Happy Tax Day from Oliver Maner LLP! Tax Day is the perfect reminder to evaluate your estate plan. As you review your finances and think about what you owe today, think about what you leave behind tomorrow. We can help make sure your legacy is as organized as your return. Whether your priority is tax planning, protecting your assets from creditors for generations to come, avoiding probate, or simply ensuring that your wishes are carried out, we can craft the perfect plan for you and your family. 

With filing taxes off your to-do list, now is a good time to carefully review your estate plan. Planning for the future is one of the most important steps you can take to protect your loved ones and preserve your legacy. This article will provide a broad overview of common estate planning techniques that you might consider.

1. Last Will and Testament

A valid Will is the foundation of any estate plan. In the absence of a valid Will, state law will determine how your assets are distributed, which may not reflect your wishes. Wills have state-specific provisions which make the probate process more efficient, so if you have moved states since you last updated your Will, you may wish to consult with an attorney to update state law provisions.

A Will allows you:

• To specify how your assets will be distributed 
• To appoint the executor who will administer your estate
• To provide for minor children or spendthrift beneficiaries



2. Revocable Living Trusts

A revocable living trust is a flexible tool that allows you to maintain control of your assets during your lifetime while simplifying the transfer process after death. Revocable trusts may allow your loved ones to avoid probate. Revocable trusts become irrevocable upon death, and can govern the distribution of your assets to your beneficiaries, whether outright or in further trust.

Avoiding probate can allow:

• A more efficient distribution of property
• A more private process without Court involvement
• Avoidance of probate in multiple states if you own real estate in multiple states



3. Durable Financial Power of Attorney

One type of lifetime planning is a durable power of attorney, which allows you to designate an agent to handle your finances on your behalf if you become unable to do so. 

This document can cover:

• Paying bills 
• Handling investments 
• Conducting real estate transactions 



4. Advance Directive for Health Care

Another lifetime planning document is an advance directive for health care, which outlines your medical preferences and appoints an agent to make healthcare decisions on your behalf if you are unable to do so.

This document ensures that:

• Your treatment preferences are honored 
• Loved ones are not left guessing during stressful situations 



5. Generation Skipping Trusts

For clients concerned about protecting wealth for future generations from creditors, reckless spending, or other risks, a generation skipping trust can help preserve assets. Advantages of a generation skipping trust include:

• Avoiding estate tax and generation-skipping transfer tax while benefitting generations for up to 360 years in Georgia
• Protecting family assets from spouses and potential creditors of future generations. See https://olivermaner.com/posts/asset-protection-through-trusts for more information about “third party trusts"



6. Tax Planning Techniques

Thoughtful estate planning can reduce or eliminate estate and gift taxes. Depending on your situation, strategies may include:

• Irrevocable trusts such as irrevocable life insurance trusts
• Annual gifting 
• Charitable giving 



7. Periodic Review and Updates

Estate plans should be dynamic documents and reviewed periodically to ensure the plan continues to reflect your goals and circumstances. Life changes—such as moving states, marriage, divorce, births, deaths, or changes in financial status—can impact your plan.

Plan with Confidence

Estate planning allows you to protect your family, preserve your legacy, and gain peace of mind. Whether you’re just getting started or need to update an existing plan, we’re here to help guide you every step of the way.