Many Georgia residents have a very negative view about estate taxes, often calling them "death taxes." Very few Americans will actually have to think about paying estate taxes, however, as there is a federal estate tax exemption that removes a large amount from the...
Estate Taxes
Foreign investors dodge owed estate taxes on U.S. assets
Georgia residents may be displeased to learn that many foreign holders of U.S. assets fail to pay estate taxes they should owe on those assets. Under U.S. tax law, foreign estates are required to pay estate taxes on such holdings when the owner passes away, but very...
Gift-splitting and GRATs
Georgia residents with high-asset estates often use the gift-splitting election in order to remove assets from their estates' values. The IRS allows spouses to split their annual gifts which helps them to double the exclusion they would have otherwise enjoyed. A...
IRS announces 2015 estate tax exemptions
Georgia residents may be aware that exemption to the federal estate and gift tax was established at $5 million in 2011 and has increased each year since according to the annual rate of inflation. The IRS announced the latest increase in October 2015 to $5.45 million...
Minimizing estate taxes for beneficiaries
People in Georgia planning to leave a substantial inheritance to their heirs may want to learn more about strategies used for reducing estate taxes. The highest federal estate tax rate is currently 40 percent. However, the federal estate tax for 2015 only applies to...
Planning around the estate and gift tax exemption limit
People in Atlanta with sizable estates should be aware of the estate and gift tax exemption limit. Since it was initially raised to $5 million in 2011 and indexed for inflation, it has risen slightly higher each year. For 2015, the estate and gift tax exemption limit...
Avoiding estate tax and other estate planning concerns
Georgia residents might wonder how life insurance policies can be used in estate planning. Life insurance policies can do more than pay funeral expenses or provide for dependents after an individual's death. They can also provide a tax-free lump sum for taking care of...
Many people move to avoid estate taxes
The state of Georgia does not impose an estate tax on its residents, but there are 15 states that do. That's why residents of states such as New York, Illinois and Washington often move elsewhere during their golden years. According to a National Bureau of Economic...
Why tax planning is important for estates
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...
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...