One common question that arises during the Probate process concerns the payment of taxes. The concept of an Estate Tax is something that has come to the forefront of the country’s political consciousness over the past 20 years.
Fortunately for citizens in Woodstock and all other locations in the state, it is exceedingly unlikely that your estate will need to pay taxes. This is because Georgia no longer collects Estate Taxes. However, situations may still arise where the federal government may demand payment or where beneficiaries may need to pay taxes in other jurisdictions. Our knowledgeable attorneys at Nelson Elder Care Law can provide more guidance concerning the Estate Tax in Woodstock Probate cases.
The question of whether it is right to collect an Estate Tax has been a major political question for generations. Fortunately for many people, a collection of states has taken action at the local level to eliminate these taxes.
Georgia is no exception. Under the Official Code of Georgia Annotated § 48-12-1, any estate that enters the Probate process is not subject to taxation at the local level. However, this does not mean that the state will no longer collect any form of Estate Tax. Estates that owe taxes that originated prior to July 1, 2014, must still provide payment.
While the elimination of the Estate Tax in Woodstock carries great benefits for many estates and families, this does not mean that other government entities may not attempt to collect payment. The most direct example of this is the federal Estate Tax.
The Internal Revenue Service still acts to collect a percentage of estates for the federal government. Fortunately, this only applies to estates of a certain value. As of 2021, only estates with a value of at least $11,700,000 need to pay a federal Estate Tax, which only applies to a small percentage of Woodstock estates.
Estate Taxes can become confusing if your beneficiaries live in states or countries that tax the receipt of property through the Probate process. While this will not affect the estate itself, it is worth remembering this concept when crafting Wills that transfer property to heirs who live in other jurisdictions. Our attorneys in Woodstock can help to research whether heirs and beneficiaries might need to pay taxes on inheritance.
The Estate Tax is mostly a thing of the past for most people in Woodstock. Starting in 2014, the state abolished these levies meaning that all estates currently forming will not need to pay an Estate Tax.
However, this does not mean that other Estate Taxes may not apply. The federal government still seizes a percentage of estates that rise over a certain value. In addition, heirs and beneficiaries who are citizens of other states or countries may need to pay taxes upon the assets that they receive through the Probate process. Reach out to our team at Nelson Elder Care Law to learn more about Estate Tax in Woodstock Probate cases.
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