The Legacy Studio Blog

TAX EXEMPT GIFTING LIMITS INCREASED

By Laurie Busbee / January 5, 2023

Last year we provided some advice for gifting during your lifetime. See this link https://legacystudiolaw.com/should-you-consider-gifting-money-to-family-or-friends-during-your-lifetime-as-part-of-your-estate-plan/ The numbers have been updated for 2023.  You can now give an individual gift of up to $17,000 a year to as many individuals as you want without having to file a gift tax return. Additionally, each individual’s lifetime gift…

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Navigating the Options for Senior Living

By Rebecca Cummings / November 29, 2022

Legacy Studio was thrilled to have a dessert-n-learn with Jana Eplan, founder of Senior Living Solutions.  Jana is a friend of the firm, and came to educate us about the myriad of options available in Atlanta for senior living.  Finding the right solution can be overwhelming, but Jana and her team can help sort through…

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Should you consider gifting money to family or friends during your lifetime as part of your estate plan?

By Laurie Busbee / October 11, 2022

The IRS has increased the maximum amount we can gift to individual family members and friends tax-free from $15,000 to $16,000 per recipient per year.  This means you can now give an individual gift of up to $16,000 a year to as many individuals as you want without having to file a gift tax return.…

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Insurance and a Personal Representative’s Duty to Protect and Preserve

By Laurie Busbee / October 4, 2022

One of the main facets of your job as an executor or administrator is to protect and preserve the assets of an estate.  When the estate includes property of value, including a house, car, jewelry, art, etc., you should find out how that property is insured and maintain that insurance while that property remains an…

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Does My Business Need an Estate Plan?

By Laurie Busbee / July 15, 2022

The simple answer is yes!  All businesses should have a succession plan in place.  Most large businesses have some structure that would sustain the business if a key manager were to become incapacitated or die. However, small business owners typically do not have a plan for how the entity will continue in this situation. Who…

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Choosing a Financial Adviser

By legacystudio / July 5, 2022

We are often asked for referrals to financial advisors and we are happy to make introductions.  Occasionally clients hesitate to work with a financial advisor because of confusion about the cost.  Many of our clients have heard that they should only work with a “fee only” financial advisor, but they don’t understand what that means. …

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Who needs a Trust?

By legacystudio / June 30, 2022

When people hear the word “trust”, they often think of uber-wealthy “trust fund babies” like Paris Hilton.  The truth is, there are lots of reasons to have a trust, and trusts are a very common part of an estate plan.  While the Hilton family and other wealthy families may use trusts for tax planning and…

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How should you title your property and why?

By Chandler Stutzman / June 15, 2022

When real property (land) is shared by two or more people, there are two options for how they will own the property. One option is called Tenants in Common, and the other is called Joint Tenants with Right of Survivorship (JTWRS). If a deed is set as Tenants in Common, property is owned in equal…

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When should I update my Estate Planning documents?

By Laurie Busbee / May 5, 2022

While it is great that you have your estate plan in place, it is important that you review it from time to time to be sure it is up to date and still does what you want it to. An annual review is recommended and at the very least you should review your estate plan…

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Should I Add My Kids to the Deed for my House??

By Laurie Busbee / September 28, 2021

Often our clients ask if they should add their adult children to the deed for their house so that the house can pass automatically to the children as joint tenants with right of survivorship when both parents are gone. The considerations are the same whether you are a single parent or a couple considering adding…

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