Today, a married couple has over $23 million in combined gift and estate tax exemption between them. Just as important, and maybe more so for our clients in the long run, that same married couple has over $23 million in exemption from generation skipping transfer (GST) tax. This exemption applies to their trusts and looks past their children to grandchildren and approximately ten generations after that. Read More
Administering a decedent’s probate estate under a will is not the same as managing a decedent’s trust estate. While there are similarities, the differences and the value these differences provide can be significant. So that you and your family can make informed decisions about whether or not to establish a trust outside one’s will, here’s what you need to know. Read More
Now that the excitement of the 2020 Democratic and Republican National Conventions are over, you may be understandably confused as to how all those promises extolled from the podium about taxes will translate to you. Read More
Are you in the market for a 2021 tax credit? If so, The Georgia GOAL Scholarship Program is now accepting applications. GOAL is a qualified Student Scholarship Organization (SSO) providing scholarships to deserving students in Georgia. Read More
When running a business, some owners can be so busy with the day-to-day operations that they fail to consider the importance of proper estate planning. Estate planning is a critical factor when considering the long-term goals of any business, especially in the case of the untimely demise or incapacitation of the owner. Having proper estate planning also allows owners to choose who will take over the mantle next. Read More
With so much turmoil and uncertainty taking place in our lives during the first half of 2020, and with the understanding that what was certain six months ago is no longer, Hoffman & Associates is strongly encouraging its clients to take time now and meet with our attorneys to discuss the impact of both the SECURE Act (signed into law on December 20, 2019) and the CARES Act (signed into law on March 27, 2020) on their retirement and estate plans. Read More
Tax-favored savings accounts such as Georgia’s Path2College 529 were designed to help families save for future college expenses. But until now, these funds could not be used to repay student debt. With the Secure Act, a law attached to broader federal spending legislation enacted in December, 2019 and aimed mainly at adjusting the nation’s retirement system, the government has expanded allowable uses for 529 funds. Read More
Perhaps you’ve seen movie cameras, crews, and even movie stars around town. Maybe you’ve wondered why so many studios would choose Georgia to film. It all comes down to one of life’s certainties: taxes.Georgia's Entertainment Industry Investment Act provides a 20% tax credit for companies that spend $500,000 or more on production and post-production in Georgia and grants an additional 10% tax credit if the finished project includes a promotional logo provided by the state. Read More
