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...
Estate Tax
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...