Effective estate planning will assist you in avoiding probate, reducing estate taxes, avoiding guardianship, and protecting your assets from nursing home costs. We recognize that each individual’s circumstances are different and customize a plan that performs for you and your family. We listen carefully to you and learn what you want for your family, and only then will we make suggestions as to how you may reach your goals.

Changes in our lives and the law have an impact on your original estate plan. Children grow up and no longer need a trustee or guardian; our retirement goals change; we marry or divorce; you move to Georgia from another state. Each of these situations impacts your estate plan. Our review of your Estate Plan will ensure it is up to date.

If you have children or own real property, you need a Will. In your Will, you can designate someone to care for your children and manage their finances, express how your property will be distributed, and name the person you want to distribute the assets. Most importantly, you will have the peace of mind in knowing your Will provides for your loved ones in the exact manner you desire.

A trust is a legal entity able to own property and other assets. It is established by legal agreement defining how the assets it owns are managed and distributed. Various types of trusts exist and have different classifications both in the law and for tax purposes.

Revocable Living Trusts (Family Trusts) are commonly used as a will substitute to avoid probate, preserve your privacy as no will would be filed with the court, and to manage your financial affairs. This type of trust offers its creator flexibility in that the trust is established during life and can be changed (revocable) as you want.

Testamentary Trust is a potential trust that created inside a person’s will or revocable trust that is activated under certain conditions. For example, the will of a person with children who are minors at the time of their death may contain provisions creating a trust to hold the assets for the children. A testamentary trust is also commonly used to provide for special needs beneficiaries, adults without the financial skills to properly manage money or assets or who have creditor problems. This trust is also vital for proper estate tax planning, and capturing the unified tax credit where applicable.

Irrevocable Trust. This trust is often used for estate planning, gifting, long-term care planning, Medicaid, asset protection, and special needs planning. The most important thing to remember about its name: irrevocable. Once established, it cannot be changed.

An important component of your comprehensive estate plan is ensuring your health and financial decisions are protected, especially if you cannot communicate your desires at the moment decisions need to be made. Powers of attorney and health care directives give written instruction of your preferences and appoint someone to act on your behalf. You may communicate financial goals and decisions, as well as life-sustaining medical procedures or life-saving techniques you do or do not want to receive. These documents are important for your peace of mind, but are crucial in giving your family written proof of the very personal decisions you have made.

A guardianship or conservatorship may be one way for you to help care for a loved one experiencing symptoms of Alzheimer’s disease, dementia or other physical disabilities. Through a guardianship or conservatorship, you can become the court-ordered guardian or conservator of your loved one and then act in a legal capacity to ensure they receive adequate personal care and/or handle their financial matters.

Planning for your long-term care involves an analysis of financial, medical, and personal aspects before you actually have a need for the care. Proper planning now will allow you to pay the rising costs of long-term care without exhausting your life savings.