Lisa Shippel Law, LLC
  • Home
  • About
    • About Lisa Glauber Shippel
    • About Courtney Quigg
    • About Julie Sutton
  • Practice Areas
    • Real Estate
    • Business
    • Will Trusts and Probate
    • Testimonials
  • FAQ
  • Contact

Good News About Taxes... Finally!

1/1/2013

0 Comments

 
         Effective January 1, 2013, the Federal Estate, Gift and Generation-Skipping Tax Exemptions are all $5,250,000.  Not only is this a relief to most tax payers, the Estate Tax Exemption is portable up to $10,500,000, which means that a surviving spouse can use their late husband or wife’s unused exemption up to their total marital exemption amount of $10,500,000.
          The American Taxpayer Relief Act of 2012 also changed the Annual Gift Exclusion to $14,000.  During 2013 gifts to any one person during a given year up to $14,000 are not taxable.  Any additional amount to one person may be gifted and credited against the maximum exemption, but when doing so you should seek assistance from your accountant to file a gift tax return as necessary.
          The new provisions keep the vast majority of my clients and most Americans from requiring extensive trusts in their Wills or otherwise, but it does not eliminate the need for well-constructed estate planning documents.  Everyone with minor children in Georgia still needs a trust within their Will and to make sure the proper beneficiaries are named on assets that don’t pass through Probate. 
In Georgia, as I have said previously, it is not necessary in most cases to avoid probate, but it is necessary to have a well written comprehensive plan for probate.   A proper plan gives you peace of mind and your survivors the tools needed to manage your estate appropriately and according to your wishes.
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Author

    Lisa Glauber Shippel

    Archives

    November 2014
    August 2014
    June 2014
    April 2014
    February 2014
    June 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    March 2012

    Categories

    All

    RSS Feed

Lisa Shippel Law, LLC
info@lisashippellaw.com
Call us: 678-615-3349
Website design by: Christhea Turner
This internet site is for informational purposes only, does not constitute the practice of law in any State,
and should not be relied upon as legal advice or in lieu of consulting Lisa Shippel Law, LLC as each matter is unique.

© All rights reserved by Lisa Shippel Law, LLC.
  • Home
  • About
    • About Lisa Glauber Shippel
    • About Courtney Quigg
    • About Julie Sutton
  • Practice Areas
    • Real Estate
    • Business
    • Will Trusts and Probate
    • Testimonials
  • FAQ
  • Contact