The federal estate tax is a tax on your right to transfer property at your death—whether by will or intestate succession (transfer to heirs when a person dies without a will, as provided by state statute). The estate tax consists of an accounting of everything you own or have certain interests in on the date of your death.

The fair market value of these items is used—not necessarily what you paid for them or what their values were when you acquired them. The total of all your assets at death is your "gross estate." The property included in your gross estate may consist of cash and securities, real estate, insurance, trusts, annuities, business interests and other assets.

In Georgia, as in all states, the federal estate tax applies to the transfer of property at death. The tax is based on the fair market value of the deceased's assets at the time of death, rather than their original purchase price or value at acquisition. This includes all forms of property such as cash, securities, real estate, insurance, trusts, annuities, business interests, and more, which together constitute the individual's 'gross estate.' For 2023, the federal estate tax exemption is $12.92 million per individual, meaning that estates with a gross value below this threshold are not subject to federal estate tax. Amounts above this exemption are taxed at progressive rates. It's important to note that Georgia does not impose a state estate tax or inheritance tax, so only the federal rules would apply to a person's estate in Georgia. Estate planning and tax implications can be complex, and it is advisable to consult with an attorney who specializes in estate planning to navigate these issues.