David M. Frees III's Answers

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

No. The estate does not automatically go to the surviving spouse under Pennsylvania's Intestate Act. However, any assets that are jointly held by both spouses as joint tenants with rights of survivorship or as tenants by the entireties will pass by operation of law to the surviving spouse even where there is no will. Insurance policies, IRAs and 401(k)s will also pass to a spouse if she is the beneficiary. Where there is no will and no beneficiary designation, the first thirty thousand...

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Can utilities and taxes be deducted from the inheritance tax return?

Yes. Reasonable expenses incurred in protecting and maintaining assets of the estate are deductible. This assumes that the real estate is not left specifically to a particular person, and that is not jointly owned. I hope that this helps.

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What is a short certificate?

A short certificate is proof from the register of wills, that the will has been probated and that you have been properly and legally appointed as the executor. Be careful, because many banks and institutions ask for this even when probate is not needed. For example, if all of the accounts are joint with a surviving person, and/or there is a small account, such accounts can be closed by the joint account holder just with a death certificate, or, can often be paid directly from the bank to a...

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How do you divide this asset?

The answer to your question will be set forth in the will if there is a will and in the intesate act of Pennsylvania if there is no will and presuming that the last living grandparent to die was a Pennsylvania resident. If the will provides that gifts to the children are "per stirpital", then the one third share of each child who predeceased the grandparents would be distributed in equal shares to her child or children. If the distribution is "per capita" then it might be that the will...

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Estate planning under PA state law, probate and trust

The use of Revocable Living Trusts is much more common in Ca than in Pennsylvania. In general, Pa is a low probate fee and high tax state and they tax trusts at the same rate as estates. In many cases, a family with one or just a few children will essentially avoid the probate process by entering into a simple family settlement agreement. However, the use of trusts can still be advisable where: 1) The person is quite elderly and wants a trustee to manage assets, 2) they person is...

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

This is to supplement Jay's answer. The executor is usually entitled to much less of a fee for administering an estate made up largely of joint assets or assets which transfer outside of the probate estate such as insurance, retirement accounts etc. Also, have you considered or spoken to your brother in law about this as he may not actually intent to charge his full fee permitted by law.

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Inheritance taxes

Where the will is silent, the inheritance tax burden generally falls on the beneficiaries. However, since the three heirs are the same beneficiaries of both the probate and non probate assets, this should be relatively easy to work out. The Pennsylvania inheritance tax rate is 15% for nieces, nephews and non related parties. This information is provided for educational purposes only and does not create an attorney client relationship and does not constitute legal advice or a legal opinion.....

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My mother and I have joint checking & savings accounts - is my half subject to PA inheritance tax when she passes?

If assets are held in a joint account with rights of survivorship , one half will be taxed if either you or your mother pass away. The tax rate is 4.5%. A better solution might be for her to have an account with you as the agent under a power of attorney. That way, you can act on her behalf to manage matters but your assets would not be commingled with hers and would not be taxed at her death. Also, you must both be careful of how your wills treat these accounts for tax purposes. Some...

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Will Probate in PA

The will would not need to be probated. However, the jointly held assets are taxable for inheritance tax purposes anda return will have to be filed. The assets may also be subject to creditors calims.

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What is the annual gift allowance without incurring federal gift tax

First, the quick answer: The annual gift tax exclusion for 2008 is 12,000. per person. However, in 2009 the amount adjusts to $13,000. If you are married, your mother could give each of you $12,000 for a total of $24,000 before the end of this year. Then, in January she could gift another $26,000. Furthermore, your mother has a $1,000,000.00 million dollar lifetime exemption so she can give you the balance, file a gift tax return, use the little bit of her 1 million dollar exemption needed...

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