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FAQ – Understanding the Pennsylvania Inheritance Tax

by Phil Levin, Esq. on October 17th, 2015

Transfer taxation is an important component when establishing an estate plan. In fact, one of the first questions asked by our clients during a consultation is:

              “How will my property be taxed at the time of my death?” 

Many individuals are pleased to know that they need not worry about federal estate tax, since Uncle Sam imposes this levy in the year 2015 only if their estate exceeds $5.43 million. However, the same cannot be said for the Pennsylvania Inheritance Tax. This tax applies regardless of the size of the estate, since there is not an exemption for modest estates. While there are legitimate ways to reduce Pennsylvania’s inheritance tax, to do so, one must understand some of the ground rules.

In order to assist you and help your clients to better understand the Pennsylvania Inheritance Tax, The Levin Law Firm has prepared a FAQ white paper on this topic.

Our “Pennsylvania Inheritance Tax FAQ” includes the following six (6) sections:

  • Variable Tax Rates Imposed
  • Parties Who are Exempt
  • Assets Which are Exempt
  • Strategies for Tax Minimization
  • Gifts in Contemplation of Death
  • Case Studies and Examples

If you are interested in obtaining our “Pennsylvania Inheritance Tax FAQ“, for your use and to share with selected clients, please click “Reply” and type “PIT FAQ” in the subject line, or send a note to us at:

Many factors influence the rate of tax and ultimate amount of inheritance tax that anestate will have to pay upon the death of a client before the estate administration can be completed. These include the type of property you own, the manner in which you own your property and the relationship of your intended beneficiaries.

As is the case with most estate planning matters, advanced planning can save significant transfer taxes and ensure that your property distributes to your beneficiaries at the right time and in the proper manner.

Please feel free to forward this edition of Estate Planning Matters to your friends, family members, and colleague who may need to establish or update their personal estate plan.

To learn more about how The Levin Law Firm can create an estate plan designed to help your clients achieve their estate planning goals, please contact our office to schedule a Complimentary Consultation with attorney Phil Levin at (610) 977-2443.

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