Q: What is the best way to have a great aunt give us her home and car in the event she passes away in Pennsylvania?
The great aunt has a will and the executor is her niece. Does she need to include this in her will? should we do a deed transfer now so we avoid the most taxes? what is the best route to avoid the 15% inheritance tax?
If your great aunt wishes to continue owning the home and car until she dies then she would need to revise her Will to include both of these assets as specific bequests to you.
Your great aunt can gift the house and car to you now if she is comfortable with transferring title to you. As long as she lives for more than one year after the date of gift such a transfer would avoid the PA Inheritance Tax.
Your great aunt should review both of these ideas with her estate planning attorney to make sure they are consistent with her overall estate plan.
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