When someone dies in Georgia, the distribution of assets or tax situations may necessitate various administration processes to determine the worth of an estate. In addition, even before death, a person may choose to have an estate valuation so as to make more informed decisions regarding a will. There are certain things to remember when calculating the value of an estate.
For instance, the value of various types of properties or assets tends to fluctuate. For this reason, those attempting to determine an estate’s value should make calculations based on specific dates. If an estate valuation is being conducted for a decedent’s estate, the date of death should be used for the calculations; alternatively, a date of six months following the individual’s death can also be used, with the assets being valued at that time.
If the estate owner is still living, it does not matter what date is selected to calculate a value. Compiling a list of assets is another key factor is determining the current value of an estate. There is a difference between a person’s gross estate and taxable estate.
Such legal terms and procedures can be very complicated and difficult to understand for a person with no probate and estate administration background. This is why many estate owners choose to seek legal guidance when addressing questions regarding estate valuation or other matters pertinent to the topic. In Georgia, an attorney would be able to help determine allowable deductions, property values and any other assets appropriate to the discussion. Anyone who still owes federal taxes when seeking an estate valuation will want to obtain clarification on how that bears significance toward the potential value of a taxable estate.
Source: wikihow.com, “How to Calculate the Value of an Estate: 11 Steps“, Accessed on June 9, 2016