Understanding the Law on Georgia Inheritance Tax
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What Is an Inheritance Tax?
Explore the essentials of Georgia inheritance tax, from understanding rates and regulations to key exemptions. Perigon Legal Services brings clarity to estate law complexities. Call us today for more info.
An inheritance tax is a tax the government imposes on someone who inherits assets from a deceased person. It belongs to the informal category of taxes known as death taxes, which are payable over a person’s assets after they die.
This tax is not required in all U. S. states, but in states where it is payable, the rates can go as high as 16 percent of the inherited assets. Paying such amounts would add an unnecessary financial burden to a deceased person’s heirs and deplete their inheritance.
As such, many people seeking to leave their properties to their loved ones often seek legal and proactive ways to help their beneficiaries avoid this tax through advanced estate planning. However, whether or not this tax can be avoided depends on the law of the state where the assets are located.
Suppose you’re in the above situation as a Georgia resident or have assets in Georgia. In that case, the information provided in this guide can help you understand the position of Georgia law on inheritance tax and other taxes that may be payable over your estate after your Georgia and also suggest some strategies that could help you bypass the relevant tax requirements for the benefit of your loved ones.
Keep reading to learn more.
Is There an Inheritance Tax in Georgia?
Inheritance Tax and Estate Tax: Are They the Same?
People sometimes confuse inheritance taxes with estate taxes. But they are not the same.
Estate tax is a death tax payable from the estate of a deceased person after their death. It is paid from a deceased’s estate as a whole before the remaining assets are distributed to those entitled. In contrast, inheritance tax is usually paid after each beneficiary receives their share of a deceased’s estate
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