Legal Question in Wills and Trusts in Virginia
My husband died without a will and I'm trying to figure out where to go from here. All of our assets - house, cars, investments - were jointly owned except for his IRA and I was named as the beneficaiary of that. My question is, with everything jointly owned, do I need to file an estate tax return? I'm in Virginia
2 Answers from Attorneys
The following is from the IRS web site:
Most relatively simple estates (cash, publicly traded securities, small amounts of other easily valued assets, and no special deductions or elections, or jointly held property) do not require the filing of an estate tax return. A filing is required for estates with combined gross assets and prior taxable gifts exceeding $1,500,000 in 2004 - 2005; $2,000,000 in 2006 - 2008; $3,500,000 for decedents dying in 2009; and $5,000,000 or more for decedent's dying in 2010 and 2011 (note: there are special rules for decedents dying in 2010); $5,120,000 in 2012, $5,250,000 in 2013 and $5,340,000 in 2014.
Beginning January 1, 2011, estates of decedents survived by a spouse may elect to pass any of the decedent�s unused exemption to the surviving spouse. This election is made on a timely filed estate tax return for the decedent with a surviving spouse. Note that simplified valuation provisions apply for those estates without a filing requirement absent the portability election.
For additional information, refer to Instructions for Form 706.
Suggest you talk to an attorney who handles Federal/VA estate
and Federal/VA taxation matters. Information will need to be assembled
and carefully reviewed for a proper analysis and estate distribution
plan to be implemented. An experienced tax attorney in VA should be
able to handle this type of matter and to protect the interests of the
client. Please note that, in accordance with the VA Code of
Professional Responsibility for Attorneys, a signed engagement letter
is necessary in order to engage my legal services. If I can be of any
help to you or people you know, contact me as I would be pleased to
provide tax/legal support.
Sincerely,
Robert Beatson II, 7-29-2014
Law Offices of Robert Beatson II, 9818 Glynshire Way, Potomac, MD 20854
Email: [email protected]
Website: www.beatsonlaw.com
Practice areas: Tax, business law, computer/high tech/biotech law,
intellectual property, trusts/estates/wills, real estate, litigation,
mediation.
Licensed to practice law in: DC, MD, VA, and NY.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
