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.
Tag: Probate
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%.
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 Lehigh 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:
Beneficiaries of Montgomery 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.
Question: I am the Executor of a Montgomery County estate and the trustee of the trust into which the estate assets pour. The trust is for my brother. He is the beneficiary of the estate. What do I do when the beneficiary’s lawyer does not engage me?
Careful! First, the executor needs to understand that the beneficiary of the estate is not the brother; the beneficiary of the estate is the trust for the brother. The brother is a beneficiary of the trust, but he is not the heir of the estate. He may have an attorney, but the executor may be giving that attorney too much power over estate matters.
Question: I am the executor of my mother’s estate in Gloucester County, New Jersey. How do I know when it’s safe to distribute the assets of an estate?
As the executor of an estate, that person is a fiduciary, and owes a duty to the beneficiaries. The executor also is the representative responsible to satisfy all valid estate debts prior to making distributions. Creditors include any taxes due, such as the mother’s final income tax return and the New Jersey Estate Tax return.
If an executor sells his mother’s Chester County home, does he have to pay the Pennsylvania probate tax before dividing up the sale proceeds with his 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 taxable estate includes the house.
Question: How do I reopen a closed estate in Atlantic County? My brother served as executor of my father’s estate and in the will I was named as the successor executor. My brother has since died, and I have discovered more assets.
First, understand that an estate is never “closed”. Estates run out of things to do and the file might be moved from the Atlantic County Surrogate’s Office long-term storage area, but once someone is named as executor, they continue to be the executor.
That being said, if the successor executor has discovered more assets that belong to the father and, if the original executor were still alive, it would be a simple matter to get updated paperwork from the Atlantic County Surrogate to prove he is still the executor.