Are transfers made prior to the decedents death subject to Pennsylvania inheritance tax?
It depends. Transfers made within one year of the death of the decedent, if made without valuable and adequate consideration in money or monies worth at the time of the transfer, is taxable to the extent that the transfer exceeds $3,000.00 per transferee during any calendar year. Property that was transferred with the decedent retaining a life interest in same is also taxable. • What are the spousal tax rates? The rate of tax for transfers to a surviving spouse is dependent on the statute in effect as of the decedent’s date of death. The applicable rates and effective dates are: Dates of Death Rate Prior to July 1, 1994 6% July 1, 1994 through December 31, 1994 3% January 1, 1995 and after 0% • Does Pennsylvania recognize convenience accounts? No. Pennsylvania does not recognize convenience accounts. If an individual adds a name to an account and should the person added to the account pre-decease, the surviving person whose name remains on the account would be required to pay Pennsylva
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