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Question:
Do I have to pay inheritance taxes on a bank account my father left me?
My father left me five thousand dollars in an account, my brothers were left the family home, does my money have to be included with the home and be taxed with the house or can I just have my money?
Answer:
As a knowledgeable Media Probate Attorney I often answer questions regarding inheritance taxes. All real property and all tangible personal property of a resident decedent, including cash, cars, furniture, and jewelry, located in Pennsylvania at the time of a decedent’s death, is taxable. Furthermore, all intangible property of a resident decedent, including stocks, bonds, and bank accounts, is also taxable, regardless of where it is located at the time of death. The rates for the Pennsylvania inheritance tax for transfers to children or grandchildren is 4.5%. Assuming your father was a resident of Pennsylvania at the time of death, both the bank account and home would be subject to inheritance tax at the rate of 4.5%.
Do you have questions about inheritance taxes? If so, contact the experienced Media Probate Attorney Stephen Loester.
This legal question was answered by Stephen Loester an experienced Media Probate Attorney. This does not consent an attorney client relationship.