Many people in Georgia believe that federal estate taxes are not something they need to be concerned about because they only affect the very rich. There are some instances in which a person may still be exposed to estate taxes, however. The issue more commonly occurs...
Month: July 2015
Estate tax rates and exemptions in 2015
Georgia residents are likely aware that the federal estate tax has been a contentious issue in recent years. Supporters of the measure say that estate taxes help to offset income inequality, but opponents claim that these taxes are just a way for the government to...
Claiming the unused exclusion from a deceased spouse
Georgia residents may not be familiar with a law passed in 2007 that allows a spouse to elect and claim the unused part of their deceased spouse's exclusion with respect to federal estate tax. The exclusion, called a DSUE, is the allowed exemption amount from estate...
Billionaire’s estate settles with IRS for $388 million
The IRS reached a settlement with the estate of Bill Davidson, who died in 2009 as one of the country's wealthiest people. Georgia sports fans may have known Davidson as the owner of professional sports franchises in the NBA, WNBA and NHL. In 2013, Davidson's estate...
Georgia residents advised to look to the future
Many Georgia residents may be able to significantly reduce their tax obligations by placing their money in retirement structures. In particular, traditional IRA plans are notable for their ability to provide their owners with financial leeway in addition to serving as...