by Susan Grissom | Mar 23, 2021 | Estate Planning
The Internal Revenue Service has a lifetime gift tax exemption. The amount of the exemption is adjusted annually for inflation. For 2020, the exemption was $11.58 million. This means persons who died in 2020 could give away up to $11.58 million in assets without...
by Susan Grissom | Mar 16, 2021 | Probate
In most cases, the personal representative needs to file a final tax return on behalf of the deceased – with the Internal Revenue Service (IRS) and Georgia. If you are the administrator of the deceased’s estate, you should contact a Georgia probate attorney to help...
by Susan Grissom | Mar 9, 2021 | Estate Planning, Wills & Trust
We receive several questions related to trusts on a regular basis. In this blog, I will address some of the most frequent questions regarding trusts and taxes. Do trusts pay taxes? One of the most frequent questions I get with regards to trusts is whether income...
by Susan Grissom | Mar 2, 2021 | Estate Planning
Georgia abolished its estate tax in 2014. However, you might still have to pay federal estate taxes, depending on the size of your estate. The exemption amount has increased over the years. In 2005, if the value of your prior taxable gifts and gross assets were over...
by Susan Grissom | Feb 9, 2021 | Estate Planning, Wills & Trust
When creating joint revocable trusts, clients try to plan for every possible future scenario. Many times, clients wonder what would happen in the event of their divorce, or if the one spouse passes and the surviving spouse re-marries. Trust documents can be written to...
