David S Walker Attorney at Law

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David S Walker Attorney at Law

Gwinnett County, Georgia Estate Planning Attorney

Estate Planning 101

Do you have a plan for who will take care of you and manage your finances when you are sick or unable to take care of yourself? Have you decided who will get your house, your money and other assets when you die? This process is called estate planning. We will help you make these important decisions, and put them in writing, so your family will follow your wishes.

Learn about Wills.

Your will dictates who will receive your assets after your death. Without one, your assets will be divided among your heirs according to rule of law. For more detail see our web page on “Why make a will?” A will takes effect only at death. It is revocable until the maker dies.

In estate planning, there are related topics such as living wills and powers of attorney. A living will or health care power of attorney can be used to control whether life support will be used to prolong a person’s life when he or she is unable to make these decisions. The health care power of attorney is also known as an “Advance Directive.” A durable power of attorney can be used for financial planning during disability to have someone manage affairs when a person is unable to manage his or her own affairs during life.

A living trust is also an option in estate planning that can supplement or replace a will in some cases. A living trust can be an attractive estate planning alternative.

Estate taxes are another reason for estate planning. More accurately, avoidance of estate taxes is such a reason. Recently, Congress increased the credits available against the estate tax so that fewer people have potential estate tax problems.

However, not everyone is aware of the assets that must be counted in the estate tax net worth assessments, such as life insurance. For instance, if a person carries a large amount of term life insurance, his or her taxable estate may be larger than believed. A detailed discussion of estate taxes is beyond the scope of this article and your estate planning professionals should be consulted in this regard.

In connection with estate planning or business planning, we also offer asset protection and formation of corporations and LLC’s for our clients.

Our firm has been assisting clients with wills and estate planning matters in Gwinnett County for over 30 years. Give us a call 770-972-3803 and you and your loved ones will be glad you did.

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Contact us

 

Phone: 770-972-3803
Fax: 770-921-7418

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