Virginia Repeals Estate Tax in 2007

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The Commonwealth of Virginia willno longer impose a state estate tax, effective for estates of decedents who dieafter July 1, 2007.  On August 28,2006, the state's General Assembly approved changes to two House bills, whicheffectively repealed Virginia's estate tax.  The changes were proposed by Governor Timothy Kaine. 

Additionally, the Commonwealthrecently enacted new creditor protection legislation.  Property held as Tenants by Entirety and transferred to a Trustwill have the same immunity from the claims of creditors as it would if it hadremained owned as Tenants by Entirety. 

For more information on how thismay affect you, or for more information on recent changes in estate taxlegislation, please call or email your advisor at Fox, Joss & Yankee.