Are taxes payable on an estate?

Yes, Pennsylvania Inheritance Taxes are payable on the value of most assets owned by the descendant at the time of death and are due within 9 months after date of death. The Pennsylvania Inheritance Tax Rate is 0% on assets passing to the spouse and those passing from children under 21 to their parents. Assets passing to lineal descendants (children, grandchildren, parents, and grandparents) are taxed at a rate of 4.5%. The tax rate is 12% on assets passing between siblings and 15% to all other beneficiaries except bequests to charities and governmental entities which are exempt from taxes. The tax applies to the net estate after deductions.

A Federal Estate Tax Return is due when the gross estate exceeds 2 million dollars.

Show All Answers

1. What is a Will?
2. Should everyone have a Will?
3. What if there is no Will?
4. Does a Will become outdated?
5. Must a Will be witnessed?
6. When must a Will be registered?
7. When should a Will be changed?
8. How much does a Will cost?
9. Does a Will create more probate expenses?
10. Can life insurance take the place of a Will?
11. Does joint ownership avoid the need for having a Will?
12. Are taxes payable on an estate?