Legal Question in Wills and Trusts in Pennsylvania
Type your question here...MY PARENTS HOME HAS BEEN DEEDED TO ME. I MOVED IN WITH MY FATHER AFTER MY MOTHER DIED THREE YEARS AGO AND HAVE BEEN CARING FOR HIM HERE EVER SINCE.
IN HIS LIVING TRUST IT STATES THAT I SHALL RECIEVE ALL HOUSE HOLD FURNISHINGS, ALL THESE ITEMS ARE INTANGLED WITH MINE.DO I HAVE TO PAY TAXES WHEN HE DECEASES ON THESE HOUSEHOLD ITEMS?
1 Answer from Attorneys
You will be responsibe for taxes at the rate of 4.5% for any assets that pass from your father to you. This may or may not include the value of the home deeded to you depending upon how long ago it was deeded to you and when your father dies. as for personal property such as household items they would be valued and they would be taxable at the 4.5 % rate to the extent they have value. If you are concerned about intermixing your assets with your father, I suggest the two of you itemize what items at the home belong to you and write them down on a list and have it notarized and signed. You should indicate they are your items that you brought into the home.
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