Get an Estate Plan in Georgia, ATL Today
Discuss Your Elder Law Options with An Attorney
When you hear of an estate, you may think of large mansions, great wealth, stock, and valuable portfolios and possessions. However, estate planning is no longer for the ultra-rich. Instead, it simply gives you a say of how things will be given to your loved ones after you leave.
If you fail to make these plans and decisions while alive, the state and the law validate the court to make them for you. Such plans may not suit you or your family’s desires. Call Robert M Goldberg & Associates, PC today in Georgia, Atlanta and let us help you make a plan.
Estate Plans Protects Beneficiaries
The idea that estate planning is for high net-worth individuals has changed. Currently, middle-class families are obliged to plan in case anything happens to the breadwinner. After all, you don’t have to be a billionaire to feature in stock markets or venture into real estate.
When it comes to your assets, even if it’s a second home, estate planning helps decide who gets them after you’re gone. The court won’t know which members of your family are more responsible and deserving of your assets.
Protects Young Children
No one anticipates dying young, but if you have young children, it’s essential to plan for the unthinkable, and this is where an estate plan will come in. To ensure that your children get care in your approved manner, you’ll want to list their guardians in the event of both parents’ death before the kids are 18. Without a will, the court independently decides who will raise your children.
Heirs are Spared a Big Tax Bite
Estate planning is all about keeping your loved ones safe, and part of that is giving them immunity from the Internal Revenue Service (IRS). Transferring the assets to your heirs is essential in carrying the least possible tax burden.
Couples can reduce the most and even the entire federal and state inheritance taxes with estate planning—moreover, there are ways to condense the amount of income tax payable by beneficiaries. However, without a plan, Uncle Sam will demand quite a lot from your heirs.
Eliminates Family Messes
We have all heard stories where family fights begin immediately after a family member with money dies. One sibling may think they deserve more than others, while another may assume they have the right to control the family wealth.
An estate plan helps to stop these fights before they even begin. In addition, it goes a long way in choosing who will control your wealth in the event that something happens to you.
Estate planning has become one of the most important decisions anyone with assets in the modern world can make. Since it can be challenging to do by yourself, a professional assistant from Robert M Goldberg & Associates, PC in Georgia, Atlanta can help you. Discuss your elder law options with an attorney today!