Virginia Estate Tax Planning Attorney
In property planning and management, estate tax may be an additional financial burden imposed on a property transfer. Most Virginia residents, or those who have a smaller amount of assets, do not need to file an estate tax return.
As of 2017, a filing is only necessary for estates with combined gross assets and prior taxable gifts exceeding $5,490,000. Should the estate exceed that amount, all property and assets will be accounted for and given a fair market value, which totals the gross estate.
After deductions, which may include debt, estate expenses, and property that passes to a spouse or charity, you will arrive at the taxable estate amount. Though probate will likely be necessary, there are several steps that you may take to minimize your estate tax while you are still living.
Depending on your specific circumstances, we may advise one or several of the following:
- Making annual gifts that fall under the threshold of taxable giving by the IRS
- Creating a joint title on property to provide for easier transfer of ownership
- Gifting an asset to freeze its value and reduce the amount of taxes paid after you die
- Forming a family LLC to transfer ownership of an asset to multiple parties
- Using a trust to transfer ownership and avoid probate
Schedule a call with one of our client services coordinators.
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Julia has been a great lawyer for me during this tough time going through my divorce. She has given great legal advice every step of the way and the timeliness of her responses has been great. She has helped ease my anxiety and gives me hope that ... -
I had a great experience with this firm. Ms. Julia, Ms. Angela, and the rest of the team were very helpful during the process. The long process became manageable once they took my case. They were patient with me and explained everything, every ste...
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I highly recommend Melone Hatley. The staff that I have been exposed to are extremely helpful and knowledgeable.
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Brian has been the best to work with! He is very knowledgeable and helped guide me through everything! Couldn't have asked for a better experience!!
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What a breath of fresh air they were. After dealing with a terrible firm that took a divorce and turned it into a year long $30,000 nightmare. Emily Vaughn turned my case around in as little as a week. All parties were talking again and it was fin...
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I contacted the Charlotte office with some initial inquiries and found myself in contact with Haley Acuff. I was impressed with her obvious compassion and objectiveness. Her insightful questions helped me to clarify my thought process, while also ...
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