Inheritance Laws questions...

[slateman]

I have researched like crazy and frankly, its just to confusing. So I'll make it simple.

1. How much is the Federal Inheritance Tax?

2. How much is the Virginia Inheritance Tax?

I know it looks like I'm asking for everyone to do my work but I have researched some. I'm just to tired to keep looking. Been a long day (actually a couple but who counts when they don't sleep). Thanks!

[ShooterJM]

I know nothing about virginia, but:

1. Federal estate tax. If its a simple estate and under $1 million you don't need to file. Keep in mind you add up all your estate value AND all your lifetime taxable gifts.

I think it'll be phased out by 2010. The actual rate depends on the estate value. I think it starts at like 37% and goes up to about 55%.



EDIT: Just checked. In 2004 the total exemption is $1.5 million (ie if your estate is under that, you don't pay tax) and the maximum rate is down from 55% to 48%.