Tax Considerations in Estate Planning

Virginia does not collect any inheritance tax to the beneficiaries of an estate, and probate taxes are low. However the Federal Estate Tax is a concern when the combined value of everything owned by a couple totals more than three million dollars, or when assets of more than one million dollars will be passed directly to grandchildren (Generation Skipping Transfer). We design an estate plan that reflects your primary desires for how your money will be used after your death, but we try to advise you of ways to accomplish your goals without incurring an unnecessary tax burden on either your estate or your children. When the major family assets are in land and the buildings on them may cause the estate to be over three million (and there are not enough other assets to pay taxes) and the taxes will burden the beneficiaries or cause the land to be sold to pay taxes, we advise you of ways to create a fund to pay those taxes, if necessary.

There is no fee for the initial consultation in most matters, unless we can provide you with the legal service during your first visit to our office.

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