Protecting Your Finances After a Loved One's Death
Most people are unaware of the fact that there are federal and state taxes levied on an estate when a person passes away. All estates in Pennsylvania are subject to inheritance taxes, regardless of the value of the estate. Because the tax rate is determined based on your relationship with the deceased person, it is important to work with experienced Pennsylvania inheritance tax attorneys who can help you protect your financial rights during probate.
Pennsylvania Inheritance Tax is a tax that is levied for all resident decedents of Pennsylvania. Basically if you are a resident of Pennsylvania and die owning any property a Pennsylvania Inheritance Tax Return will need to be filed.
The amount of the tax that will be due is based upon the person who receives the asset. A spouse of a decedent will owe no inheritance tax. A child or grandchild of a decedent will owe 4.5% of the date of death value of the asset. A sibling of the decedent will owe 12% of the date of death value of the asset. All other beneficiaries will owe a 15% tax on the date of death value of the asset.
The Department of Revenue maintains a website which contains all of the forms needed for preparation and filing of a Pennsylvania Inheritance Tax Return along with an instruction page. The link for this website is: http://www.portal.state.pa.us/portal/server.pt/community/inheritance_tax/14695
Pennsylvania Inheritance Tax is due within nine (9) months from the date of death and if it is not paid in a timely manner, there will be penalty and interest added by the Department of Revenue. A discount is also offered if the tax is paid within three (3) month from the date of death.
Pennsylvania does allow certain deductions to be made on the tax return. It is very important that you retain a qualified Attorney to assist you in the preparation of a Pennsylvania Inheritance Tax Return.
At David K. Lucas & Associates, we have more than 40 years of combined experience working with individuals whose loved ones' estates are going through probate. Because the laws vary from one county to the next, it is important to work with a firm that has experience handling the substantive and procedural laws regarding probate. We have handled thousands of probate and inheritance tax matters in this part of Pennsylvania, and we can help protect your financial rights throughout the process.
Contact Experienced Greensburg Estate Tax Attorneys
After a person dies, it is important to make sure the tax return is filed in a timely manner. If the claim is filed late, there is a penalty, and interest is levied against the estate. We can help make sure the claim is filed within the appropriate time limits, helping to lessen the tax burden and avoid penalties and interest.
When we work with individuals, we prepare and file all the tax returns. We keep track of all the income, assets and expenses related to the estate, working to make the preparation of the tax return quick and easy. In many situations, we are able to complete this work fast enough to help our clients take advantage of discounts awarded when the tax returns are filed within 90 days.
To learn more about the most effective ways to protect your financial rights and inherited property after a loved one's death, contact our firm online or call 724-216-6433 to schedule your free initial consultation with an experienced lawyer.