Estate planning in Georgia is a crucial aspect of your life, which needs to be taken care of as early as possible. There are various issues to consider and take into consideration, such as preventing unwanted or unanticipated outcomes, minimizing estate taxes and protecting assets from your lifetime.
Wills
A Last Will and Testament is an important part of your estate planning in Georgia. The document outlines your final wishes, and how your possessions should be distributed at your death.
The document is not only a way to plan for the future, but also a way to protect your assets and preserve your family’s legacy. An experienced Atlanta estate planning attorney can help you create a will that meets your needs. Whether you are a new Georgia resident, a recent mover, or are considering moving, you should hire an attorney to draft a will.
A valid Georgia will determines what will happen to your real estate, personal property, and other assets when you die. It can also appoint a guardian for minor children if both parents pass away.
Trusts
Trusts are a great tool to use if you want to avoid probate. You can protect your loved ones and get your assets to them faster. This will also help you keep taxes at a minimum.
Depending on your needs, you may need to consider hiring an estate planning attorney. A lawyer can help you set up your living trust and guide you through the entire process. They can also help you decide on a beneficiary.
While you may be tempted to do your own estate plan, you should seek out an attorney to avoid costly mistakes. Many people are not organized and end up failing at the trust-making task.
For example, a revocable living trust is a good way to protect your assets. It allows you to make a gift of your property while you are still alive, but then transfer it to your heirs when you pass.
Protecting assets from lifetime dangers
If you’re planning to leave a tidbit of gold to your loved ones, or want to make sure you don’t have to pay for a hospital visit in a pinch, it pays to be proactive about protecting your assets. The best way to do this is to consult with an attorney who specializes in estate planning. He or she can help you devise an asset protection plan that is tailored to your specific needs and preferences.
Although a revocable trust is the easiest solution, there are other more complex methods to ensure you’re leaving the right legacy to the right people. A well crafted asset protection plan can protect your children’s inheritance if you die, and avoid public court records and probate fees in the process.
Minimizing estate taxes
If you have an estate in Georgia, you should understand the different types of taxes that can apply. Estate planning will allow you to minimize the tax liability on your estate, so that your assets can benefit your loved ones in the future.
There are two kinds of estate taxes: federal and state. The federal estate tax only applies to an estate that exceeds a certain value. However, you can avoid the federal estate tax if the total value of your estate is less than the exemption amount.
In addition to federal estate taxes, your estate may also be subject to inheritance taxes. These taxes are paid by the beneficiaries of your estate. They will be based on the relationship that the decedent had with the beneficiaries.
Preventing unwanted or unanticipated outcomes
When it comes to estate planning in Georgia you should know that you’re not alone. Having the right legal document in hand is the best way to ensure the continuation of your family’s heritage for generations to come. The right attorney can also guide you through the maze that is the probate court, and give you the peace of mind of knowing that your assets are properly and safely disposed of. If you’re in the market for an attorney you’ll have to do your homework, but if you’re in it for the long haul it’s well worth the extra effort. After all, your family’s legacy is something you should be proud of.
As for the actual drafting of your own bespoke will, you may want to consider the services of a reputable firm. Besides, having the right attorney on retainer means you’re not wasting any time figuring out what to do with your property once you’re gone.
Barry Lachey is a Professional Editor at Zobuz. Previously He has also worked for Moxly Sports and Network Resources “Joe Joe.” He is a graduate of the Kings College at the University of Thames Valley London. You can reach Barry via email or by phone.
