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Video Transcript:
- In this video,we are going to try to understand inheritance taxes. I'm attorney Sarah Siedentopf, I practice estate planning and probate in Atlanta, Georgia. So inheritance taxes also known as death taxes, very cheerfully. The first thing to know about them is Georgia doesn't have one. So we're only worried here in Georgia about federal taxes. Federal taxes right now, in 2023, only kick in when the person passing away is passing over $12 million. It's rising each year until we get to a certain point and then the taxes are sunsetting if the law doesn't change, but right now it's a little over $12 million that are passing tax free. And if it's a married couple, that's 12 million a piece, so talking 25 million that can pass before any taxes come into play. Above that, so if I have 15 million to pass when I die, the amount over that does get taxed, that's where we're running into inheritance taxes. And the tax rate's about 40% so it is fairly hefty, but I got to give away over 12 million before I ran into taxes. So again, here in Georgia we don't have state inheritance taxes, and federally you have to have a fairly sizable estate before you run into that. And of course, if you know that you do have a sizeable taxable estate, or are likely to in the future, there are some things that can be done, planning that you can do during your lifetime, to mitigate that to a certain extent. And so I would love to hear from you if that's your situation, but that's inheritance taxes and understanding them, here in Georgia anyway. And please like and subscribe.
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.
Website:
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.
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By: Siedentopf Law
Title: Understanding Inheritance Tax | Georgia Estate Planning and Probate | Siedentopf Law
Sourced From: www.youtube.com/watch?v=Uki11ixPUBw
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