Legal Question in Wills and Trusts in Virginia

Re: Inheritance and taxes

The first $2,000,000 of an estate is currently excluded from estate taxes. That amount goes up to $3,500,000 in 2009. However, the law that increased the exclusion amount has a sunset provision, so that if no action is taken by Congress between now and 2010 the estate tax exclusion will go down to $1,000,000 in 2010. Therefore, if your father anticipates that his estate will be close to or exceed $1,000,000 it is probably wise to contact an estate planning attorney. Initially he could just provide them with relevant financial information (i.e. a list of assets and liabilities) to determine whether they consider tax planning to be necessary for his estate. If they do advise tax planning as part of the estate plan, they should be able to make recommendations that take into consideration the nature of your father's assets and what arrangements you and your father feel comfortable with.

Re: Inheritance and taxes

The first $2,000,000 of an estate is currently excluded from estate taxes. That amount goes up to $3,500,000 in 2009. However, the law that increased the exclusion amount has a sunset provision, so that if no action is taken by Congress between now and 2010 the estate tax exclusion will go down to $1,000,000 in 2010. Therefore, if your father anticipates that his estate will be close to or exceed $1,000,000 it is probably wise to contact an estate planning attorney. Initially he could just provide them with relevant financial information (i.e. a list of assets and liabilities) to determine whether they consider tax planning to be necessary for his estate. If they do advise tax planning as part of the estate plan, they should be able to make recommendations that take into consideration the nature of your father's assets and what arrangements you and your father feel comfortable with.

Re: Inheritance and taxes

The first $2,000,000 of an estate is currently excluded from estate taxes. That amount goes up to $3,500,000 in 2009. However, the law that increased the exclusion amount has a sunset provision, so that if no action is taken by Congress between now and 2010 the estate tax exclusion will go down to $1,000,000 in 2010. Therefore, if your father anticipates that his estate will be close to or exceed $1,000,000 it is probably wise to contact an estate planning attorney. Initially he could just provide them with relevant financial information (i.e. a list of assets and liabilities) to determine whether they consider tax planning to be necessary for his estate. If they do advise tax planning as part of the estate plan, they should be able to make recommendations that take into consideration the nature of your father's assets and what arrangements you and your father feel comfortable with.