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...
Estate Tax
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...
Is your estate subject to taxation?
Most individuals do not have estates that would be subject to an estate tax. While there could be and often are other costs related to the transfer of assets, a formal tax is not typically one of them. Virginia does, however, have a probate tax system. This is a...
