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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 42890
Experience:  Texas lawyer for 30 years in Estate law
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I am looking Inheritance tax rate

Customer Question

I am looking for the Inheritance tax rate for Pennsylvania and Tennessee
Submitted: 2 years ago.
Category: Estate Law
Expert:  RayAnswers replied 2 years ago.
Hi and welcome to JA. I am Ray and will be the expert helping you today.Give me a minute I will get those for you.
Expert:  RayAnswers replied 2 years ago.
Pennsylvania Inheritance Tax: The Pennsylvania inheritance tax, does affect the things that most Pennsylvania residents leave to their children and grandchildren after their deaths. It will impact most Pennsylvania families. Inheritance tax is imposed as a percentage of the value of a decedent’s estate transferred to beneficiaries by will, heirs by intestacy (where there is no will) and transferees by operation of law (for example, by trust). There is no bottom threshold – even small estates are subject to PA inheritance tax. The tax rate varies depending on the relationship of the heir to the decedent. The rates for Pennsylvania inheritance tax are as follows: – 0 percent on transfers to a surviving spouse or to a parent from a child aged 21 or younger;– 4.5 percent on transfers to direct descendants and lineal heirs (see below for definitions);– 12 percent on transfers to siblings; and– 15 percent on transfers to other heirs, except charitable organizations, exempt institutions and government entities exempt from tax.
Expert:  RayAnswers replied 2 years ago.
Tennessee has exemptionsDate of Death Amount1999$650,0002000 & 2001$675,0002002 & 2003$700,0002004$850,0002005$950,0002006 - 2012$1,000,0002013$1,250,0002014$2,000,0002015$5,000,0002016 - no tax for decedents dying in 2016 and thereafter So here for 2015 unless it is ovov $5,000,000 there is no tax.
Expert:  RayAnswers replied 2 years ago.
The federal estate tax exemption here is $5,430,000 for 2015 so again no federal taxes unless it is over that amount. I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.
Expert:  RayAnswers replied 2 years ago.
Thanks again.
Expert:  RayAnswers replied 2 years ago.
If you can leave a positive rating when we are done it is always much appreciated.