ESTATE PLANNING is the process of determining how your assets will be distributed when you die. A complete estate plan includes appointing a guardian for your minor children and a person to manage the children’s assets; providing for your incapacity; minimizing estate taxes and avoiding or minimizing the delays and expense of probate. Newsom Law helps you determine how to distribute your assets at death, so the state of Georgia doesn’t decide for you.

What is a will?

A will is a legal document that states how a person would like their property to be distributed at death.  It also identifies who will carry out the wishes of the deceased.

What is a trust?

A trust is a legal relationship in which one person (the trustee) holds legal title to property for the benefit of another (the beneficiary). Many kinds of trusts exist and are used to accomplish a variety of estate planning goals. A trust may supplement a will, or replace a will; allow your estate to avoid probate; be created to manage a person’s property or protect it from creditors; provide tax benefits; or reduce tax liabilities. An experienced estate planning attorney can help you determine what trusts to include in your estate plan depending on exactly what you want to accomplish.

Power of Attorney 

Power of attorney is a legal document that allows you to appoint an agent to act on your behalf in a specific situation or it can cover an array of legal, financial, or medical matters. 

Guardianship

If you have minor children, you will want to name a guardian to care for them in the event of your death. Although a court will need to appoint the guardian, most courts will follow your wishes in the absence of a compelling reason not to.

Minors can’t be given property outright. You will need to designate someone to manage your children’s property until they are adults and able to manage it themselves.

Preparing for Incapacity

In your estate planning documents, you can designate someone to manage your financial affairs should you become unable to do so. You can also specify how your incapacity is to be established. With the proper documents in place, you will save your family the expense and stress of having to go to court to get a guardianship.

You can designate a person to make medical decisions for you when you no longer can. And you can provide written guidelines for that person as to what type of end-of-life treatment you want

Special Needs Planning

A unique type of planning is required to address the needs of a person with a disability. When preparing to leave a child or loved one with special needs there are several issues that must be considered depending on the circumstances. Many disabled individuals receive social security income (SSI), Medicaid or other government benefits and there are ways for them to receive an inheritance and protect those much-needed public benefits.

Special Needs Trust

A special needs trust can provide legal protection for an inheritance or lump sum of money because the beneficiary does not own the assets in the trust and is able to remain eligible for public benefits programs that have an asset limit.