How can we (my sister and me) reduce the inheritance taxes?

My mom hold a real estate under her name. How can we (my sister and me) reduce the inheritance taxes when she pass away? If my sister and me have an agreement how to separate the inheritance, does this agreement need to address by attorney?

Stockbridge, GA -

Attorney Answers (3)

Jeffrey L. Cohen

Jeffrey L. Cohen

Tax Lawyer - Atlanta, GA
Answered

Georgia does not have an inheritance tax, but if your mother is fairly wealthy ($5 million+) then there might be an estate tax issue. She definitely needs to consult with an attorney to put together an estate plan. This way she can make it much easier on you and your sister, and also plan to reduce or eliminate the estate tax, if possible.

John Randolph Yoak

John Randolph Yoak

Tax Lawyer - Clearwater, FL
Answered

Your mother needs to consult a local attorney who practices in tax and estate planning to determine her options. Once fully informed, her attorney should be able to develop for her a tax efficient plan to pass the real estate and any other property to you and your sister, assuming it is her desire to do so.

Yoak Law, P.A. is a business and tax law firm serving clients throughout the State of Florida. If you need help... more
Michael A Kirtland

Michael A Kirtland

Wills and Living Wills Lawyer - Colorado Springs, CO
Answered

As has been pointed out, GA has no state inheritance tax. The federal estate tax exemption for 2013 is $5,250,000. If your mother's estate is larger than this, you need to seek an estate planning attorney and consult an accountant, to provide professional tax advice. Avvo is a great site, but if your mother has this size wealth, you need to seek individual, professional, tax advice.

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