Vance Antonacci, left, and Brian Honness, right, of McNees Wallace & Nurick. Courtesy photos Exploring Pa. Inheritance Tax Exemptions for Family-Owned Business Interests and Agricultural Properties
While these exemptions present opportunities for reducing inheritance taxes, the business of agriculture exemption and QFOBI exemption carry risk of repayment of inheritance tax (plus interest), for which the recipient beneficiaries may be held joint and severally liable
February 23, 2023 at 11:32 AM
8 minute read
Pennsylvania imposes an inheritance tax on the transfer of certain assets from a decedent's estate to certain beneficiaries of the estate. The payment of the tax can present issues for estates where the majority of the estate's "value" is attributed to illiquid assets such as agricultural property or equity interests in closely held family businesses, and such assets are to be distributed to estate beneficiaries (rather than being sold to third parties).
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