Did you know that Virginia does not have an estate tax? It was repealed for estates of decedents whose date of death is after June 30, 2007.
What does this mean for Virginia residents? It means that the only potential estate tax is at the Federal level. Currently, that means only estates valued over $5.34 million are subject to tax. With the portability rules, married couples can combine their estate tax exemptions, thereby exempting $10.68 million from tax.
Keep in mind, however, that tax planning is not the only reason to establish a comprehensive estate plan. Estates of individuals who die without a will take significantly longer to move through probate than those with a will. Additionally, without a will you are subject to the statutory designations of how your assets are distributed. It is important to protect your interests as well as your heirs.
Do you live in Virginia and have estate planning needs? Contact me today to set up an appointment.