Posts tagged "Estate Planning"

How to take advantage of new estate tax laws

Georgia residents and others may be impacted by the passage of the Tax Cuts and Jobs Act. In addition to making changes to the personal and business tax code, it also affected estate tax law. For instance, individuals are allowed a federal estate tax exemption of $11.18 million. Married couples may be able to combine their individual exemptions for a total of $22.36 million.

Estate planning tools at a person's disposal

Estate planning is important for any Georgia resident who has assets. An estate is anything that a person owned at the time of his or her death. If a person had debts or other liabilities, they would also be part of an estate. When an individual passes on, whatever is left over after liabilities have been accounted for is distributed to beneficiaries.

Digital assets can be important in estate planning

With the rise in popularity and value of bitcoins and other cryptocurrencies, new questions have arisen for Georgia residents who want to get involved with these forms of digital investments. Backed up by blockchain technology and often characterized by anonymity, cryptocurrencies can hold great financial value. As they are personal property, it can be important to account for them during estate planning.

Art collections need careful estate planning

More so than perhaps any other kind of collection, an art collection is a reflection of its curator. His or her tastes, quirks, and, perhaps above all else, level of wealth are on display with the collected items themselves. Georgia is home to some impressive hoards of artistic gold—sometimes literally—but collectors here may make the same mistake as others: failing to do proper estate planning for the disposition of their art assets after death.

Tailoring an estate plan after tax law changes

Ideally, Georgia residents will maintain their estate plans much like they would maintain their homes and cars. This means regularly reviewing them to ensure that it still meets their needs. Reviews should be done after major life events like a marriage or divorce. In light of recent tax changes, it may be a good idea for married couples to ask about their joint exemption. Married couples are now entitled to a $22.4 million federal estate tax exemption.

Common estate planning errors

There are a number of common errors a person in Georgia might make in estate planning that could lead to problems in carrying out his or her wishes. One of the main errors is procrastinating on putting together an estate plan at all. If someone dies without a will or any other estate planning, the state will determine what happens to that person's belongings.

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We are ready to help you start planning. To schedule an initial consultation, call us at 770-822-2723 or 866-735-9628. You may also contact us online.

ESTATE PLANNING LAW GROUP OF GEORGIA,

Johns Creek Office
11555 Medlock Bridge Road, Suite 100
Johns Creek, GA 30097

Toll Free: 866-735-9628
Phone: 770-822-2723
Fax: 770-573-3379
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Lawrenceville Office
1755 North Brown Road, Suite 200
Lawrenceville, GA 30043

Toll Free: 866-735-9628
Phone: 770-822-2723
Fax: 770-573-3379
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