Contrary to popular belief, estate planning in metro Atlanta is not just about money or taxes. Far from it. Today, it’s more about protecting your assets for yourself and your loved ones, achieving your financial goals and safeguarding your health care. Money and taxes aside, here are 7 good reasons you need an estate plan:
1. Your Health care. Defining how your medical needs will be addressed in case you cannot make health care decisions for yourself is a primary objective of having an estate plan. You also need to consider how you will meet the costs of long-term care. You need to name someone to make decisions for you and tell them how you want them made. This must be legally documented or the person you want caring for you, cannot.
2. Probate. Probate in metro Atlanta is an unnecessary, public and often expensive court process that takes control out of your family’s hands and puts that control in the hands of a Judge who doesn’t know you or what’s important to you. A main focus of metro Atlanta estate planning is keeping your family out of court. Period.
3. Family feuds. Family fights over how assets are divided and distributed are common when there is no estate plan and/or trusted advisor to guide family members. Sadly enough, these fights happen even when amounts of money are small OR even when there is no money at stake. Some of the biggest fights we’ve seen happen in storage units over sentimental items with no monetary value at all. If you don’t want your family to fight, you plan your estate.
4. Beneficiary forms. You likely have several assets that cannot be passed along in a will alone. These include IRAs, life insurance, retirement plans and annuities, all of which are governed by beneficiary forms that specify who is to receive the assets upon the death of an account holder. Completing these forms properly is estate planning
5. Kids and parents. If you are currently responsible for the care of minor children, elderly parents or a person who has special needs you need a plan for the continuation of that care after you are gone.
6. Managing assets. Is your spouse or other family member capable of managing all your assets? If not, you will need to name someone who is capable of doing this now so your assets will be managed wisely for the benefit of your family in the future.
7. Business succession. If you own a business in metro Atlanta, you will need a succession plan to govern what happens to your ownership shares if something should happen to you.
If you would like to have a talk about guiding your loved ones through estate planning, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Georgia Family Treasures Planning Session, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at our metro Atlanta estate planning law firm no charge. Call us today at 770-425-6060 and mention this article.
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Very frequently, we get a call from someone who is ready to make an appointment for a Georgia Family Treasures Planning Session, but wants to know “How Much Will “It” Cost?” “It” here refers to a will or trust or other legal planning document; i.e., “How Much Does a Will Cost” or “How Much is a Living Trust”? Let’s imagine you have that question. Here is what I would tell you.
Before we talk about fees, it’s important for you to understand how our firm is different than traditional law firms. First of all, we don’t bill anything on an hourly basis, so you never have to worry about any surprises when it comes to what something will cost. Everything is flat fee and discussed up front, so you will never get a surprise bill in the mail. With a traditional law firm, you might expect to pay $500-$3,000 for a typical set of estate planning documents. In many cases, in our experience, those estate planning documents won’t work when your family needs them because they will become stale the minute you walk out the door of your lawyers office – you’ll put the documents away and never look at them again. Your life will change, your assets will change, and the law will change, but those documents are going to be sitting there – staying the same. You are unlikely to ever hear from your lawyer again and won’t update your plan and if you do, you’ll very likely have to pay hourly to take care of any updates with uncertainty about how much that will cost on an ongoing basis. And, if your lawyer goes out of business or dies, you’ll have to start everything over with a new lawyer and pay all those initial fees again. And, this is sad to say, your assets are very unlikely to be owned in the right name at the time of your death, making all the planning you did irrelevant.
At GeorgiaFamilyLaw, we don’t believe that traditional model of estate planning really serves you and your family. Instead, we focus on developing a lifetime relationship with you, giving you affordable access to a lawyer who will help you make the right legal decisions throughout life and then being there for your family when you can’t be.
We do this in a number of ways, including throwing out the time clocks – which means everything we do is billed on a flat fee basis, agreed to in advance, so there are no surprises. It means we have a whole team in place to ensure that every part of your planning is done right, including that your assets are titled in the right name and that your planning continues to work throughout your lifetime. We do that by reviewing your planning at least every three years at no additional charge and if you want to make unlimited changes to your plan on an ongoing basis and be able to consult with us about all of your legal and financial questions that come up during life without paying hourly fees, we have a membership program you can join to ensure your planning works when your family needs it. And last, we don’t focus only on passing on your financial wealth, but we also have a unique process for capturing the assets that are most often lost when someone dies because they are intangible – the intellectual, spiritual and human assets – or who you are and what’s important to you.
All of that’s getting a little ahead of the game though because we can’t get to any of that until you complete a Family Wealth Inventory and Assessment and have a Georgia Family Treasures Planning Session to determine whether your family is a good fit for our services. Normally, that Georgia Family Treasures Planning Session is $750, but if you found us through this blog post on our website, we will waive that fee for you.
We only have a limited number of these free sessions we can offer each month, so if you want to have your session for no charge you should go ahead, call our Marietta estate planning lawyer’s office at 770.425.6060 and get on our calendar now.