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Siedentopf Law focuses on helping people in the Atlanta, Georgia area plan their estates and wills, probate estates of family members, and work through probate disputes. We strive to make estate planning and probate as easy as possible, providing a concierge experience through traditional office visits, video conferencing, and visits to hospitals and assisted living centers for those who cannot drive themselves.
Contact: [email protected], (404) 736-6066.
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Address: 2801 Buford Hwy NE, Suite 510, Atlanta, Georgia, 30329
Contact through this website or via email does not create an attorney-client relationship. Our firm will not represent you until the terms of our representation are discussed, mutually agreed upon, and memorialized in writing. All law referred to on these videos is Georgia law.
Video transcript:
I'm Sarah Siedentopf. I'm an estate planning attorney. Right now, in 2024, the individual estate tax exemption federally is over 13 and a half million, which means for couples you're running over 27 million. The estate tax exemption is actually a credit, so you are credited up to that amount and can pass up to that amount before any estate taxes are owed. Estate taxes would only be owed on amounts above that transfer point. Now, that is going to change, and you should also note that lifetime gifts are counted toward those transfer amounts. So if we give gifts during lifetime, those are added up for the total transfer. January 1st of 2026, if nothing happens, we revert back to 2017 estate tax exemption rule. They will be adjusted for inflation. Right now that looks like it's going to be between 6 and 7 million per person. A while back it was looking between five and six, but inflation has been so crazy. And so at that point you're still looking at, you know, 12 plus million per couple, 6 plus million per person before paying any estate taxes. But this is the way that it works. I hope that was helpful.
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By: Siedentopf Law
Title: Understanding Federal Estate Tax Laws | Georgia Estate Planning and Probate | Siedentopf Law
Sourced From: www.youtube.com/watch?v=qLmEPXGxmDE
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