Legal Question in Wills and Trusts in Pennsylvania
Payable upon Death
Do you have to pay inheritance tax either federal or state (PA) if I am litsted and POD on all bank accounts for my mother? Is this a good idea to save money on inheritance tax?
Asked on 6/13/09, 7:47 pm
1 Answer from Attorneys
Solomon Weinstein
Solomon Weinstein, Esquire
Re: Payable upon Death
It does not matter how the asset is held you will still owe Pennsylvania Inheritance tax at rate of 4.5%. All the POD title does is avoid probate. As to whether Federal taxes are due this depends on the siz of the estate at time of death Your mother would have to have assets over several million dollars before there would be federal estate traxes due. I suggest you or your mother speak with an attorney to determine if anything can be done to reduce inheritance taxes.
Answered on 6/15/09, 9:37 am
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