Georgia fans of the late film director John Singleton may be surprised to know that there may be some estate issues complicating things for the loved ones he left behind. Singleton, who died in April 2019 at the age of 51, reportedly had a will that was already prepared prior to his death. The director's mother is in possession of this document and plans to file it.
When a person dies in Georgia or another state, the sum of their possessions both in and outside the United States is subject to estate taxes. These possessions, known as their gross estate, don't just include physical property. Bank accounts, investments, annuities and even unaccounted for gifts are subject to estate taxes. If the total amount of these assets is greater than the federal estate tax exemption, the executor of the estate is required to file form 706. This may even be true even if no taxes are owed.