Estate Planning Services
How Can We Help You?
Here is some basic information on planning your Estate Plan in ways that comply with Georgia state law. The first thing to remember is that estate planning is not just for the wealthy anymore. In a era of high taxation and regulation a well thought out estate plan can assure that your loved ones or organizations will receive the maxim benefits for your life’s work. Each state has it’s own unique tax and personal property laws that is why, a one size fits all approach is not the best rout in preserving your legacy. Leon Sproles has been specializing in this Estate Planning for over 29 years right here in Rome, GA. You can feel comfortable in knowing that you are getting more than just a plan you are getting a local adviser that understands you and your needs.
Here are a few helpful tips about Estate Planning…
What is the legal definition of an Estate?
An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will. Real property is real estate and personal property includes everything else, for example cars, household items, and bank accounts. Estate planning distributes the real and personal property to an individual's heirs.
Should I use an attorney?
Estate planning is the complicated process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. Having an experienced lawyer in your corner can be invaluable especially with the ever-changing federal and state tax law changes.
What should I bring to my first meeting with the attorney?
Creating a checklist before hand will greatly help not only organize your thoughts but help your attorney in getting a full understanding of your assets and liabilities saving both time and cost.
How often do I need to update my estate plan?
Here is a list of reasons you should consider updating your estate plan...
- The individuals you have named are deceased.
- New people should be named in your will (e.g. birth, adoption).
- Divorce or marriage.
- New state laws. You need to periodically check to see whether your state has enacted new laws that impact your estate planning documents. More importantly, if you move to a different state, don't assume that your will made in your previous state conforms to the requirements of your new state. Each state has its own legal requirements for making a will.
- Change in guardians, personal representatives, or trustees.
- Children reach the age of eighteen.
- A substantial increase or decrease in the value of your estate.
- The acquisition or disposition of a significant asset.
- You should see an attorney about reviewing and updating your estate plans prior to reaching 701/2 years of age if you have an IRA, 401(k), or other qualified plan that requires you to begin to take distributions at age 701/2. The beneficiary that you designated will have an irrevocable impact on both your and your beneficiary's required distributions.
- The passage of time is reason enough. You should review your will and estate planning documents every three to five years.