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Mom died Wednesday. My brother is saying that we can be gifted

 
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  • Answered by:Est. Planning Beacon
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Customer Question

Mom died Wednesday. My brother is saying that we can be 'gifted' $13000 without having to pay any taxes in PA. Is this true if the person has died? Also, could the gift for more than one person be deposited into one account?

 

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Country relating to Question: United States
State (if USA): Pennsylvania

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Submitted: 408 days and 23 hours ago.
Category: Estate Law
Value: $28
Status: CLOSED
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Expert:  Est. Planning Beacon replied408 days and 23 hours ago.

Good morning. Once a person has died, no more gifts can be made by that person. The estate is what it is at the date of death. Whether or not there are any estate and/or inheritance taxes due depends upon the amount of the estate as of death. No gifts can be made after death that will reduce the amount of the estate.

 

I hope this has given you information that has been helpful to you. If the information seems more general than specific, please be aware that we are only allowed to provide information and not specific advice. If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping others or taking a break. If you need additional clarification on this question, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you. Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer replied408 days and 23 hours ago.

In Pennsylvania, is there an amount that is exempt from estate taxes? The total amount of Mom's estate is probably less than $125,000. We don't want to face problems down the road by not doing things correctly

Customer replied408 days and 22 hours ago.

Did you see my reply with request for additional information?

Customer replied408 days and 22 hours ago.

Relist: Incomplete answer.

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Expert:  Est. Planning Beacon replied408 days and 21 hours ago.

I'm sorry for the delay....took a break to go to church.

 

Pennsylvania imposes an inheritance tax based on the value on the date of death of a decedent's taxable assets less the amount of allowable deductions. The tax rate is determined by the relationship of the beneficiaries to the decedent and can be 0 percent (spouse); 4.5 percent (lineal heirs - children, grandchildren, etc.); 12 percent (siblings - brother/sister) or 15 percent (collateral heirs - everyone else!)

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Category: Estate Law
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Answered: 5/6/2012

Experience: 29 Years Practicing Law - Including Tax and Estate Planning

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