Pennsylvania
Deed updated 16 years ago as follows
From
Widow's name
to
Widow's name, for life; and two children, remainder man (using generic terms to protect identity)
witness that in consideration of $1.00 grantees in hand paid, the receipt whereof is hereby acknowledged; the grantor does herby grant and convey to the said grantees their heirs and assigns.
(Then it goes into the details about the land and property. )
Subject to all exception, reservations and conditions as are contained in former deeds in line of title.
This deed is a conveyance between parent and children.
(Gives the parcel identifiers)
And the said grantor will warrant specially the property hereby conveyed.
Then the grantors signature was witnessed by attorney.
and notarized, and notarized attorney signature, etc
My question is on inheritance tax.
The deceased did not owe any debts, she was in a nursing home last few years until her passing.
Had no existing liens or debts as there was no mortgage.
Had no other money or interests, was only living off social security which was going to the nursing home (all but the allowed small amount monthly).
If filing the inheritance tax (there is no estate and no probate from what I was told due to her not owning anything and having no money upon passing), should the total inheritance tax due by both remainder man be based on the total value of the property? or 1/3rd which was the life tenants portion?
I believe it would be on the total value (going on assessed value vs appraised value).
Thank you in advance.
Deed updated 16 years ago as follows
From
Widow's name
to
Widow's name, for life; and two children, remainder man (using generic terms to protect identity)
witness that in consideration of $1.00 grantees in hand paid, the receipt whereof is hereby acknowledged; the grantor does herby grant and convey to the said grantees their heirs and assigns.
(Then it goes into the details about the land and property. )
Subject to all exception, reservations and conditions as are contained in former deeds in line of title.
This deed is a conveyance between parent and children.
(Gives the parcel identifiers)
And the said grantor will warrant specially the property hereby conveyed.
Then the grantors signature was witnessed by attorney.
and notarized, and notarized attorney signature, etc
My question is on inheritance tax.
The deceased did not owe any debts, she was in a nursing home last few years until her passing.
Had no existing liens or debts as there was no mortgage.
Had no other money or interests, was only living off social security which was going to the nursing home (all but the allowed small amount monthly).
If filing the inheritance tax (there is no estate and no probate from what I was told due to her not owning anything and having no money upon passing), should the total inheritance tax due by both remainder man be based on the total value of the property? or 1/3rd which was the life tenants portion?
I believe it would be on the total value (going on assessed value vs appraised value).
Thank you in advance.
Federal Taxes: Life Estate with Remainderman Question on Inheritance Tax Valuation
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