As an Atlanta Estate Lawyer and in working for a Georgia Probate Law Firm, my experience has been that there are several rules of thumb to follow when opening and administering a Georgia estate in county probate court:
They are, in simplified form, as follows:
1. No Promises: Do not make any promises to heirs, beneficiaries or otherwise. Give general time frames adding on that old saying “if everything goes smoothly”, etc.
As an Atlanta, Georgia probate attorney, possibly the most frequent “Georgia probate lawyer question” I receive from the heirs and beneficiaries concerning the administration of a Georgia estate in county probate court is: How long will this take? (Or, should I say: “When will I get my money?”). My response depends heavily on how fast your Georgia probate law firm can get the petition completed for acknowledgment and perfect service on the heirs or beneficiaries, file the petition with the Georgia probate court, and how long you will be waiting on the probate court to rule on the petition.
Oftentimes, when there is no objection to the petition, the Georgia probate court will not require that a hearing be held, and issue an order opening or granting that administration of the estate begin. This, in large part, depends on the Georgia County Probate Court’s satisfaction with the petition for probate, the parties involved, and the detail and care with which the petition is drafted and filed and how this petition meets all the legal requirements set forth under Georgia probate law. This is notwithstanding any caveat/objection to the petition, which can prolong the process tremendously. My experience is that hiring an experienced Georgia probate lawyer can make the Georgia estate administration and Georgia probate process much faster and smoother.
Furthermore, do not let a let geographical distance be to your disadvantage. Our Firm represents numerous clients from other states with matters pending in Georgia probate courts. We are here to assist you from wherever you may be located and have the technical and communicative skills to do so effectively and cost efficiently.
As a Georgia estate dispute and probate litigation lawyer, I have represented numerous Georgia estates, executors, administrators, heirs, and beneficiaries. In doing so, I have often times guided them to various “free web sites” so that they may see for themselves what is involved in the Georgia probate and estate administration process. There are a number of resources on the internet for use in effective estate administration and otherwise gather information about this complicated process. They are the following: The State of Georgia Probate Website ; The Georgia Courts Website ; The IRS ; and, most importantly the link to the county in which you are offering the will for probate (i.e. The Fulton County Probate Court Website)
The State of Georgia Probate Court Website and The Georgia Courts Website have links, forms and important information on estate administration and the probate process. In addition, theses sites contain a wealth of forms to be used in the State of Georgia (these two sites should be used to download any probate forms). The IRS site is an important sources of tax references, contact numbers, and information and documentation resources.
Unfortunately, these clerks and staff can not give you legal advice and are instructed to not engage in such action. Additionally, these sites are for informational purposes only, and while official, please know that nothing can replace the guidance of an experienced Georgia probate law firm.
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A Notice of Deficiency (“90-day letter”) is sent by the Internal Revenue Service (“IRS”) to officially allege that a taxpayer owes additional taxes. If you receive a Notice of Deficiency, you need to contact an Atlanta tax law firm immediately. When choosing which Atlanta tax law firm to contact, you should consider choosing an Atlanta based law firm with an experienced Atlanta tax attorney, IRS tax lawyer, and/or Atlanta tax law expert.
Once you receive the Notice of Deficiency, you have 90 days from the date of the Notice (not 90 days from the date you receive the Notice) to consult an Atlanta tax attorney and/or Atlanta tax expert to assist you in considering your options and addressing the serious nature and implied allegations of this IRS Notice. The reason I suggest that your seek out counsel from an Atlanta tax attorney and/or Atlanta tax expert, is that the United States Southeastern Headquarters for the Internal Revenue Service (“IRS”) is located in Atlanta as are the Federal Tax Court and the Federal Court for the Northern District of Georgia. This has several advantages in that resolving your IRS tax matter may involve a meeting with an Atlanta Based Internal Revenue Service Agent (“IRS Agent”) in the City of Atlanta. Additionally, should you need to resolve any Internal Revenue Service (“IRS”) dispute through the administrative tax law process in Tax Court or through litigation in Federal Court; you will likely be doing so in Atlanta, GA.
Regardless of whether you believe the Internal Revenue Service (“IRS”) is correct, the amount alleged in the Notice of Deficiency is due and owing. As such, I strongly recommended you consult an Atlanta tax attorney, Atlanta IRS tax lawyer, and/or Atlanta tax expert. In my many years of practicing in an Atlanta tax law firm as an Atlanta tax attorney, I have seen all too many people misread or not understand these IRS letters and cast them aside only to find out later that this alleged IRS Notice of Deficiency has dire consequences because IRS Tax Notice went disregarded.
