The minor child reaches age 21 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment.Georgia has a state income tax, structured as a flat tax on income.
The tax rate is 5.09%.
Georgia does not impose an inheritance tax.
Georgia imposes an estate tax equal to the maximum credit permitted for paid state estate and inheritance taxes under IRC Sec. 2011. However, the current federal tax code does not permit a credit for state estate or inheritance taxes paid. Therefore, there is no credit estate tax in effect at this time.
Georgia does not impose a GST tax.
Georgia does not impose a gift tax.
The minimum age of a person competent to make a will is 14.
The number of witnesses necessary to execute a will is two.
The original custodial gift may be a life insurance policy or annuity contract.
Custodial property may be invested in or used to pay premiums on (1) a policy on the minor's life if the minor's estate is the sole beneficiary, or (2) a policy on a third party in whom the minor has an insurable interest, if the minor or the custodian is the irrevocable beneficiary.
The custodial account terminates when:
The minor child reaches age 21 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment.
The minor child reaches age 18 in regard to other custodial transfers.
The minor child dies.
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Each state describes its own distribution pattern of how property passes to a decedent's spouse, children, parents and siblings. If no such individuals are living, state laws specify other takers among more distant ancestors before awarding property to the state through "escheat" provisions. We do not trace devolution of property beyond those noted above, but cite appropriate statutes for those interested in additional detail.
Many states refer to their distribution regime by simply stating that the heirs of predeceased individuals take "by representation." We use only the statutory verbiage, but may cite other statutory guidance when it exists.
States vary in the way they refer to descendants, using such terms as "issue" or simply children or grandchildren. We use the term "descendant," unless usage of different term adds clarity.
Some states address situations where misconduct or abuse causes forfeiture of a right to receive a share of the estate. Those interested in this information should see the state statutes.
The estate goes to the surviving spouse, as follows:
If there are no children or other descendants—100% of the estate
If there is any child or other surviving descendant—the estate is shared equally with the children (descendants taking a deceased child's share, per stirpes), but no less than one‐third of the estate
If there is no surviving spouse, or if a portion of the estate does not go to the spouse:
100% to children equally, with descendants of any deceased children taking per stirpes (see OCGA §53‐2‐1(c))
If there is no surviving spouse, child, or other descendant:
100% to a surviving parent or parents equally
If there is no surviving spouse, child, other descendant, or parent:
100% of the estate goes to siblings equally, with the descendants of a deceased sibling taking per stirpes (see OCGA §53‐2‐1(c)).
If no sibling survives, then surviving nieces and nephews take the estate in equal shares, with the descendants of a deceased niece or nephew taking per stirpes (see OCGA §53‐2‐1(c)).
If none of the above:
Intestacy laws outline further distribution steps to the level of grandparents and their descendants. See OCGA §53‐2‐1(c)(6), (7), (8).
If no legally described recipient can be found, estate assets go to the state of Georgia.
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Non-qualified Annuities: Exempt from creditors of the beneficiary.
Life Insurance Cash Value: Exempt from creditors of the insured.
Life Insurance Proceeds: Exempt from creditors of the insured.
Digital Assets: Georgia follows the Revised Uniform Fiduciary Access to Digital Assets Act to ensure that testators can retain control of their digital property and plan for its ultimate disposition.
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