Pennsylvania has a NASTY inheritance tax. I show you exactly what I mean in this video.
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This is so wrong. Then you have to pay a lawyer to figure out how to complete the 1500 form after you do all the work gerring an appraisal on your house 400.00 , lawyers fees 5000.00. Who made this law and where does the money go to. If you don't pay they can put you in jail. This is so wrong. They want a piece of you money that you worked so hard for. Who is the real criminal here?
Does a beneficiary have to pay PA inheritance tax on an inherited 401K and a Roth IRA?
Thank you very much for this video! Do you know if there is any difference in the inheritance tax between sister and twin sisters? Isn't there any discount in the case of twins?
What about my fathers stocks (mom died decades ago I'm only child and only beneficiary) and I have a TOD (Transfer on Death) filled out…I'm not inheriting the stocks, I am now 'owner'…must I still pay 4.5% inheritance tax on stocks I own??? Again, the day my father died I became 'owner'.
where is it best to die then?
Better to leave backwards PA. I did many years ago.
Uhaul is much cheaper. Looks like Maryland is even worse. Why would anyone live in any of these places if they've accumulated any assets at all?
New York State gets me while I'm alive, each year. That is unless my estate is worth over $5.7 million bucks. Then they would get me again. Your video caused me to check. Many thanks.
The surviving spouse will just have to marry the children!