If you have significant assets and you are setting up an estate plan, you have a number of different legal topics to explore. For example, you need to think about the way in which you will distribute your estate among beneficiaries and many people make contributions to charities. However, there are other issues that people need to consider when creating an estate plan, especially if they have a high net worth, such as estate taxes.
By preparing for the potential impact of estate taxes, you can minimize the tax burdens associated with estate planning and reduce the likelihood of complications after your death, making life easier for your loved ones.
Taking a look at estate taxes in Georgia
According to the Georgia Department of Revenue, estate taxes and estate tax returns were eliminated in Georgia on July 1, 2014. The state does not require residents to file estate tax returns or pay estate taxes. However, it is important to understand the potential tax consequences of your estate plan at the federal level. For example, if you have significant assets, you need to look into whether federal estate taxes apply.
Taking a look at other issues related to your estate plan
Aside from taxes related to your estate plan, there are many other financial and even emotional topics that require careful review. For example, if you are in the early stages of setting up an estate plan, you need to think about the different options that are on the table and decide which approach is most suitable for you and your loved ones.