Atlanta Estate Planning Lawyer Blog

There are many tools that can be used to facilitate the transfer of assets in an estate plan. Holding property jointly (in two or more names) is one method that has advantages and disadvantages. Joint ownership of real estate, bank accounts, and other property is common because assets owned jointly with rights of survivorship do not become assets of the decedent’s estate. These assets do not pass through probate to be distributed but are transferred by operation of Georgia law and automatically pass outside of the decedent’s estate to the surviving owner(s). When joint owners are spouses, this set up can be ideal. Because there is no delay in the transfer of property under joint ownership, the surviving owner can immediately take control of the property. This is especially useful if access to the property is urgent, time-sensitive, or when financial issues need to be resolved immediately upon the death of the decedent joint owner.

Joint ownership does have its downsides and should be carefully considered before being implemented in any inter vivos circumstances or estate plan. For instance, one scenario where it can be unwise to set up property ownership jointly is when a parent and child are named as joint owners. Problems can arise if the parent has other children who are not included in the joint ownership of the property or the child involved in the joint ownership is financially unstable. With multiple siblings, even if the Georgia will specifies that the joint property should be divided evenly between all of the children, the joint ownership property is not part of the estate. Thus, the surviving owner is not obligated to split the property and distribute it per the Georgia will. This is because the joint property transfers to the surviving owner(s) by operation of law. Thus, the property never becomes part of the estate and therefore is not subject to the laws of intestacy or distribution per the terms of the Georgia will. Also, if the joint owner is a child with financial issues, the parent can lose the property if the child’s creditors endeavor to collect outstanding debts. The child’s joint ownership interest can also be threatened if the parent has financial issues, which cause the parent to declare bankruptcy. This can oftentimes be the case if the parent has significant medical expenses or other expenses associated with growing older and not having earned income.

A Georgia Estate Planning attorney can provide other alternatives to placing property in joint ownership. One good alternative is to draft an effective estate plan that specifies how the property will be divided under a number of possible scenarios. Without a crystal ball we cannot foresee which scenarios are most likely, but they can include illness, remarriage of a spouse, bankruptcy, etc. With such variability, it is prudent to draft a detailed estate plan that can factor in multiple circumstances. Such an estate plan is especially effective for larger estates or in situations where a dispute between heirs and/or beneficiaries may be inevitable. Estate planning under such scenarios often involves the use of revocable and irrevocable trusts and annual gifting. Implementing these types of estate planning vehicles can be complicated and it is necessary to have an experienced estate planning attorney assist you.

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In my practice as an estate attorney in Atlanta, Georgia, I am often asked about the benefits of having a will. A will is a tool used to distribute an individual’s assets after that person has deceased. As with everything in life, you need a different tool for different jobs. Therefore, if you have made a will and it has been sometime since it has been up-dated or reviewed by an estate planning attorney; perhaps it is time for you to have a lawyer review your plan.

As time passes, state and federal laws change and usually our situation in life changes along with it and we accumulate more assets than what we started with. Too many people make a will and then put it in their safety deposit box and forget about it.

A will can be changed at any time. If the change is minor, it can be done with a document called a codicil, which is an amendment to the will and is usually kept with the original will once it is signed. If the changes are significant, then a new will should be prepared and it will void any previous will dated before it.

Your will should be reviewed on a regular basis every few years to make sure that the estate plan that was utilized in making the will is still the correct plan for you. At The Adams Law Offices, LLC your estate plan will be reviewed by our experts to ensure that the distribution of your assets upon your death will go smoothly with as little expense as possible.

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As a Georgia guardianship lawyer, I often in our Atlanta, GA, Buckhead and Midtown law offices we receive calls from distressed family members wanting to establish a guardianship for a loved one. Of course, many guardianships are established for young adults because of mental deficiencies or unfortunate accidents; but, the greater number of adult guardianships are established for elderly family members.

Unfortunately, most people wait until a family crisis has occurred before they decide to investigate the options that are available to them. The ideal time to speak with an attorney would be before an individual is incapacitated, in a hospital, in a coma, unable to care for themselves, suffering from dementia or Alzheimer’s, or their bills are remaining unpaid. When a person is deemed to lack sufficient capacity to make or communicate significant responsible decisions concerning his or her health or safety, it is time for that person’s friends or family to take the appropriate action to protect their loved one.

The initiation of a guardianship is not only an expensive proceeding but it is a very emotional time for both family and friends. Many times hard feelings are made not only by the proposed ward but also by other family members and the ward’s friends.

Although the circumstances surrounding the need to establish a guardianship vary, the procedure remains the same. In Georgia the Court requires that a petition be brought by either one petitioner and a physician, psychologist, or licensed clinical social worker, who will submit an evaluation of the proposed ward based upon an examination within fifteen days prior to the filing of the petition; or two petitioners.

If the Court accepts the petition, it will assign a physician, psychologist, or licensed clinical social worker to evaluate the proposed ward and file their report with the Court and a hearing will be set.

Continue reading "ELDER CARE IN GEORGIA -- POWERS OF ATTORNEY AND ADVANCE DIRECTIVES VS. ADULT GUARDIANSHIP" »

As an experienced Georgia estate attorney, it is my duty to be up front about the driving force behind this article, which is your death. While nobody likes to think about their own passing, there is nothing more definite than the fact that this will occur. Some people are have heard the old saying that there are two things sure in life: “Death and Taxes” – After many years of practicing law, I have heard about many people who have altogether avoided taxes and been an integral part of assisting many clients in legally minimizing and/or diminishing significant taxes they would have paid without proper estate planning or having consulted our Firm.

Having said this, to date, I have yet to see anyone steer clear of death.

The fact of the matter is, it will happen to you, it’s just a matter of when and how. So, in knowing this, it is essential that you prepare for this inevitable moment; and, the sooner the better. Let’s discuss why.

First, there are many common misperceptions which surround estate planning. The fact is, whether your “rich”, “poor” or somewhere in the middle of these commonly referred to social terms for wealth, we all have some level of need for estate planning and the sooner you engage in estate planning, the more benefits you stand to gain. These range from potential tax benefits you are entitled to and may not be aware of to the peace of mind that your affairs are in order should you become incapacitated, disabled or your inevitable death should occur. Please also be aware that your estate planning is an ongoing process and once your estate plan is in place, it can be altered to keep up with your circumstances, should they change. The Adams Law Offices, LLC, with its client’s permission, memorializes all its client’s estate plans in an easily updateable, editable digital, electronic and physical form.

Continue reading "YOUR INEVITABLE DEATH AND YOUR ESTATE PLAN -- WHY YOU NEED AN ESTATE PLANNING LAWYER!" »