Lawyers.com > Discuss Your Legal Issue > Ask a Lawyer > Trusts and Estates > Do I have to pay inheritance tax if an out of state relative passes away.

Do I have to pay inheritance tax if an out of state relative passes away.

1 Answers. Asked on Dec 10th, 2013 on Trusts and Estates - Pennsylvania
More details to this question:
A relative is setting up a trust and says I would not have to pay inheritance tax, since they are out of state, and I say I would.
Answers Showing 1 out of 1
Answered on Dec 10th, 2013 at 7:36 PM

Generally, if there property is located in a state that does not have state inheritance tax, the estate will not have to pay state inheritance tax. The property could be subject to federal inheritance tax if the property exceeds a certain value (I am not sure hat that is, it was over a million dollars a few years ago). So, if there is a house and a bank account, valued at 50k each located in lets say, Florida, which does not have inheritance, the estate does not pay inheritance tax on those assets. 

William R. Pelger, Attorney Munhall, Pennsylvania 412-461-1900

Report Abuse
Trusts and Estates
Trusts and estates attorneys work with clients of all ages to craft estate planning strategies that help protect and preserve a client's wealth; ensure an individual's legacy; minimize federal and state estate taxes; ensure that beneficiaries receive the bequests to which they are entitled; and make contingency plans for raising young children if parents die prematurely or are unable to care for their offspring. Trusts and estates lawyers can offer advice and guidance on essential estate planning documents and tools, including the last will and testament, trusts, legal and financial power of attorney, and advance directives (including healthcare power of attorney and living will). Don't delay when it comes to estate planning, regardless of your age, the size of your estate or whether you have a family, you should meet with a trusts and estates law firm today.
Have an Trusts and Estates Question?
It’s Free & Easy.
Ask a Lawyer
Top Contributing Lawyers
Mark Tischhauser, Esq.

Attorney - Florida

369 Answers, 21 Legal Topics

Patrick Johnson

Attorney - Tennessee

235 Answers, 41 Legal Topics

Michael D. Siegel

Attorney - New York

209 Answers, 27 Legal Topics

Ms. Maryellen Sullivan, Esq.

Attorney - Maine

157 Answers, 5 Legal Topics

Lori Nevias

Attorney - New York

126 Answers, 37 Legal Topics

Michael E. Fiffik

Attorney - Pennsylvania

126 Answers, 20 Legal Topics

Diana L. Anderson

Attorney - New Jersey

82 Answers, 23 Legal Topics

Trusts and Estates Local Law Firms  
In United States change location
×
Please select state Update
Do It Yourself Legal Forms
Go

Popular Forums