From ensuring that assets are properly passed on to loved ones to minimizing the tax burden, a well-crafted estate plan can provide peace of mind and financial security for business owners in Georgia. As experienced estate planning attorneys in Savannah, Georgia, we understand the importance of properly planning for the future.
In this blog post, we will discuss the various aspects of estate planning for business owners in Georgia, including the benefits of engaging in estate planning, the different types of estate planning tools available, and the process of creating an estate plan.
Benefits of Engaging in Estate Planning
The primary benefit of estate planning for business owners in Georgia is that it provides peace of mind. By having an estate plan in place, business owners can ensure that their assets are distributed according to their wishes, and that their loved ones are taken care of. Additionally, estate planning can help minimize tax liability and ensure that the business’s assets are properly managed in the event of the owner’s death or incapacitation.
Types of Estate Planning Tools
There are several types of estate planning tools available to business owners in Georgia. These include wills, trusts, powers of attorney, and advance healthcare directives.
- Wills: A will is a written document that outlines how a person’s assets will be distributed after their death. Wills also provide instructions for the appointment of an executor and guardians for any minor children.
- Trusts: Trusts are legal entities that allow an individual to transfer assets to a trustee to be managed and distributed according to the terms of the trust. The trustee is responsible for managing the trust and ensuring that the assets are distributed according to the terms of the trust. Trusts are often considered superior to wills as they offer many benefits including avoiding probate, privacy, flexibility, and asset protection.
- Powers of Attorney: Powers of attorney allow a person to appoint another individual to manage their affairs in the event of their death or incapacitation. This includes the ability to make financial, medical, and legal decisions on behalf of the grantor.
- Advance Healthcare Directives: Advance healthcare directives allow a person to designate another individual to make medical decisions on their behalf in the event of their incapacitation.
Process of Creating an Estate Plan
The process of creating an estate plan for business owners in Georgia begins with an initial consultation. During the initial discovery call, our team will discuss the business owner’s assets, their estate planning objectives, and any other relevant information. If we look like a good fit, then they will schedule a meeting with one of our estate planning paralegals to discuss the options and help you decide how to proceed with Smith Barid. You’ll then meet with the attorney to design your plan.
After the consultation, the attorney will draft the necessary documents to create the estate plan. Finally, the documents will be reviewed and signed by all parties, and the estate plan will be put into effect. You can read more about our quick but thorough estate planning process here.
An experienced estate planning attorney can help ensure that assets are properly protected and distributed according to the business owner’s wishes. Let’s get started.