Legal Question in Wills and Trusts in Pennsylvania

Re: Death tax

Pennsylvania has a death tax, regardless of where the beneficiary resides (I have just handled 2 for NJ resident children-heirs), which is based upon the size of the estate (assets less liabilities).

Also, there may be income taxes due on the savings bonds depending upon the type (E, EE, H), whether there was accumulated interest (since E bonds are purchased at a discount and H bonds may be purchased using e bonds and their accumulated interest) unless the owner had reported the annual increase in value each year. Rate of death tax dcepends upon size of estate, and the income tax depends upon the beneficiary's income tax bracket for IRS reporting.

You can call me if you have any questions.

Walter LeVine, Esq.

973-377-3313