Estate tax may apply when property passes from someone who has died to the people or organizations receiving it. For many families, this tax never becomes an issue because federal law allows a large amount of wealth to transfer before the estate tax applies. However,...
Estate Tax
Understanding how estate taxes work in Virginia
Financial obligations can diminish the legacy of an individual after their passing. Creditors with valid claims and tax authorities can potentially demand payment from an estate before heirs and other beneficiaries receive their inheritances. Estate taxes are among...
Adjusting ownership to limit estate tax liability
Estate taxes, which some people call the death tax, can have a significant impact on the overall value of a non-exempt estate. If an estate is large enough to owe federal estate taxes, that financial obligation can significantly reduce what beneficiaries inherit....
Are estate taxes costly enough to justify special planning?
For many people, estate planning simply involves creating a list of their assets and intended beneficiaries, along with details regarding who inherits which assets. Others have to consider their situations more carefully due to more complicated circumstances....
What is the generation-skipping transfer tax?
If you're planning to leave wealth to your grandchildren, there's a tax you should understand first. The generation-skipping transfer tax (GSTT) can surprise families who try to pass assets down more than one generation. Understanding how GSTT works The GSTT applies...
What Virginians need to know about probate tax
Estate planning can be a stressful and complex process, especially for those concerned about probate taxes in Virginia. Whether you're planning for the future or dealing with a loved one's estate, knowing what to expect can save you time and money. In this blog, we'll...
How much can you inherit without paying taxes in Virginia?
Understanding the rules around inheritance and taxes can help individuals manage their financial planning. Virginia does not impose its own inheritance tax, which means that beneficiaries generally do not pay state taxes on what they inherit. However, federal estate...
Tax implications of gifting assets during a lifetime
Gifting assets during your lifetime can be a strategic way to manage your estate and provide for your loved ones. However, it's important to understand the tax implications associated with such gifts to avoid unexpected financial consequences. Gift tax and exemptions...
Tax considerations to make when estate planning
According to the Congressional Budget Office, the federal government received $17.6 billion in 2020 from estate taxes. Planning for the future involves considering various aspects of our financial landscape, and estate taxes are an integral part of that picture. In...
What Are Living Trusts In A Virginia Estate Plan?
NerdWallet found that the federal estate tax percentage in 2023 ranges from 18-40%. When you create an estate plan in Virginia, you may naturally want to explore strategies that can help you minimize or avoid estate taxes. Estate taxes can significantly impact the...
