November 22, 2017

Estate Planning and Inheritance Taxes in Pennsylvania

A question frequently posed to estate planning attorneys in Pennsylvania is “When I pass away, will my kids have to pay taxes on what they inherit?” Unfortunately, the answer is yes. For example, in our state:

  • Children (not under the age of 21) inheriting assets from a parent pay an inheritance tax of 4.5 percent
  • Siblings inheriting assets from a brother or sister pay an inheritance tax of 12.5 percent
  • Others (i.e. not a child or sibling of the deceased) pay an inheritance tax of 15 percent
  • Asset transfers made within one year of the deceased’s death may be subject to inheritance tax (with some exceptions)

If you have questions regarding avoiding an inheritance in Pennsylvania, contact an estate planning lawyer at The Law Offices of Halligan & Keaton in Media. Our two-member attorney team has over four decades of legal experience in southeastern Pennsylvania and includes a past president of the Delaware County Bar Association and a former adjunct professor of law at Villanova University and Widener University. We are highly skilled in minimizing tax liabilities. Since 1972, we have assisted hundreds of clients manage inheritance taxes via:

  • Gifts, including annual/incremental gifts
  • Revocable and irrevocable trusts
  • Life insurance
  • Charitable giving
  • Land trusts

We are familiar with tax schedules and exemptions (funeral and burial expenses, property and income taxes owed, and existing liabilities) and can provide both estate planning and probate process law assistance regarding inheritance taxes. To contact The Law Offices of Halligan & Keaton, call 610-566-6030 or fill out our intake form online.