The loss of a loved one brings many challenges, not least among them the legal and financial obligations related to the estate. If a loved one designated you the executor of their Florida estate, you likely understand that it is a compliment to the love and respect they had for you, but it is also a lot of work. As the executor, you must pay the deceased remaining debts and taxes, distribute their assets and maintain their properties until you can sell or distribute them. Additionally, you may find a lot of new terms thrown at you that you have not heard before. One term that you may encounter ..read more

Someday it may be necessary to have someone help an elderly relative who is losing mental capacity or has a serious disability. While some seniors need a guardian, others have the help of a power of attorney. If you are considering options for a senior relative, now is a good time to learn how a guardian differs from a power of attorney. Guardianships have greater control While a power of attorney can take over many financial and care decisions, generally a POA has limited authority to act. POAs typically allow a person to keep more of their legal rights to make decisions, including the right ..read more

Creating an estate plan involves important decisions that can shape the future of your loved ones. However, this process can also bring underlying family conflicts to the surface. If you are creating an estate plan in Georgia and facing such conflicts, it's important to navigate them with care. By handling disagreements and misunderstandings constructively, you can lay a solid foundation for your estate plan. Open and honest communication Establishing open and honest communication channels is essential. Share your intentions and thoughts about the estate plan with your family members. Clear co ..read more

According to a survey conducted by Caring.com in 2022, only 32% of Americans have a will. A last will and testament legally expresses your after-death wishes regarding your assets. This important element of estate planning guarantees that your property and possessions will go to those you designate. However, you can not just write your will and then forget about it. The changes in your life over time can impact the relevance and accuracy of your will, and it is important to know when you need to update your will. Changes in relationships If you experience milestones like marriage, divorce or t ..read more

When it comes to estate planning, everyone's needs and circumstances are different. A tool that works for one person may not be suitable for another. A spendthrift trust is one such tool that you might consider including in your Georgia estate plan. Understanding a spendthrift trust A spendthrift trust is a specific type of trust that limits a beneficiary's access to the trust principal. This limitation can protect the beneficiary's creditors from accessing those assets or prevent the beneficiary from spending all the assets immediately after receiving them. The trustee of a spendthrift trust ..read more

Building an estate plan provides peace of mind. You have control over your financial matters and health care decisions. When you build an estate plan in Georgia, including various types of trusts can maximize your wealth and ensure your heirs receive it according to your wishes. Trusts serve as versatile estate planning tools. They help avoid probate, offer provisions for minor children or special needs family members and reduce estate taxes. Consider four key types of trusts you might want to include in your Georgia estate plan. Strategic revocable living trust A strategic revocable living tr ..read more

Without a valid will, Georgia’s inheritance statutes require the probate court to find the deceased’s heirs. As described by SmartAsset, the court appoints an executor and distributes assets under the Peach State’s intestate succession method. If the deceased dies without a spouse or children, the court must find the closest living relative and distribute the estate. A relative who lives outside of Georgia also qualifies as an heir to take ownership of the property and assets. May a surviving spouse or children receive an inheritance? A surviving spouse may inherit all the deceased’s property ..read more

After a loved one passes away in Georgia, his or her estate may be subject to taxes. While Georgia does not impose an estate tax at the state level, your estate could still have a federal tax obligation. However, there are strategies available to potentially reduce the amount that your estate must pay in taxes after you pass away. Giving gifts By using the annual gift tax exclusion and the lifetime gift tax exemption, you can transfer assets to loved ones while reducing tax obligations. The annual gift tax exclusion allows tax-free gifting up to a certain amount per recipient each year, while ..read more

When you put together your Georgia estate plan, you may concern yourself primarily with including all the right documents inside it. While this is an important step in the estate planning process, it is also important that you give the person you appoint as your executor important information about your estate and personal affairs. According to AARP, the executor's job is not an easy one, but there are certain things you might do to make your own executor’s job easier. Here are three things your executor should know to be able to do his or her job well. 1. Where to find your will It sounds obv ..read more

Estate planning ensures that your assets and belongings get distributed according to your wishes after your passing. However, the process is not without its pitfalls. Scammers exploit this critical time, making it necessary to understand and recognize common scams. Awareness of estate planning scams is essential in maintaining the integrity of your plan and keeping your assets safe. Knowing what to look for and what to avoid can prevent exploitation and ensure your assets get handled properly. Beware of high-pressure sales tactics Scammers often employ high-pressure sales tactics when pushing ..read more