Exploring steps on how to secure your family’s financial future next year 2024 and beyond requires an effective roadmap that aligns with the ever-evolving landscape of Estate Planning. This easy to follow guide not only provides a national perspective but also shows essential considerations applicable to the residents of the state of Georgia as advised by Mr. Tim Hurban Esq., an esteemed Estate Planning Attorney in Lawrenceville, GA.
The State of Estate Planning in the U.S. in 2024
Estate Tax Exemptions have increased dramatically over the past few years in the United States, but they are still subject to change this 2024 and beyond. The federal estate tax exemption is set at $11.7 million per person and $23.4 million per couple. However, it is important to note that many states also have their own estate taxes with much lower exemptions.
Georgia’s Landscape in Estate Planning
A Georgia Estate Plan includes strategies that minimize potential estate taxes and settlement costs as well as to coordinate what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event of death or disability.
Adapting Estate Planning with Digital Technology
Digital assets, such as online bank accounts, social media profiles, and cryptocurrency, are becoming an increasingly important part of estate planning. In 2024, it is important to consider how these assets will be managed and distributed after death.
Estate Planning Tax Strategies
The Tax Cuts and Jobs Act of 2017 (TCJA) significantly increased the lifetime estate and gift tax exemption from $5.6 million to $11.18 million for individuals, with adjustments for inflation starting in 2018. For 2023, the lifetime estate and gift tax exemption is $12.92 million (or $25.84 million for married couples). For 2024, the lifetime estate and gift tax exemption will be $13.61 million (or $27.22 million for married couples).
Family Dynamics and Legacy Planning
Explore the holistic approach to estate planning by considering different family dynamics, values, and long-term legacy goals for your loved ones. It can range from establishing a Will, Trust and Power of Attorney document and more.
Get Help Today & Consult With An Estate Planning Attorney
As we step into 2024, our Estate Planning Guide serves as a beacon for individuals and families navigating the intricate terrain of securing their financial future. Whether you’re in Lawrenceville or beyond, this guide offers valuable insights to help you make informed decisions and craft a robust estate plan that stands the test of time. We will offer you the support and guidance you need at Hurban Law.
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