Posts tagged "Estate Planning"

What to know about decanting

In the past, Georgia grantors had little recourse if they wanted to change or put an end to an irrevocable trust. To do so, it generally cost a lot of money plus the consent of every beneficiary. However, decanting statutes may make it easier to make changes or cancel an irrevocable trust. The decanting process involves moving assets from the original trust to a second one with modified terms.

Estate planning and divorce

Estate plans are useful in protecting assets for intended beneficiaries. Not having a well-planned estate plan in place when one gets a divorce can result in unfortunate consequences for Georgia residents who have specific ideas about what should happen to their assets.

Estate planning for couples without children

Georgia couples who do not have children might think they do not need an estate plan. However, an estate plan is just as important for them. While preserving wealth for their descendants might not be a concern, they may still have assets they want to leave for loved ones, a charity or even for a pet. Furthermore, an estate plan can be important for ensuring that a person is protected in case of becoming incapacitated.

Entrepreneurs and estate plans

Many successful entrepreneurs in Georgia have allowed their estate plans to lapse. This means that if the unexpected occurs, their loved ones may not be properly provided for. People who want to limit taxes and ensure that their assets are allocated properly after they perish should have a current estate plan.

Power of attorney red flags

When individuals Georgia begin to work on an estate plan, they may decide to provide financial power of attorney to one of their children, another relative or a family friend. The person who has power of attorney can make certain financial decisions for the individual if he or she becomes incapacitated.

Estate plan options for an IRA

People in Georgia who are creating an estate plan may not think they need anything more than a will. However, there are several types of assets that are passed down using a beneficiary designation and not a will. Among those are annuities, life insurance policies, accounts that are payable or transferable on death, and IRAs.

Reasons to make gifts prior to passing away

Georgia residents who are planning on making a gift after they die may benefit as much or more by doing it while still alive. One reason to consider giving a planned gift prior to death is to witness the joy and adoration that is showered upon the giver by the recipient of the money or assets. Another good reason to make the gift while still alive is to ensure that it gets made properly.

Non-financial issues in estate planning

Many people in Georgia see estate planning as arranging for the transfer of physical assets and financial accounts. To a large extent, that vision is correct. Planning for post-death transfers of property is the main reason for creating an estate plan.

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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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