When assets are transferred at the time of an individual’s death, they are subject to both federal and state estate taxes. Depending on the amount being transferred, your estate could be taxed at a rate of up to 40 percent. However, proper planning can minimize or avoid the impact the estate tax has on your estate.
At the ESTATE PLANNING LAW GROUP OF GEORGIA, James M. Miskell P.C., serving north Fulton, Forsyth and Gwinnett Counties, we can help you create a plan to protect your assets so your loved ones, not the government, benefit.
Protecting Your Estate Through Strong Planning
The federal estate tax exemption for 2015 is $5.43 million per individual and double for married couples. Any amount over that threshold is subject to federal estate taxes.
To determine the right tax planning approach for you, it will be important for us to understand your assets and how you would like to address them. Some of the estate tax planning options and concepts attorneys Jim Miskell and Vikki Clark will review with you include:
- Gifting your assets now instead of after you pass away
- Transferring assets to someone more than one generation apart from you
- Portability, for married couples
- Placing your assets in a trust