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I manage a business in PA and one of the owners has passed…

Customer Question
Hi, I manage a...

Hi, I manage a business in PA and one of the owners has passed away. The owner had 25% shares in the business and left it divided equally between three children. The children have no money to pay the inheritance tax. Can a lien be put on the business or is it put on the heirs? The estate attorney has sent a letter stating that here is no money in the estate to pay the taxes on these shares and that the heirs are responsible for payment.

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Pennsylvania

Lawyer's Assistant: Has anything been filed or reported?

We are waiting for an evaluation to be completed of the market value of those shares. The will has been probated as far as I know.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not at the moment

Submitted: 4 months ago.Category: Estate Law
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Answered in 5 minutes by:
1/7/2018
Estate Lawyer: Barrister, Attorney replied 4 months ago
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 41,599
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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It is the heirs themselves that are personally liable for the inheritance taxes. However, in most situations, the executor of the estate will withhold those taxes from any distributions and forward them on to the dept of revenue prior to distributing any assets.

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So if there is no money in the estate, and the heirs have no money to pay their taxes, then the business interest will have to be sold, either privately if an agreement can be reached, or judicially with a public auction, so that the interest can be liquidated. Then taxes can be held, debts paid, and eventually the heirs receive whatever is left.

.

.

thanks

Barrister

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Customer reply replied 4 months ago
Thank you
Estate Lawyer: Barrister, Attorney replied 4 months ago

You are very welcome. Happy to help any time.

.

It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the title and the JustAnswer employees will get it to me.

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If you feel I have answered all your questions, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

.

.

Have a great afternoon!

Barrister

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Estate Lawyer: Barrister, Attorney replied 4 months ago

Hello again,

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I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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Barrister, Attorney
Category: Estate Law
Satisfied Customers: 41,599
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Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate

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