Estate planners in Georgia may have heard of something called upstream planning. Those who implement this strategy will first give an asset that has significantly appreciated in value to someone who is older than they are. The asset is then given back to the individual who originally owned it, and when the asset is returned, the person who receives it gets a step-up in basis.
Estate planning is a necessary task to accomplish. At the very least, your estate plan should include a last will and testament. This document spells out how you want your assets to be distributed once you are gone.
Movie buffs in Georgia may have heard about the passing of John Singleton. He had an estate that was valued at about $35 million, but it is unclear how the assets will be divided. This is because his will had not been updated since 1993. At that time, only one of his seven children were born.
When Georgia residents with significant means think about the future of their property, they may have a vision for how their assets will be distributed to those they care about. Still, many people refrain from in-depth overviews of their estate because of the complex interpersonal and emotional questions that the task can raise. However, for people with wealth, it can be particularly critical to have a comprehensive plan in place. Preparing a will or creating a trust is a great step forward, but it can be important to regularly review the plan.