The Probate process determines the value of a person’s Estate as well as any liabilities that must conclude before heirs receive assets. One common source of these liabilities is your loved one’s debts. These are universal across Estates regardless of that Estate’s value.
However, an additional liability that may apply is an Estate tax. Whether or not an Estate must pay these levies depends entirely upon its value. Additionally, the payment of these taxes must occur before any heir may receive property.
Understanding the Estate tax in Marietta Probate cases is a vital part of any Estate Administration process. Our knowledgeable attorneys at Nelson Elder Care Law can help determine whether the Estate tax applies and assist you in limiting the influence of these costs.
Many states apply an Estate tax as a means to generate revenue for public projects. However, political pressures in the early part of the 21st century led many state legislatures to reconsider this tax. Fortunately, Marietta is in a state that acted to repeal the Estate and inheritance taxes.
According to the Official Code of Georgia Annotated § 48-12-1, as of July 1, 2014, the Estate of any person who dies on or after this date will not need to pay Estate taxes. However, any tax burden established before this date must still go to the state’s coffers. As time moves forward, this will constitute a decreasing percentage of current Estates. Our Marietta attorneys can provide more information about the state Estate tax in Probate cases.
While it is a fortunate fact that no Estate tax exists in Georgia, other states and the federal government may still claim a portion of an Estate’s value. They can accomplish this through inheritance taxes or general Estate taxes.
For example, other states may have inheritance taxes that force heirs to pay a portion of the assets that they receive through Probate to the state. Our attorneys at Nelson Elder Care Law can help determine if your heirs live in locations that demand these payments.
One tax that applies regardless of the residence of heirs is the federal Estate tax. As the name suggests, this tax may impact any Estate in Probate anywhere in the country. However, few Estates will need to pay under the current structure. As of 2021, only Estates with a value of at least $11,700,000 will need to pay an Estate tax. Our skilled lawyers in Marietta can help you better understand Estate taxes that exist beyond Georgia and their potential impact on the Probate process.
While the Estate tax in Marietta Probate cases is mostly a thing of the past, this does not mean that you should not be aware of other Estate taxes that may apply. The federal Estate tax still seizes a portion of Estates carrying a high value. In addition, other states may levy inheritance taxes that can limit the ability of heirs to receive the full value of their assets. Call Nelson Elder Care Law to learn more about how this could impact your Estate.
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