What is the name of your state? PA
I am requesting assistance regarding wording in an estate settlement. It reads as follows:
(with some of the names & wording changed to keep anonymous)
The proceeds from my father's estate are going to be issued to the attorney, these monies will be depostied into the law firm's Trust Account and will deduct from the amount of that check 15% Inheritance Tax on the date of death balance due to the Commonwealth of PA and pay said tax to Register of Wills, Agent, on account. "The attorney" warrants that all PA Inheritance Tax due on the Savings & Loan Association account shall be paid in full and "said person #1" shall be indemnified by ESTATE for said tax. Further, "the attorney" shall distribute the balance of the $ as follows:
a. 70% to "said person #1
b. 30% to "estate of my father" (myself & sister)
--> Please help with the definition on the bolded portion above where it says "said person #1" shall be indemnified by ESTATE. Does this mean that after the $ is distributed the ESTATE then has to reimburse "said person #1" for the amount of that Inheritance Tax?
Thank you in advance for your assistance!
I am requesting assistance regarding wording in an estate settlement. It reads as follows:
(with some of the names & wording changed to keep anonymous)
The proceeds from my father's estate are going to be issued to the attorney, these monies will be depostied into the law firm's Trust Account and will deduct from the amount of that check 15% Inheritance Tax on the date of death balance due to the Commonwealth of PA and pay said tax to Register of Wills, Agent, on account. "The attorney" warrants that all PA Inheritance Tax due on the Savings & Loan Association account shall be paid in full and "said person #1" shall be indemnified by ESTATE for said tax. Further, "the attorney" shall distribute the balance of the $ as follows:
a. 70% to "said person #1
b. 30% to "estate of my father" (myself & sister)
--> Please help with the definition on the bolded portion above where it says "said person #1" shall be indemnified by ESTATE. Does this mean that after the $ is distributed the ESTATE then has to reimburse "said person #1" for the amount of that Inheritance Tax?
Thank you in advance for your assistance!