Managing Your Estate And Inheritance Tax Burden
Federal Estate Tax
You only pay Federal Estate Tax on any amount inherited over $12,060,000 in 2022. So I will not go into Federal Estate Taxes at this point. If you have questions, please call.
Pennsylvania Inheritance Tax
In Pennsylvania, inheritance tax rates are determined by the relationship between a beneficiary and the deceased.
A spouse inherits from a spouse tax-free
A lineal descendant (children, grandchildren, etc.) under the age of 21 does not pay inheritance tax. A lineal descendant age 22 and over must pay a 4.5 percent tax on their inheritance
A sibling must pay a 12 percent tax on their inheritance
Any other third party must pay a 15 percent tax on their inheritance
Qualified Tax-Exempt Charities do not pay PA Inheritance Tax
Assess Your Options For Reducing Pennsylvania Inheritance Taxes
When you retain my services, I will review your financial situation and determine what options are best for your estate. There may be methods to help you properly and legally avoid and/or reduce Pennsylvania Inheritance Taxes.
Each individual's financial situation will be different, which is why I am dedicated to closely examining your specific situation. This is not cookie cutter. I will take notice of the type of assets that you have and the value of your assets. Then I will give you my professional opinion on how best to reduce a significant portion of the Pennsylvania Inheritance Tax if you qualify.
As your estate planning attorney, my goal is to ensure that your estate is left behind to those who need it. I have worked with numerous clients in the Pittsburgh metro area and elsewhere to successfully secure exemptions from inheritance taxes, providing more finances for the deceased individual's loved ones.
Contact my law office online or call 412-928-2068 to discuss your financial situation and the reduction of Pennsylvania Inheritance Tax.
IRS Circular 230 Disclosure: To comply with certain U.S. Treasury regulations, we inform you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this communication, including attachments, was not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties that may be imposed on such taxpayer by the Internal Revenue Service. In addition, if any such tax advice is used or referred to by other parties in promoting, marketing or recommending any partnership or other entity, investment plan or arrangement, then (i) the advice should be construed as written in connection with the promotion or marketing by others of the transaction(s) or matter(s) addressed in this communication and (ii) the taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax adviser.
