Planning

Planning for your pet as part of your estate plan

By Celia "Deanie" Quillian / February 22, 2024 /

 When thinking about your estate planning, have you planned for your pet(s)? For many of us, our pets are like children, and we want to ensure that they are properly cared for in the event of our unexpected passing. In Georgia, pets are considered personal property so you can give your pet to an individual…

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Why is there a Credit Shelter Trust in my Will and do I still need one?

By legacystudio / October 26, 2023 /

A credit shelter trust (CST) is a type of trust that is used to protect assets from estate taxes. It is typically used by married couples to ensure that their assets pass to their heirs without being subject to estate taxes. The CST works by transferring assets from the first spouse to the trust, which…

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Advice for Graduates

By legacystudio / June 15, 2023 /

Is your young adult headed to college in the fall?  Does your long to-do list include estate planning for your high school graduate?  It should!  We are re-publishing this blog post on what you 18-year-old needs to consider.  Call or email us this summer to get them started on the right path. “A client recently…

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Health Care Directives 101

By Chandler Stutzman / March 9, 2023 /

What is a Health Care Directive? The Georgia Advance Directive for Health Care (“Health Care Directive”) is a legal document that allows you to name someone to act on your behalf in a health care context should you become unable or unwilling to speak for yourself. This person is called your “agent.”  The Health Care…

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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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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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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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