soulslayer
Junior Member
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?
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?