David K. Lucas & Associates
PLLC
INHERITANCE TAX
Protecting Your Finances After a Loved One's Death
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.
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 penalties 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.
If you are interested in scheduling an appointment to discuss inheritance tax or to prepare estate planning documents please contact our office at 724-836-3300 or use our contact form.
TESTIMONIALS
What Our Clients Say
"David and his team provided exceptional guidance during one of the most difficult times in my life. Their clear explanations and calm approach made all the difference."
Sarah M.
Family Law Client
"Professional, efficient, and transparent. They helped us set up our wills and trusts with such ease. Highly recommend for anyone in Westmoreland County."
Robert K.
Estate Planning Client
"After my father passed, I was overwhelmed. The firm handled the probate process with dignity and speed, taking a huge weight off my shoulders."
Michelle L.
Probate Client