A financial advisor with nearly 17 years of experience, Curtis Randle-El provides comprehensive wealth management services to clients throughout the Pittsburgh, Pennsylvania, region. In this role, Curtis Randle-El is active in areas of wealth advising and estate planning, as well as other areas of finance.
Pennsylvania is one of six states in America that implements an inheritance tax. Laws governing inheritance taxes are not applied to the estates themselves, but rather to the individual inheritances as they are parceled out to heirs listed by the decedent. In fact, Pennsylvania does not make use of an estate tax at all, nor are inheritance tax laws applied to property jointly owned by the decedent and their surviving spouse. Children under the age of 21 are also exempt for inheritance tax strictures.
The standard inheritance tax rate is 4.5 percent and applies to children over the age of 21, as well as inheritances for all lineal heirs. However, there are additional tiers of inheritance taxes. Siblings of the decedent, for example, are subject to a 12 percent tax rate, while any individual or group that does not fall into one of the above-mentioned categories must pay an inheritance tax of 15 percent. Of course, charities, government institutions, and other exempt organizations are not required to pay this tax.
For more information regarding inheritance taxes and general estate planning laws in Pennsylvania, families should reach out to knowledgeable legal professionals.
Pennsylvania is one of six states in America that implements an inheritance tax. Laws governing inheritance taxes are not applied to the estates themselves, but rather to the individual inheritances as they are parceled out to heirs listed by the decedent. In fact, Pennsylvania does not make use of an estate tax at all, nor are inheritance tax laws applied to property jointly owned by the decedent and their surviving spouse. Children under the age of 21 are also exempt for inheritance tax strictures.
The standard inheritance tax rate is 4.5 percent and applies to children over the age of 21, as well as inheritances for all lineal heirs. However, there are additional tiers of inheritance taxes. Siblings of the decedent, for example, are subject to a 12 percent tax rate, while any individual or group that does not fall into one of the above-mentioned categories must pay an inheritance tax of 15 percent. Of course, charities, government institutions, and other exempt organizations are not required to pay this tax.
For more information regarding inheritance taxes and general estate planning laws in Pennsylvania, families should reach out to knowledgeable legal professionals.
