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Virginia Estate Taxes

When someone passes away there are a number of costs associated with the distribution of their estate, taxes being one of the most important. Aside from the cost of probate, which includes court costs and subpoenaing witnesses, individuals need to be aware of state and federal taxes. The basic types of taxes to be aware of are Estate Taxes, Inheritance Taxes, Income Taxes, and Gift Taxes. An estate planner must take into consideration these tax consequences at both the federal and state levels. Each states' tax systems vary from state to state and it is strongly recommended that you consult an attorney or tax expert in the field who can explain your state's tax system.

There is no current Virginia Estate Tax. The 2006 General Assembly House Bill 5018 repealed the state Estate Tax in the Commonwealth of Virginia for estates of decedents whose date of death was on or after July 1, 2007.

To see if you qualify for a free estate tax consultation, contact McClanahan Powers by e-mail or phone at 703-520-1326. All calls and e-mails are returned within 24 business hours.

Virginia Estate Tax Attorneys

Estate Taxes may vary from state to state and may not have the same consequences as Federal Estate Taxes. Additionally, other types of taxes may impact Estate Taxes generally. For example, Federal Estate Taxes and some state Estates Taxes are impacted by Gift Taxes, in that the amount of the exclusion allowable is deducted from the amount of living gifts that the decedent made during their lifetime. Because of this you must always consider the gifts a person made during their lifetime when calculating Estate Tax exclusions.  As a result, during a probate or trust administration it is important to locate any gift tax returns that have been filed on the decedent’s behalf.

The estate tax attorneys at McClanahan Powers principally service Virginia and Washington D.C., however they are experienced in constructing estate plans in other states and are pleased to assist clients who inquire about designing their estate plans in other states.

For more information regarding taxes that effect estates, please see Virginia Federal Estate Tax, Virginia Gift Tax, Virginia Estate Income Tax, Virginia Inheritance Tax, and Virginia Estate Spousal Exemption.

Contact McClanahan Powers to see if you qualify for a free Estate Tax Consultation

To see if you qualify for a free estate tax consultation, please call McClanahan Powers at 703-520-1326. Or, to send an e-mail, please complete and submit the online form on this website. Flexible appointment times and payment options are available.