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LAW OFFICE OF TERRY FLUKES
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| Did You Know? |
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A Will, is sometimes called a "Last Will and Testament"
Used to transfer property you hold in your name to the person(s) and/or organization(s) you want to have it. A Will also typically names someone you select to be your Personal Representative (or "Executor") to carry out your instructions and names a Guardian if you have minor children. A Will only becomes effective upon your death, and after it is admitted to probate.
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In Georgia if you die without a will, your family could be in for more than they bargained for. You sons and daughters could be left fighting over their share of your estate. And if you add that with the grief they’re experiencing, the results could be ugly. Don’t make them go through that hassle; contact our Georgia Estate Planning Lawyer to help get your affairs in order.
Click here for your free legal evaluation.
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| Estate Tax Returns Filed in 2001: Gross |
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[1] Gross estate is shown at the value used to determine estate tax liability. The value could be determined as of the decedent's date of death or 6 months thereafter (i.e., alternate valuation method).[2] Includes U.S. territories, U.S. citizens domiciled abroad, and a small number of returns for whom State of residence was unknown.[All figures are estimates based on samples--money amounts are in thousands of dollars] in Georgia
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| Gross estate tax purposes |
1,474 |
| Gross estate tax Amount |
3,771,209 |
| Total allowable deductions Number |
1,474 |
| Total allowable deductions Amount |
1,782,346 |
| State death tax credit Number |
599 |
| State death tax credit Amount |
121,543 |
| Net estate tax Number |
562 |
| Net estate tax Amount |
498,740 |
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Source: Internal Revenue Service, Statistics of Income Division, Unpublished Data, April 2003.
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Our Georgia Estate Planning Attorneys can help you decide how best to transfer property, and how to resolve other personal matters including tax planning. Estate-planning lawyers can also help you with the most important part of the estate planning process: Making a will.
If you don’t have a will, the state of Georgia will control who gets your property by default. While most states have their own unique laws descent and property distribution, most states give your children priority when it comes to doling our your possessions.
State laws are modeled after what the legislature thinks most people will want to do, but whatever the laws say might not be in line with your wishes. An estate-planning lawyer can help you draft a will that explains your wishes in great detail.
Our Georgia Estate Planning Attorneys can also help you set up a trust. A trust holds your property until your death and then disperses the property according to your wishes. Trusts can can be created by your will, or the can be revocable or irrevocable.
Most parents use trusts to better prepare for their children’s needs at the time of their death.
Issues and topics related to Georgia Estate Planning include:
- Wills and Trusts
- Uniform Probate Code
- Gift Tax
- Asset Protection
- Personal Finances
- Pensions
Contact our Georgia Estate Planning attorney now to receive a professional consultation.
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Pensions and the Future of Savings
Audio, RM, 44 Kbps, 8:46, 11/17/2004
Pension plans were once considered a good bet for a comfortable retirement -- but these days it can all seem like a gamble. Major companies are defaulting on their pensions, and it's not clear who's going to pick up the tab. We discuss the future of pensions.
Source: National Public Radio
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