Although the current federal exemption is more than $11 million, some Georgia residents may still need additional protection against estate taxes. Annual gifting is one way to do this. Individuals can gift $15,000 per year per recipient, and this means couples can gift $30,000.
Understanding the basics of estate planning
The days and weeks following the passing of a loved one in Georgia can be difficult for those left behind. This is especially true when it comes to figuring out who gets certain cherished possessions, what happens with financial accounts and even funeral preferences. But with proper estate planning, all of these decisions can be made in advance and based entirely on what the estate owner had in mind. A common first step is to create a will. However, there are other aspects of estate planning that often go overlooked.
Pastors are unlikely to have adequate estate plans
Most people in Georgia who have attended a funeral understand how familiar pastors are with the reality of death. After speaking at so many funerals and attending to terminally ill church members, one might assume that pastors are more likely than most other professionals to have estate plans in place. According to a recent survey, that simply is not the case.
Estate planning important for small business owners
Small business owners in Georgia may be particularly concerned about how to handle their business after they pass away. With the news that music legends Aretha Franklin and Prince died without a will, the consequences of passing away intestate have been widely discussed. Family members have been caught up in ongoing legal disputes about these musicians' substantial estates. However, these celebrities were far from alone; according to one survey, 58 percent of Americans don't have a will. While most entrepreneurs' estates may not rival Franklin's or Prince's, it can be equally important to create a clear plan for the future.
