How many times have you asked yourself, “Do I really need a will?” Or how many times have you said to yourself, “I know I need to get a will, but I’ll do it another time.” For most people, all they need are basic estate planning documents: A will, a financial power of attorney and an advanced directive for health care (more commonly known as a living will). And those basic estate planning documents should not be expensive.
Did you know that in most instances if a non-Georgia resident seller has more than a $20,000.00 gain on the sale of his/her real property in Georgia, that the closing attorney (on behalf of the buyer) is required to withhold three percent (3%) of the realized gain (that amount is subtracted from the seller’s proceeds). That withheld amount is then sent in by the closing attorney to the Georgia Department of Revenue (in some instances the seller can get the amount withheld back from the GA DOR).
For those of you who bought a primary residence in 2012 at a price lower than the 2012 tax assessed value, you should see a reduction in your home’s tax assessed value for 2013. This year (around June), you should receive a valuation notice from the county tax assessor showing that the 2013 tax assessed value of your home is now the purchase price. After you receive the valuation notice showing your home’s new assessed value is now the purchase price, you likely should go ahead and file your Homestead Exemption (which is a small tax break).