The unified tax on transfers has three parts: gift tax (for transfers made during life), estate tax (for transfers made at death) and generation-skipping tax (for transfers that skip a generation). The gift and estate taxes are imposed on an individual for gifts during life and on his or her estate for transfers at death…
ESTATE TAX: SUMMARY The estate tax is imposed on the privilege of transferring property by will, or through an estate without a will or by operation of law. The maximum estate tax rate is 40% after 2012 and applicable exclusion amount is $5 million indexed for inflation after 2011($5,120,000 for 2012, $5,250,000 for 2013, $5,450,000…
Pennsylvania Inheritance tax rates are based upon the following classes of beneficiaries: Class: tax rate in % Surviving spouse 0% Property owned jointly by husband and wife or passing to a surviving spouse is exempt from Pennsylvania Inheritance tax Minor children: Beneficiaries of the estate of a child age 21 or less to natural parent,…
ESTATE ADMINISTRATION Pennsylvania Inheritance tax Pennsylvania imposes a tax on assets passing to a beneficiary. The rate of the tax depends on the relationship of the beneficiary to the decedent (the person who has died). This type of tax differs from an estate tax such as that imposed by the Internal Revenue Service on certain…
Probate and Estate Administration Wilkes-Barre Estate Planning Attorney Makes Estate Administration and Probate Process Simpler for Clients As many people who have lost a loved one have found out, dealing with an estate’s affairs is not always an easy process. A person’s will can be complicated because it needs to be officially recognized, and because…
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