Morgan and DiSalvo, P.C. Launches Will and Trust Improvement Service

Responding to recent changes in both federal tax law and Georgia trust law, Morgan & DiSalvo of Alpharetta have expanded their service offerings. Partner Richard Morgan was on the exclusive committee that helped craft the Georgia law, giving him a unique perspective and understanding of the law better than most other attorneys.

The expanded service focuses on educating clients about the tax changes and better planning for the future. Morgan & DiSalvo offers highly customized services, individualized for each client. This is a law firm focused on quality, not quantity. Every client is given the time and resources necessary to ensure they are completely satisfied.

To learn more about the new estate planning changes, we asked Richard Morgan to give us a primer. Morgan is a Fellow in the most prestigious and selective trust and estates professional group in the country, the American College of Trust & Estate Counsel, and has been a practicing attorney since 1987. He is a married father of three (plus two Goldendoodles), who has made his home in Johns Creek for nearly 20 years. An avid biker and community supporter, he is ardent about making sure Georgians have the legal information that will benefit their lives.

What You Need to Know About Will and Trust Planning Now

1. There has been a simplification of estate planning documents for married couples. 

Bottom line: The 2012 and 2017 Tax Acts enabled estate planning simplification. For married couples, passing assets to the surviving spouse at the first spouse’s death is now possible without losing significant tax benefits.  

2. New Power of Attorney (POA) Forms are now available.

Bottom line: The GA POA Act which went into law on July 1, 2017, gives Georgians the ability to force a third party, such as a financial institution, to accept the Power of Attorney and follow the agent’s directions. Morgan advices clients to update POW and Advance Directive for Healthcare every three years, so these documents are more likely to be accepted when needed. 

3. You can protect your assets now for generations.

Bottom line: Since July 1, 2018, Georgians now can use long-term trust planning to protect assets passed to children or other loved ones from unwanted outsiders, such as spouses in divorce, creditors and bankruptcy. It can be extended to eventually provide full benefits to grandchildren and lower generation family members. The term limit on trusts has been increased to 360 years, so multiple generations can benefit from the same tremendous third-party asset protection benefit.

4.  Changes to an existing irrevocable trust are much easier.

Bottom line: For those involved with an existing irrevocable trust, either as a Settlor (creator), Trustee or Beneficiary, it is now easier to modify these trusts. While it has traditionally been difficult to change an otherwise irrevocable trust, as of July 1, 2018 those days may be over in Georgia. The possible changes are almost endless.

5. New tax planning opportunities have been created.

Bottom line: The combination of 2017 Tax Act and the July 1, 2017 changes under GA law open up more options to reduce both income taxes and wealth transfer taxes.

Morgan & DiSalvo, P.C. is a boutique estate planning law firm. They help clients plan in advance to ensure the people they love will always be taken care of. Partners, Richard Morgan and Loraine DiSalvo have brought a high end ‘intown’ law firm to north Fulton county. They are thrilled to keep their clients (and themselves) out of the snarl of Atlanta traffic.