Can A person have A will containing property and not go thru probate?Or does one have to set up A trusy to bypass probate?And How does one go about paying the least amount in taxes?
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Read More Answered By: Paul B. Ward |
For this year, the total estate would have to exceed $3.5 million to be subject to Federal Estate Tax. For next year, an estate of any size can pass free of taxes. After next year, the amount is scheduled to go back to $1 million, but that will probably be changed by Congress.
In Virginia, there is case law to support not probating a will if to do so would just be a waste of time. For example, when there is no taxable estate, the heir at law is the same person to whom the property is given in the will, etc. That sometimes occurs, but rarely. |
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