A common misconception about estate planning is that all estate plans are the same. Many people believe that an estate planning attorney simply fills in a bunch of blanks in a template and gives the client a standard form, that it’s a plug-and-play scenario for every client and that they are one-size-fits-all. I’m most frequently faced with the “A Will isn’t that complicated. I just need something simple.” With a good estate planning attorney, there is much more involved. Your family is one of a kind, your estate plan should be as well.
A one-size-fits-all approach doesn’t work because every client’s family is different. Let’s look at a few of the various aspects an estate attorney must consider when working with a client:
- Financial Power of Attorney – Choosing which powers to grant your financial agent depends on the relationship with that person, where you are in life, and what your goals are. In Georgia, you have the opportunity to choose specific powers so that your power of attorney is not one-size-fits-all but instead is specific to your needs and situation.
- Legacy/Heirs – Every family is different. Some families have children from different marriages, some children have special needs, some need a trust for their lifetime, while others can receive an inheritance outright. Minor children are treated vastly different than older children,while some clients have no children. Some clients choose to leave money directly to their grandchildren, while others leave it to their children to pass along. Some clients create specific caveats that provide financial assistance for education or other specific needs. Some people do not want to leave all their money (or any money) to their children but would like to leave something to friends or more distant relatives. A one-size-fits-all estate plan does not include provisions to address these different life situations.
- Charitable Giving – Decisions on what charities or religious organizations to leave bequests to is deeply personal. From religious organization to nonprofits, alma maters, research or medical institutions, there are many causes that seek contributions through planned giving.
- Life Circumstances – Events like a divorce, a new marriage, new children, new grandchildren, substance abuse issues, and financial burdens can be unexpected and require careful planning to protect all family members. A good attorney must also consider your stage in life. The plan for a younger couple will be very different from a plan for a retired couple.
- Assets – While we all generally have checking accounts and savings accounts, many of our clients own companies or have partial ownership in a company. Many of the families we work with have LLCs for farmland or a house that has been handed down through the generations. Some clients have mineral rights or lumber farms that require unique provisions. Solo entrepreneurs have their own set of needs in estate planning to assure their company is correctly handled in the event of their incapacity or death. Clients with rental properties or real estate in multiple states require careful planning to protect their assets and to protect the client.
- Taxes – Although the tax threshold for federal estate taxes is currently very high, the law constantly changes. Additionally, there are still those who need to plan around the tax consequences of their estate. Proper planning can eliminate or significantly reduce the amount of taxes owed.
- Medicaid/VA Benefits – With surprising frequency clients do not consider the impact of advanced Medicaid planning. With a proactive long-term plan, Medicaid can be greatly simplified. Rather than being reactionary when the money starts to run low, we can help you with planning strategies to protect your assets now and allow you to qualify for Medicaid in Georgia if you choose to do so in the future.
While the above items are all important, they are not all-encompassing. Every client’s situation is unique and no one plan works for everyone. Each family dynamic is different, each set of assets varies, each legacy goal requires careful consideration. At Grissom Law, we take the time to get to know you, your family, your needs, and your goals so that we can create a comprehensive plan that works best for your situation and meets the needs of your family. While many of the provisions we incorporate may be the same, your plan will be customized to your needs and not a one-size-fits-all plan.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.