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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 3375
Experience:  Over 20 Years experience
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A 75 year old woman has an IRA which was formerly her deceased

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A 75 year old woman has an IRA which was formerly her deceased husband's. The IRA is in her name & ssn. Her 2 grown children are her heirs. She is under the Federal Estate tax exclusion amount but her children would like to minimize PA Inheritance tax. If their names & ssns were added to the IRA, would this remove 2/3 of its value from PA inheritance tax?
If not, are there any other ways to reduce PA inheritance tax on the IRA?

R. Klein, EA :

Thank you for contacting me about your Tax issue. I will work hard to help you understand the issue clearly.

R. Klein, EA :

Nice try, but you cannot have more than one owner of an IRA. IRAs are always owned by a single person, or in wrong-headed moves, owned by a trust.

R. Klein, EA :

The whole point of the law is to stop the work-arounds.

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