Tag Archives: Estate Planning
Do lifetime transfers avoid inheritance tax?
My father wants to transfer a rental property he owns in Montgomery County into my name. If he does, will this gift avoid Pennsylvania Inheritance Tax? As a Montgomery 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 […]
Can my father transfer a Philadelphia rental property into my name and avoid the Pennsylvania Inheritance Tax?
My father wants to transfer a rental property he owns in Philadelphia into my name. If he does, will this gift avoid Pennsylvania Inheritance Tax? As a Philadelphia 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 […]
Is my IRA subject to the Pennsylvania Inheritance Tax?
Your IRA is subject to the Pennsylvania Inheritance Tax, which can prove to be a tax trap. For example, if you leave $100,000 from your IRA to a friend, that gift is subject to the 15% Pennsylvania Inheritance Taxrate. To avoid interest and penalties on the Pennsylvania Inheritance Tax, within 9 months of your death […]
