Georgia entrepreneurs should make sure that their estate plans include the appropriate legal tools and documents that can ensure that their business will continue to grow after their death. Proper estate planning can also assist with distributing wealth equally and reducing estate taxes.
The tax bill passed by the GOP-controlled Congress and signed into law by President Trump in December 2017 could have consequences for many aspects of financial life for people in Georgia and across the United States. In particular, it could affect many people's estate plans.
Georgia residents may be wise to take steps to avoid letting their estates slip into probate after they pass away. The probate process can be time-consuming and costly. Furthermore, it takes place in public and may cause additional stress to grieving heirs. Removing assets from an estate by giving gifts is one way to avoid probate, but most estate planning experts advocate the use of trusts as it allows individuals to hold on to their property. Trusts also give testators control over how and when their assets will be distributed.
When most people hear the phrase "estate planning" they immediately think of a will. This is a good thing, because wills are absolutely vital to the estate planning process. Without one, a person would die "intestate" which essentially means that their estate defaults to basic rules and laws of administration. Dying intestate means that your family and loved ones may not get what they thought they were going to get from your estate, or they may not get what you intended.