Where a death tax is concerned, the federal estate tax applies to those who have, upon their death, estates valued at $10.4 Million or more. The Pennsylvania inheritance tax applies to any estate, regardless of size, and takes into consideration both the size of the estate and the relationship of the beneficiary to the decedent. Skillful tax planning is essential to preserve an estate and transmit the maximum benefit to heirs.
A common concern of clients during the initial estate planning process is what happens to debt when you die. This is a valid concern for next of kin and estate beneficiaries, and we’ll delve into it below. Who is responsible for paying off the debts