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Frequently Asked
Questions |
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Here are some questions that we receive on a fairly regular
basis. Please keep in mind that your use of this page does not
create an attorney-client relationship between you and this
firm. You should not rely on this advice without consulting
directly with an attorney and explaining the specific facts and
circumstances of your situation. This page is for general
informational use only!
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Q:
What tax amount is exempt from estate taxes for each
year? |
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A: The
amount for the exemption is as follows:
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2000-2001 |
$675,000 |
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2002-2003 |
$700,000 |
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2004 |
$850,000 |
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2005 |
$950,000 |
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2006 & Beyond |
$1,000,000 |
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Q:
What are the benefits of
incorporating my start-up business? |
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A: From
a legal perspective, incorporation can provide important
protection. By properly incorporating your business, you can
protect your personal assets from claims brought against the
corporation in most situations. However, in certain
circumstances it may be possible for your personal assets to be
exposed to a lawsuit. For instance, if you fail to keep the
accounts of the corporation separate from your own personal
accounts, it is possible that someone with a claim may attempt
to "pierce the corporate veil" and go after your personal
assets. Incorporation can also provide some important tax
benefits depending on the nature of your business and the type
of corporation you decide to form. An attorney should be
contacted prior to incorporation to advise you on the best type
of corporation for your needs. |
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Q:
Is a living trust
necessary in Georgia to protect an estate? |
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A: The
probate process in Georgia is more simplified and less expensive
than many other states. A living trust is not needed in Georgia
except for a few very specific situations where it may be
helpful. |
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