As general rule, when the IRS involved and it is not in the common course of your dealings with them, you should err on the side of caution and understand what exactly it is you have received from them and what your options are. Moreover, many people throw these IRS Notices aside only to have this action come back to haunt them with extraordinarily expensive and dire consequences. You should have an Atlanta tax lawyer, Internal Revenue Service (“IRS”) tax lawyer and/or Atlanta tax expert advise you on exactly what the Notice you received is, and exactly what it means for you. It is altogether true; most people do not understand the nature of these letters and what exactly this particular “Notice” is telling you. Furthermore, assuming you are correct in your evaluation of the alleged Notice of Deficiency, you should consider having an Atlanta tax attorney and/or Atlanta tax expert negotiate an installment payment agreement or formulate “Offer in Compromise” on your behalf. This of course, is assuming you qualify for these forms of payment plans. Nevertheless, it is better to work with the Internal Revenue Service (“IRS”) at the earliest time you can and before it is too late. Once the IRS has spent time, monies, and resources tracking you down and seeking and forcing payment from you, they are much less likely to negotiate, if they will negotiate at all.
There is now tax relief for Georgia homeowners and an upper hand advantage for the Georgia Tax Attorneys and Georgia Real Estate Attorneys who represent and assist them. In a news brief issued by the IRS for the benefit of those with troubled loans, the government now says that if your mortgage debt is partly or entirely forgiven during 2007, 2008 or 2009 you may be able to claim special tax relief by filling out Form 982 and attaching it to your federal income tax return for that year. Usually, forgiveness of debt results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude from tax up to $2 million of debt forgiven on your primary residence. The limit is $1 million for a married person filing a separate return.
Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, may qualify for this relief. The debt must have been used to buy, build, or substantially improve your principal residence and must have been secured by that residence. Debt used to refinance qualifying debt is also eligible for the exclusion, but only up to the amount of the old mortgage principal, just before the refinancing.
Debt forgiven on second homes, rental property, business property, credit cards, or car loans does not qualify for the new tax-relief provision. In some cases, however, other kinds of tax relief, based on insolvency, for example, may be available. The Libby Law Firm is conveniently located in the heart of Buckhead in Atlanta, Georgia, near the intersection of Piedmont and Roswell Roads. We would welcome the opportunity to be of assistance to you regarding any type of tax related matter concerning debt relief or other type loan restructuring or loan workout matters. Please call us at (404) 467-8611 , to discuss your options, or send us a message through our confidential Web Site form.
Foreign nationals may not fully understand the effect a green card has on his or her status for United States (“Federal”) tax purposes. The Federal Government taxes United States citizens and resident aliens on their worldwide income, regardless of their presence (or lack of presence) in the US. Nonresident aliens are only subject to Federal tax on their income connected to the United States.
For example, suppose you are a citizen of a foreign country and work full-time in a foreign country. While you may make no income in the United States and you only visit the United States a few weeks each year, the questions arises as to whether you owe Federal tax.
The answer may surprise you. It depends on whether you are deemed a resident alien or a nonresident alien. The test generally depends upon the number of days you are in the US. Most foreign nationals are aware of the “183 day” test, and keep careful track of their days of entry and leaving the US.
An executor or administrator is appointed by the GA probate court to perform the same administrative responsibilities when there is no Georgia will, the Georgia will fails to name an executor or no executor named in the GA will cannot or elects not to serve. Whether you are an executor or administrator, you must perform these important fiduciary duties imposed on you under GA probate law and in accordance with Title 53 of the Official Code of Georgia Annotated (O.C.G.A.), which governs “Wills, Trusts, and Administration of Estates.” Title 53 of Official Code of Georgia Annotated imposes significant and strict fiduciary duties and lofty legal obligations on the executor or administrator to the estate, beneficiaries, heirs, GA probate court and other “interested parties”.
These important legal obligations often have severe consequences if not performed in accordance with GA probate law and the fiduciary duties and executor or administrator has and the “personal representative” of the estate. By way of quick definition, GA probate law refers to both an executor and administrator the personal representative. In the alternative of performing all of the these extensive and burdensome fiduciary duties and administration obligations on their own, many executors or administrators retain an experienced GA probate law firm to guide them through their duties, obligations and to perform their fiduciary duties in accordance with GA probate law.
