We are considering moving my elderly father (early 80s) into our house so that he can spend a few good remaining years with his only grandchildren. My mother is deceased and the only beneficiaries in the will my sibling and myself.
Although the personal finance aspect of this is not a driver of the decision, we want to have a good idea of the implications before bringing it up with my sibling and talking about it more in depth with my father.
A snapshot of his personal finances:
The big thing is that moving to PA would mean his estate would then be subject to the PA inheritance tax [1]. This means both myself and my sibling would need to pay the 4.5% tax on any inherited assets.
Are there any major things I could be missing?
[0] https://www.michigan.gov/taxes/iit/reti ... n-benefits
[1] https://www.revenue.pa.gov/TaxTypes/Inh ... fault.aspx
Although the personal finance aspect of this is not a driver of the decision, we want to have a good idea of the implications before bringing it up with my sibling and talking about it more in depth with my father.
A snapshot of his personal finances:
- No debt
- Lives and owns a house in Michigan, roughly $250k of value. This would be sold upon moving.
- Pension from working 40 years at public university in Michigan
- Roughly $2M in 403(b) from the same university
The big thing is that moving to PA would mean his estate would then be subject to the PA inheritance tax [1]. This means both myself and my sibling would need to pay the 4.5% tax on any inherited assets.
Are there any major things I could be missing?
[0] https://www.michigan.gov/taxes/iit/reti ... n-benefits
[1] https://www.revenue.pa.gov/TaxTypes/Inh ... fault.aspx
Statistics: Posted by ScaledWheel — Sun Sep 08, 2024 11:58 am — Replies 1 — Views 44