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I am 68 years old and live in Georgia. I have a Fidelity account worth approximately $60,000. My wife died last year so I changed the beneficiary to my 6 grandchildren. All but one is under 18 years of age. Who, how, and when are the taxes paid after I die?


The BIDaWIZ Team's Answer:

This year, is very unique since the estate and gift tax lifetime exemptions are $5.12 million and $10.24 million for couples filing jointly. Even though, your spouse passed away, you can preserve her $5.12 million estate tax exemption by filing an estate tax return form 706 immediately. Her exemption will essentially be transferred to you, so that when you pass away, up to $10.24 million of your assets will be transferred tax-free to your beneficiaries. We understand that these are large numbers, but if you have a life insurance policy, this can be a significant tax saving strategies. Also, Georgia doesn't currently have an estate or inheritance tax.

The BIDaWIZ Team



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