Estate Law Questions? Ask an Estate Lawyer.
Hi and welcome to JA. Ray here to help you tonight.
No if you inherit less than $5,450,000 here, thats the exemption for 2016.As long as it is under that amount you pay no estate taxes federally.Same for Virginia.Virginia does not collect Inheritance Tax. The 2006 General Assembly House Bill 5018 repealed the state Estate Tax in the Commonwealth of Virginia for estates of decedents whose date of death was on or after July 1, 2007.
It shouldn't be a problem for you assuming you are under that amount here.
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Reference to the $5,450, 000 IRS exemption.
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