“Information Bits from the Boss: Samantha provides brief answers to clients frequently asked questions”

​What if I want to reduce the PA Inheritance Tax that my beneficiaries have to pay?
 
In PA any assets that someone is receiving because you passed away is going to be subject to PA Inheritance. If the beneficiary is a direct lineal descendant the tax rate is 4.5%, siblings will pay at 12% and anyone else, including nieces and nephews, will pay at 15%. One way to reduce the amount of the inheritance tax that is paid is making sure your executor understands that if the tax is paid within three months of your date of death, then there is a 5% discount in the tax that’s owed. For additional information on how to avoid PA inheritance tax please contact our office.  For additional information or to schedule a free initial consultation please contact our office at (717) 655-2676.