Legal Question in Wills and Trusts in Pennsylvania
My father has an annuity worth $60,000, with me listed as the sole beneficiary. Is this part of his estate, that would go through probate? We live in Pennsylvania. When he dies, would I have to pay inheritance tax? If he made it an irrevocable trust, would that eliminate the inheritance tax?
1 Answer from Attorneys
No, this will pass outside of probate. You will not have to pay inheritance tax. Only transfers of property by will or the intestacy laws are subject to tax.
I would have to see the documents to see what kind of annuity it is. It is generally preferred to have the annuity pass to an individual, rather than a trust if this is consistent with your father's estate plan. However, a trust can be named as a beneficiary. Why would a trust need to be irrevocable? There are tax reasons, but I would need more information about this.
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