In the alternative, many GA probate and estate law firms step in and act as executor or administrator of the estate. One reason prudent Georgia executors or administrators retain an experienced GA law firm to assist them, guide them and prepare important legal documents for them, is that an executor or administrator who does not perform their fiduciary legal obligations can be held personally liable for their acts. This occurs more often than one might think. In my law practice as a GA probate attorney, I have seen all forms of serious accusations against executors or administrators and all forms of misdeeds done by executors or administrators. This holds true whether these mistakes any such were made because of poor performance, not performed at all or performed with unjust intent.
Our Atlanta, Georgia estate law firm uses multiple vehicles when creating and an estate plan. One common estate planning tool involves joint ownership of an asset. Joint ownership of property means legal title is in two or more names. Generally this means upon the death of one legal owner, the property passes by operation of law to the other legal owner. Sometimes this type of ownership makes a lot of sense. For example, a husband and wife own their home in joint names. Upon the death of the first spouse, the home passes by operation of law to the surviving spouse.
There is no probate for most jointly owned property. There is no court involvement in the surviving joint owner assuming full legal title to the jointly owned property. Again, many times this is exactly what the decedent wants and the survivor has no probate concerns.
The lack of probate and the ease of property transfer are among the reasons a mother or father frequently add a child’s name to the mother’s or father’s bank account. But remember upon death the bank account, certificate of deposit or whatever property is held in joint names with a child transfers by operation of law to that child alone.
I’ve seen many surviving spouses name their children as equal beneficiaries in their will, but then put most if not all of their assets in joint names with just one child. Guess what happens on death? Despite the will directing that all the children share equally in the assets, there are no assets in the probate estate upon which the will operates to pass legal title. Instead, all the assets pass by operation of law solely to the child who is named as a joint owner.
Joint ownership can be a trap if you’re not careful and that is why the engagement of an estate planning attorney is essential to eliminate the many traps that you can fall into. In Atlanta, GA The Libby Law Firm crafts each estate plan with the individual in mind setting our goals for the minimum amount of probate and expense with the maximum amount of client satisfaction.
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Living trusts have become popular in Georgia in the last several years as an estate planning alternative to conventional wills. They are frequently touted as a way to avoid the Georgia probate courts, which are sometimes criticized as expensive and slow to resolve estates. While I believe the probate process doesn’t have to be those things, I am also happy to set up living trusts when they make sense for my clients.
Unlike a will, a living trust isn’t a legal document in which you simply write down your wishes. A trust is a legal structure like a corporation or a partnership. After you create it, you can transfer your assets — your home, bank accounts and other property — into the trust and then specify who is to receive them after you die. This legal trick allows you to take all of your assets out of your own name while keeping them under your control. Because probate only applies to property held in your own name, you can avoid a probate case in this way.
People who set up living trusts generally name themselves as the sole trustee in charge of the trust, or name their spouses as co-trustees, although they can name any adult. Trustees have the legal right to manage and control the trust’s assets, so it’s important to name trustworthy people. You can also name a person or institution as a successor trustee to manage the trust if you are incapacitated.
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Lifetime gifts in contemplation of death, or so-called “deathbed gifts” are usually made by a surviving parent to a child. The parent and/or the child think the gift is a good idea, probably to facilitate a transfer of legal title and/or to avoid probate. Sometimes a deathbed transfer might be made because the parent does not have a will, and thinks the lifetime gift is a good way to take the place of a will.
First, probate is not that much trouble, at least in Georgia. Also, a deathbed will is just as easy to prepare as a deed, for example. But the real problem for the beneficiary relates to the tax basis of the property.
For lifetime gifts, the grantor’s tax basis (generally the original cost of the property) becomes the tax basis of the grantee/beneficiary. For property received by a beneficiary thru the probate process (a so-called “testamentary gift”), the beneficiary’s tax basis is the fair market value of the property at the time of the decedent’s death.
For example: Assume a parent purchased a lake home years ago for $25,000. Now the lake property is worth $175,000. The parent makes a lifetime gift of the lake home to a child. The child’s tax basis is $25,000 (the original cost of the property). Upon a sale of the property for $175,000, the child’s tax gain is $150,000.
Instead assume the child received the lake home after the parent’s death thru the deceased parent’s will. The child then sells the property for $175,000. The child’s tax gain is zero, because the child’s tax basis is $175,000 (the fair market value at the time of the parent’s death). Assuming the above example, the difference between a lifetime gift and a testamentary gift could be a tax difference of as much as $60,000! So beware. A lifetime gift can result in a lot of needless tax.
Oftentimes, there are many factors involved making the best decisions about making lifetime gifts or setting up an estate plan which minimizes or diminishes any unwanted or unforeseen tax consequences. Needless to say, it is well worth the savings and peace of mind to find out before it’s too late.
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