The end of the year is always a good time to reassess where we are financially…
Plan for the future…
Correct past mistakes…
And, most importantly, change course if needed.
This year, a review of your estate plan is more vital than ever.
The resurrection of the federal estate tax and generation-skipping transfer tax (GST) in 2011, the increase in the estate and gift tax rates, and the lowering of the estate exemption to $1 million make a review of your current estate plan more important than ever.
There are planning options available to adjust for these changes. Here are a few examples:
2. Intra-Family Loans
3. Grantor Retained Annuity Trust (GRAT)
Even if your estate doesn’t exceed $1 million and you can’t afford to make gifts to your beneficiaries that would be subject to the tax increases, now is still the time to review your estate plan. So many changes are pending that will affect tax and estate planning that you need to know your options, regardless of the current value of your estate.
And, more importantly, if you’ve gone online and found forms to draft your own will or just copied documents that a friend or relative may have used, there may be language in there that does your beneficiaries more harm than good. Especially in today’s economic climate.
Call us, your Atlanta estate plan lawyers, at 770-425-6060 to schedule your Georgia Family Treasures Planning Session today. As part of our Planning Session, we will sit down with you, assess where you are now and where you need to be and, more importantly, how to plan to get the most benefit (or suffer the least damage) from the pending changes in the estate tax. Our Georgia Family Treasures Planning Session is normally $750, but this month I’ve made space for the next two people who mention this article to have a complete planning session with me at no charge. Call today and mention this article.