for estate planning.
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