ESTATE PLANNING

Estate planning is an important step everyone should consider taking. It does not matter if you have only a handful of assets or have a high net worth and a complex estate.  Planning for the future is not about the size of your estate; it is about ensuring that your loved ones will not be left with a burden when you are no longer there. Sometimes the burden is financial, sometimes it is personal, and sometimes it involves the lengthy and expensive probate process. Estate planning is also about planning for your retirement years and unforeseen events, such as incapacitation; it is vital to ensure that you receive proper care without compromising the integrity of your estate.

At a minimum, we recommend that our clients have a Last Will & Testament, Healthcare Directive, and Financial Power of Attorney. For many clients, a Living Trust is also advantageous.

The Georgia Advance Directive for Healthcare assigns someone (usually a spouse or child) to make healthcare decisions for you, and allows you to specify the type of medical treatment you wish to receive if you are incapacitated (Living Will).

The Statutory Form Power of Attorney for Georgia is a durable financial power of attorney that allows you to name someone to manage your finances if you are unable to do so for yourself.

Your estate plans should also include a Will, and in some cases, a Living Trust. These work in different ways to determine who your beneficiaries are and in what manner your assets should be distributed to them. A Will is only activated after you die, and must be probated for assets to be distributed. A Living Trust is funded during your lifetime, and prevents assets from going through probate. 

These documents can work together to protect your wishes while you are still alive but unable to speak for yourself (in case of incapacitation), as well as after your death.

If you die without a will, your estate will be subject to Georgia’s intestate laws. While that sounds intimidating, it means the state will follow a set of guidelines to identify your beneficiaries and will determine how your assets will be divided. Assets that are jointly owned or have a named beneficiary do not need to go through intestate probate.
The decedent’s assets will be divided in different ways, depending on whether the person was married and had any children. For example, if the decedent was married with two children, the surviving spouse receives 1/3 of the assets, and each child would receive 1/3 of the assets. If there were no children, the surviving spouse receives all of the assets. If the deceased person had children but was not married, then the children will receive all of the assets. Surviving parents will receive the assets if the decedent had no spouse or children. In case the decedent had no spouse, descendants or surviving parents, then any living siblings will share the assets. The estate and court will make an effort to keep going down the family tree until a next-of-kin can be identified as a living beneficiary. It is always best to have a will drafted to spare your loved ones from a complicated and time-consuming intestate probate process, but a Living Trust can prevent your estate from being probated entirely.

Another important advantage of having a complete set of estate plans in place is the ability to plan ahead for long-term care for yourself or a spouse. Without a plan, it is hard to know whether you will have the financial ability to pay for rehabilitation or nursing home care. Poor planning means Medicaid repayments can wipe out your life savings or worse—require your surviving loved ones to sell the family home. If you or a loved one have enough reason to believe you will require long-term nursing home care, it is best not to wait and start planning now.

It is in your best interest to consult an Estate Planning Attorney in Atlanta to maximize your eligibility for government benefits while reducing the financial liability on your estate, so you can be sure you will receive the care you need and still have enough assets left to pass on to your heirs. Oren Ross & Associates can help you and your family with every aspect of estate planning—from wills and trusts to long-term care planning and special needs planning. Contact us at (678) 250-4281 to get started.