In Pennsylvania, once a person passes away, the state will review all property and assets to determine the amount of inheritance taxes owed. Then an inheritance tax will need to be paid on the deceased’s assets and property. Any assets transferred to a surviving spouse or donated to a charity are exempt from the inheritance tax. For all other beneficiaries, the tax amount varies depending on who receives the asset, and a lawyer can help guide you through that process.
So, if you’re wondering how an inheritance tax lawyer can assist with your loved one’s estate (or your own estate planning needs), then you’re in the right place. This article will explain how a lawyer can help you through the inheritance tax process and the benefits working with them can provide you.
What is an Estate Administration Lawyer?
To keep it simple, an inheritance tax lawyer will advise you on Pennsylvania’s laws regarding state and federal taxes and the assets/property that’ll be subject to taxes. If you’re working with a lawyer after a loved one passes away, they’ll also help you navigate the legal process for sorting and paying their taxes (including filing the returns).
It’s necessary to note that you should only work with an attorney in your state. They know the ins and outs of the tax laws, especially since Pennsylvania is only one of six states with an inheritance tax.
Do I Have to Work with an Estate Administration Lawyer?
You don’t have to work directly with an inheritance tax lawyer. Instead, there are probate attorneys who can do the same thing for you. At Auld Brothers Law Group, we’re a Pittsburgh-based estate planning and probate law firm that can help guide you through the complexities of inheritance taxes. Including how, in most cases, the deceased’s estate will cover the cost of the inheritance tax, not the beneficiaries.
Benefits of Working with an Attorney for PA Inheritance Taxes
If you want to work with an attorney before you pass, they can help you in several ways.
- Describe how the tax rates work and what you could expect to pay depending on what assets you choose to leave different beneficiaries.
- Explain which assets and properties are subject to the state’s inheritance tax.
- Review how retitling of assets (i.e., bank accounts, car titles, funeral insurance policies, etc.) might help reduce your taxes.
- Find legal ways to help limit how much you’ll need to pay on inheritance taxes.
If you want to work with an attorney after a loved one passes away, they can guide you through the complexities of Probate.
- Advise you on different types of deductions you can claim on the estate.
- i.e., debts, funeral expenses, etc.
- Help you calculate the total cost for state and federal taxes.
- Assist you with all or only a portion of the Probate process.
- Explain how the state calculates the amount of inheritance tax owed on an estate.
- Depending on the relationship between the beneficiary and the deceased, there are different tax percentages.
#1 Reason to Contact Auld Brothers Law Group About Inheritance Taxes
Our team stays aware of the latest tax laws and any potential changes that could affect Pennsylvania residents, including:
- Federal and state taxes
- Capital gains taxes
- Pennsylvania Inheritance Taxes
- Gift taxes
So, whether you’re planning for your future or need help now, we’re here to listen and then answer your questions. Contact us for a free consultation.
Call (412) 487-8668