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Estate Gift Tax

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Debbie Lamp'l

Guest
What is the name of your state? GA
How do you properly word a petition to encroach on an incapacitated adult's estate allowing the children of the adult to receive the allowable $11,000.00 gift each year. The adult has more than the allowable estate to be exempt from estate taxes and it is the children's aim to reduce the amount of the estate to protect the corpus of the estate from taxation as much as possible.
 


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LawDawg03

Guest
Incapacitated how?

Is there a guardian, conservator, or power of attorney somewhere? Who cares for this person?
 
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Debbie Lamp'l

Guest
Both parents have been determined to be Mentally incapacitated. Is living in assisted/Alzheimer's care unit - one son is guardian of the person, another son is guardian of the property.

Both have wills leaving estate to each other and then to children if either is incapacitated.
 
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LawDawg03

Guest
Well the guardian of the property can probably distribute the property. The only pitfall I see is if a will beneficiary later contests the gifts. But if all the will beneficiaries agree with the present gifts I don't think it will be a problem. I

f the estate is close to over a million then you would probably want to get a lawyer anyway to further minimize taxes. You can retain one now and have them advise you on this move.
 

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