Feb 212014

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  It was repealed for estates of decedents whose date of death is after June 30, 2007.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.

 February 21, 2014  Posted by at 3:22 pm No Responses »
Sep 172013

Although the current estate tax exclusion amount exceeds $5 million, it is still important to keep your beneficiary designation forms up-to-date.  When was the last time you looked at them?  Have you undergone a major life event since you last made a designation?  If so, you should update your forms because they will trump your Will.

Don’t make this common estate-planning error – TaxWatch – MarketWatch.

 September 17, 2013  Posted by at 2:22 pm No Responses »
Aug 272013

In light of the changes made to the estate tax laws in January 2013, many people might be questioning whether it is worthwhile to create an estate plan.  Even if you do not have a taxable estate, it is still important to create a personalized estate plan.  The attached article outlines several excellent reasons to create a will and trust, regardless of net worth.

The New Focus of Estate Planning — Investing Daily.

 August 27, 2013  Posted by at 4:15 pm No Responses »
Apr 292013

After 12 years of uncertainty, the estate and gift tax laws were revised and made permanent.  However, before we get too comfortable with these new provisions, let’s take a look at President Obama’s proposed 2014 budget.  It looks like the newly-enacted estate and gift tax laws may be on the chopping block.  The proposed budget set forth by the White House includes reducing the personal estate tax exemption amount to $3.5 million, without inflation adjustments, beginning in 2018.  Gift tax exclusions would likewise be reduced, as well as some other inheritance-based taxes.

Coming soon: More estate-tax battles – Encore – MarketWatch.

 April 29, 2013  Posted by at 4:32 pm No Responses »