Inheritance/Estate taxes

02-07-2005, 08:28 AM

soulslayer soulslayer is offline

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Join Date: Dec 2004

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Inheritance/Estate taxes

What is the name of your state? Virginia/North Carolina

I put two states because the estate in question is in North Carolina, but I reside in Virginia.

My fathers estate is now going through probate. I am the executrix and beneficiary on his life insurance policy. I have found information on the taxes and such, I would like confirmation that these facts are true, or a place to verify them.

I was told that there is no federal estate tax on estates under 1.5 mil

I was told that there is no inheritance tax on estates in Virginia or North Carolina

I was told that I don't need to claim the life insurance benefits as income and as a result, pay no tax on the total.

Are these accurate assumptions?

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