Helping You Deal With IRS Debt After The Death Of A Loved One
Sometimes, people pass away with significant debts. Whether you are facing a deceased person’s tax debt or wondering what happens to tax debt when you die in Georgia, understanding your responsibilities and whether you are responsible for this debt is crucial.
At The Gartzman Law Firm, P.C., attorney Jeffrey S. Gartzman gives you a unique advantage in managing the tax debt of a loved one who has passed away. His dual experience as both a lawyer and a CPA allows him to examine both the legal intricacies and financial records, allowing him to create strong, personalized strategies for handling the IRS debt of a deceased relative.
What Happens To Tax Debt When Someone Dies In Georgia?
In Georgia, when an individual passes away, their tax debt does not simply disappear. It becomes part of the deceased’s estate and must be settled before any assets are distributed to the heirs or beneficiaries. The executor or administrator of the estate is responsible for paying debts like tax liabilities from the estate’s assets. This process involves filing any necessary final tax returns and settling any debts with the Georgia Department of Revenue or the IRS.
If the funds in the estate do not cover the tax debt, the debt may remain unpaid. However, if the estate has sufficient assets, taxes must be paid before any distributions to the heirs.
When dealing with IRS debt after death, several common issues may arise. You may find that the person who passed away had not fully paid their back taxes before they passed. They may have unfiled tax returns. The IRS may even be auditing their financial records or have taken steps to collect unpaid taxes. Any of these issues, unless handled correctly, could limit the inheritance that loved ones receive or leave them without an inheritance entirely.
You Are Not Alone; An Attorney Can Help You Deal With IRS Debt After A Death
As you handle the tax debt that a loved one left behind, an attorney can provide important assistance. An experienced lawyer can provide clarity by assessing what the deceased owed and determining the extent of the tax debt. They can also make sure that you or the estate’s executor files all necessary tax returns accurately and on time, limiting the impact of additional fees or interest.
An attorney can also speak to the IRS on your behalf. This means that you will not have to negotiate settlements and payment plans during an already difficult time.
An attorney can also help the executor of the estate with their legal duties. This can help the executor ensure compliance and avoid becoming personally responsible for the deceased’s tax debts. An attorney can offer advice on the proper procedures to follow, ensure that they meet legal requirements and deadlines, and potentially uncover opportunities for penalty abatement or debt reduction.
Dealing With A Deceased Loved One’s Debt? Call An Attorney With Decades Of Tax Law Experience.
You do not have to handle the debts that someone leaves behind on your own. At The Gartzman Law Firm, P.C., our lead tax attorney and CPA, Jeffrey Gartzman, can offer financial and legal guidance to help you resolve these issues and reduce your stress. Contact our office by email or call 770-695-7337 to schedule a consultation.