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Question
Asked 366 days ago by a user from Glen Mills, PA
83 yr old woman...no family...leaving my condo to a non-relation..how to avoid inheritance tax,etc. What else should I do?
See above..I have no idea how to prevent my friend from paying taxes etc. on the condo that I am leaving her...and
would like to plan now of the correct direction to take. I have very little money to even consider!
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Answers
Michael Duffy - Lawyer from Philadelphia, PA
Hi there,
There are options such as trusts and the establishment of business entities to hold the property. However, among other factors, it would depend on the value of your condo as to whether or not it would be worth considering certain options. The PA inheritance tax for a non-relation is 15%, so any benefit would have to be balanced against that. You'd need to talk to an estate attorney to find out what options might be best for you.
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