Since my mother in law has passed, the siblings are having to deal with the will and all the other things.
So they go to the attorney who drew up her will. He proceeds to tell them that they will have to pay all these wonderful PA Inheritance taxes. The family is in shock. But then old Rick says wait a damn minute...................the small farm we live on is entered in the PA Act 319 or "Clean and Green" to lower the property taxes. Luckily my in laws were sticklers for keeping documents. We have a copy of the original notarized application to be entered in the Act 319 tax base. The application states that the property is an "agricultural preserve."
Digging a little further PA enacted Act 85 to exempt certain farm properties from the inheritance tax when they are passed direct to "lineal descendants." So it appears that there will be NO inheritance tax paid on the 18 acre property.
And then digging a little further into the entire inheritance tax deal, I find reference that her IRA is also tax exempt. So little ole me, the dumb uneducated wrench turner, may have just saved them quite a chunk of change.
That's when I suggested to my wife that her and the siblings really keep a close eye on this "attorney." The attorney also stated his fees to them stating that he could charge just a percentage of the estate or be paid hourly. But being paid hourly he requires an upfront retainer. I suggested the hourly rate and that perhaps they need to seek out a "better qualified" attorney to handle things.
It seems like PA is 1 of only 6 or so states that actually has an inheritance tax. Lucky us !!
OMG, I'm starting to sound a little like DM here !!!
I really have a hard time with some who call themselves attorneys. It seems to me like they think they are the "Great OZ" since they went to law school. Most don't seem to have any common sense and once they get an idea or thought in their head, they are not too receptive to alternative thinking.