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In Virginia, they ensure privacy and avoid probate delays and the probate tax. But trusts cost $1,000 or more in legal fees. You will still need a pour-over will naming the trust as beneficiary.
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Exemption amounts under the state estate taxes vary, ranging from the federal estate tax exemption amount or $5.34 million, indexed for inflation (two states) to $675,000 (New Jersey). The most common amount is $1 million (three states and the District of Columbia).
Property taxes are generally administered separately by each jurisdiction imposing property tax, [12] though some jurisdictions may share a common property tax administration. Often the administration of the taxes is conducted from the taxing jurisdiction's administrative offices (e.g., town hall).
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the state where the deceased resided at the time of their death.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
Pursuant to common law tradition, the courts of Virginia have developed a large body of case law through the decisions of the Supreme Court, Court of Appeals, and circuit courts. The decisions of the Supreme Court, Court of Appeals, and circuit courts are published in the Virginia Reports , Virginia Court of Appeals Reports , and Virginia ...