Legal Question in Wills and Trusts in Pennsylvania
property trust
My husband and I own our home. We are going to prepare a will. If we put the house in trust for our three children, will they pay inheritance tax if we leave it to them, and if there are any judgements against the house at the time or our deaths, would they be responsible?
1 Answer from Attorneys
Re: property trust
Property in a trust is subject to inheritance tax in many situations, such as if the person(s) creating the trust retain any possession or control over the asset during their life, which I assume you would do, as this is your house.
Also, depending upon the circumstances, your children might be subject to judgments against the house.
This is a general answer, and not a definite answer to your situation, as I do not know your entire situation. You need to meet with an attorney to lay out your entire situation and discuss all of your options.
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