Jay G. Fischer's Answers

Executor of will in PA is "paid'?

Your sister's lawyer is correct that she is entitled to a "commission" for serving as the personal representative of the estate. The amount of the commission or fee is a less precise issue. Legally, she is entitled to a reasonable fee. What is reasonable will depend upon a number of factors, including the nature of the assets administered in the estate. Frequently, reference is made to what is commonly referred to as the Johnson Estate fee schedule. It does provide for a 5% fee on the...

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Inheritance tax was paid in December 2011, how long does it take to receive the inheritance AFTER the tax is paid?

Generally my advice to the personal representative of an estate is that no distributions should be made until the inheritance tax return is reviewed and approved by the Pa Department of Revenue and a letter of Appraisement is received confirming that all the taxes have been paid. The process takes from two to four months. NOTE: Mr. Fischer is an attorney licensed to practice in Pennsylvania. He can be reached at 610-269-0900 Ext 2 or jgf@vflawoffice.com. This answer was prepared for...

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PA probate law, executor's duties and responsibilities to the estate

The executor is entitled to a reasonable fee for serving. In Pennsylvania, there is no specific amount. However, frequently the fee is calculated in accordance with the fee schedule approved in Johnson Estate. It is somewhat complicated because it depends on the value and nature of the estate assets. Assuming the assets were all cash or investments that were solely in your husbands name (no joint accounts) the Johnson Estate fee schedule provides for a fee of 7% on the first $25k of assets,...

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Do you have to pay the state of PA and the IRS 4.5%?

If the assets are under 400K, you will not have to file a federal estate tax return and will not have to pay any federal estate tax. You will have to file a Pa Inheritance Tax Return and pay tax on the net taxable estate. The tax rate is determined by your relationship to the decedent. Children pay 4.5%. There are permitted deductions for certain expenses and outstanding debts of the decedent. You would be well served to engage an attorney who does estate administration work to assist you...

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The only assets in the estate are approx 332 share of common stock, valued at ( net ) $3,500.00

As a practical matter, some one will have to open probate administration to sell the stock. You question fails to indicate whether the decedant had a will. Your use of the term renunciation leads me to believe that there was no will and you have already learned that all the heirs in the same category have the right to participate in the administration process. If at least one of the administrators is a resident of Pennsylvania the Register of Wills in Chester County (assuming that is where...

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Revoking of Power of Atty

I would suggest you terminate the existing power of attorney and have a new one prepared. As the previous answer quite correctly suggests, you need to personally serve both the existing agents with a demand that any originals or copies of the power of attorney in their possession be returned. If the power of attorney has been provided to any banks or financial institutions you may need to take additional steps to make sure they are informed of the termination. NOTE: Mr. Fischer is an...

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Under Pennsylvania probate laws does the estate automatically go to the surviving spouse

It is a commonly, but mistakenly, believed that the surviving spouse automatically inherits the entire estate of the deceased spouse. This is frequently the case because most married couples have all the assets titled in both names and the spouse as the named beneficiary on non-probate assets, such as life insurance, IRA's, etc. As indicated above, the will, if there is one, will determine to whom the probate estate is distributed, although the surviving spouse has the right to elect to take...

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Estate

Your post does not indicate how long ago your father passed away. In Pennsylvania, a beneficiary can demand an accounting six (6) months after the Estate is opened. Depending on the complexity of the Estate, it can take a year or more to complete the probate process. In some cases, there will be little or no detailed information provided until near the end of the administration process. However, you should consider engaging an experienced estate administration attorney to protect your...

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Inheritance taxes that are filed late?

Life insurance is not subject to inheritance tax in PA. If the house was owned by your mother, either individually or jointly with you, her interest in the house is subject to inheritance tax. If the title was held in a joint tenancy with the right of survivorship, then the surviving joint tenant (presumably you) becomes the sole owner at the time of her death without the necessity of probate. However, there is still an obligation to file an inheritance tax return and pay any tax due. Many...

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What good is a trust when you have alot of money?

There are a number of situations were a trust may be beneficial to you and your heirs. It really depends upon your particular circumstances. My website (http://www.vflawoffice.com/livingtrust) has a brief discussion which may help with your overall question. However, I strongly urge you to sit down with an experienced estate planning attorney to review your particular situation in depth before making a decision. Trusts are not a one size fits all proposition. Your trust should be...

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