Minimizing Inheritance Taxes in Pennsylvania
There are steps an Executor or Administrator can take to work toward minimizing inheritance taxes. At the law office of Arlene Glenn Simolike, Esq. and Associates, P.C., we have been serving clients throughout Philadelphia since 1976. You can trust our firm to provide honest advice in inheritance and estate tax matters, with an overall goal of minimizing your inheritance tax burden and allowing the estate to keep more of the assets for the beneficiaries.
Pennsylvania Inheritance Tax Information
There are few states that collect inheritance taxes, and Pennsylvania is one of them. The amount a beneficiary will be required to pay is based on the value of the estate, as well as the relationship between the deceased and the beneficiary.
Not all assets are subject to inheritance tax. However, regardless of the value of the estate, inheritance taxes will be enforced in Pennsylvania if the beneficiary is a child, sibling, parent, cousin, or other non-lineal heir or friend. Spouse, however, are exempt from paying inheritance taxes. Charitable organizations as beneficiaries pay no inheritance. Simolike and Associates, P.C. is very experienced in estate planning and inheritance tax matters. We know a variety of ways in which to minimize inheritance and estate taxes in legal manners. We are familiar with the various deductions that are available which may include:
- Family exemption
- Funeral expenses
- Travel expenses for heirs
- Nursing home bills
- Last illness deductions
Lawyer Arlene Glenn Simolike is also familiar with other options that will allow the estate to keep more of the money that has been designated for loved ones.
Contact a Bucks County Estate Tax Attorney
To learn more about inheritance taxes in Pennsylvania, or for more information on various tax exemptions that may be available, contact a Philadelphia inheritance tax attorney today. We offer a free 30-minute consultation.
