Do You Need an Estate Tax Lawyer in Virginia? Here’s What to Know

Planning your estate can be complicated, especially when it comes to understanding taxes. If you’re asking, “Do I need an estate tax lawyer virginia?”, the answer depends on your financial situation and estate planning goals. An experienced attorney can help you navigate tax laws and protect your assets for future generations.

What Is the Estate Tax in Virginia?

One of the biggest concerns in estate planning is whether your estate will owe taxes. Fortunately, Virginia does not have a state estate tax or inheritance tax. However, federal estate tax may still apply.

• The federal estate tax applies to estates valued at $13.61 million or more in 2024.
• If the estate exceeds this threshold, federal taxes can be as high as 40%.
• Married couples can combine their exemptions, effectively shielding $27.22 million from federal estate tax.

Even if your estate is below this threshold, strategic planning can minimize taxes for your heirs.

How Can an Estate Tax Lawyer Help You?

A Virginia estate tax lawyer can guide you through tax-efficient estate planning by:

• Reducing Tax Liability: Structuring your estate to maximize deductions and exemptions.
• Setting Up Trusts: Using irrevocable trusts, charitable trusts, and other tools to protect assets.
• Handling Probate and Tax Filings: Ensuring your estate complies with federal tax laws.
• Protecting Business Assets: Creating succession plans that minimize tax burdens on family-owned businesses.

Who Should Hire an Estate Tax Lawyer?

While not everyone needs an estate tax attorney, you should consider hiring one if:

• Your estate is worth more than $5 million and may be subject to future tax law changes.
• You own a business or multiple properties and want to ensure smooth asset transfers.
• You have foreign assets that could trigger additional tax liabilities.
• You want to set up trusts to protect wealth for your heirs.

Start Planning Today

Even though Virginia doesn’t have an estate tax, federal taxes can still impact high-net-worth individuals. A Virginia estate tax lawyer can help you plan ahead, minimize tax liabilities, and ensure your wealth is passed on efficiently.

Need expert legal advice? Contact an estate tax attorney virginia today for a free consultation and secure your financial legacy.