Legal Question in Wills and Trusts in Pennsylvania
Stock inheritance taxable?
I recieved shares in a privately held close corporation passed on to me after my father's death in 1992. The shares are for a close corporation created to pass on the ownership of the family farm (100 acres) to ONLY lineal descendants of my father's mother. The farm is not self-sustaining and requires shareholders to pay the annual property taxes & liability insurance. Is this inheritance taxable under PA state law or Federal Law? My father's estate was valued at less than $100,000, the farm has never been appraised and the farm would never be sold due to sentimental reasons so the real-estate has little monetary value because we will not sell it. I own 1250 shares of 25,000 outstanding at a PAR value of $0.20 per share as set by the board of directors in 1992.
1 Answer from Attorneys
Re: Stock inheritance taxable?
In gereral, there are PA inheritance taxes assessed to stock passed on to children due within 9 months of date of death of the parent. Estate matters are very complicated and the details are very important. Please feel free to email our estate specialist, Sam Rossitto at [email protected] to schedule a free phone consultation.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
