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Oct 31, 2024|Estate Planning

Key Trends Affecting Estate Planning in Georgia

Estate planning is not a one-time task; it requires regular reviews, especially after major life events such as marriage, divorce, the birth of a child, or significant financial changes. Our firm encourages clients to revisit their estate plans at least every three to five years or after any major life change.

Staying informed of trends that may affect your estate plan is a crucial step to ensure your assets transfer according to your wishes. Below are a few of those trends to consider:

  1. Current Federal Estate Tax Exemption Ends in 2025.  Over the last decade, we have seen a sharp rise in the federal estate tax exemption, as it has adjusted annually to reflect changes in inflation. For the year 2024, the exemption per person sits at $13.61 million. But the law that allowed for this annual increased exemption, the Tax Cuts and Jobs Act of 2017, is set to expire in 2025 scheduled to return to 2017 levels. There is always the possibility that Congress can pass legislation to extend or modify the current 2024 levels, but as of now, that has not taken place. It is important to plan accordingly. There are estate planning tools and strategies to reduce your estate to the reduced exemption levels. Understanding how these changes could affect estate taxes and exemptions is crucial. Georgia currently does not impose a state estate tax, but federal laws may still apply. Our attorneys can provide insights tailored to your financial situation.
  2. Increased Importance of Digital Assets With the rise of technology, digital assets—such as online accounts, cryptocurrencies, and digital photographs—are becoming a significant part of many individuals’ estates. It’s essential to include provisions for these assets in your estate plan. Georgia law recognizes digital assets, and our team can help you create a strategy for managing and transferring these items after your passing. This may include creating digital inventories, designing digital asset trustees, and providing instructions for accessing and transferring digital assets.
  3. Healthcare Directives and Powers of Attorney As healthcare decisions become increasingly complex, having a comprehensive advance healthcare directive and durable power of attorney is more important than ever. This ensures that your healthcare preferences are honored and that someone you trust can make decisions on your behalf. We recommend reviewing these documents regularly to ensure they reflect your current wishes.
  4. Long-Term Care Planning. With the population aging and the increase in health care costs, there is a growing emphasis on incorporating long-term care planning into a comprehensive estate plan. This may include provisions for funding long-term care, selecting appropriate health care proxies or agents, and establishing trusts or insurance policies to cover potential expenses.
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