Estate Planning in Pennsylvania

What it means in Pennsylvania:
Estate planning in Pennsylvania focuses on directing asset distribution, planning for incapacity, and minimizing probate involvement where possible.

Key points:

• Governed by Pennsylvania statutes
• Applies to estates of all sizes
• Planning can simplify or reduce probate

Pennsylvania-specific considerations:

• Probate Avoidance Options
  • Pennsylvania does not authorize Transfer on Death (TOD) deeds for real estate
  • Common alternatives include:
    • Revocable living trusts
    • Joint tenancy with rights of survivorship
    • Beneficiary designations for non-real-estate assets
• State Taxes
• Pennsylvania does not impose a state estate tax
• A state inheritance tax applies and varies based on the beneficiary’s relationship to the deceased
• May apply to larger estates under federal law
• Federal Estate Tax

Whom it applies to:

• Individuals planning asset transfers
• Families planning for incapacity or death
• Property owners seeking probate alternatives