Estate & Asset Protection Attorney, Victoria Collier talks about the difference between wills and estate planning and emphasizes the greater importance of estate planning under the new tax law.
DECATUR, GA, February 22, 2018: Victoria L. Collier, founder of The Estate & Asset Protection Law Firm, has posted a new article on her law firm’s website entitled “The Difference Between Having A Will And A True Estate Plan.” As the new tax law comes into effect, Ms. Collier suggest that wills and current estate plans need to be reviewed.
Collier writes, “Under the new tax law, you will definitely want to know the difference between a will, be it simple or complicated, and true estate planning.” She adds, “In many cases a will just won’t cut it.”
“While it is true that under the new tax law most taxpayers “will never pay a federal estate tax,” “with the expanded exemption there are a multitude of reasons for establishing a true estate plan,” says Collier. She adds, “Not understanding the differences could be devastating for your beneficiaries.”
According to Collier, “Most people will be lulled into complacency due to the fact that estate tax exemptions have been doubled to roughly $11.2 million per person. So, for a couple, the exemption will be $22.4 million until 2026 when it reverts back to the current $5 million per person.” She continues adding, “But don’t let that be your guiding principle. After all estate planning has never been just about taxes.”
“We all love it when life can be simple,” writes Collier. She elaborates, “Some people may believe that they can get away with a short simple will since they will consider the estate tax to be irrelevant. But, do keep in mind that simple wills do not include flexible trusts to protect surviving spouses and children from creditors and predators.” She further expounds, “Wills also do not include protections for later life and aging that a robust revocable trust does. You must know that real planning is needed.”
The entire article can be read at http://www.elderlawgeorgia.com/difference-will-true-estate-plan/
About Victoria Collier
Victoria L. Collier, CELA founded The Elder & Disability Law Firm of Victoria L. Collier, P.C. to serve the legal needs of seniors when their health care needs increase. Victoria is also Co-Founder of Collier Scott Financial Solutions, LLC. At both firms WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability.
Victoria enlisted in the U.S. Air Force during Desert Storm, 1989-1995, and also served in the U.S. Army Reserves, 1Lt. 2001-2004, JAG Corps. Victoria is a national expert on the VA Wartime Pension for veterans and their widows who need additional assistance with activities of daily living and helping them qualify for and receive tax-free income from the VA to pay for it. Victoria graduated from Valdosta State University with a B.A. in Psychology and then University of Nebraska, College of Law. In 2014, Victoria was awarded with the Alumni Master Award from the University of Nebraska.
Victoria is a Certified Elder Law Attorney through The National Elder Law Foundation and has been named as the only attorney in Georgia as “Fellow” of the National Academy of Elder Law Attorneys (NAELA). Victoria was appointed by Governor Perdue to the Georgia Council on Aging, 2010 – 2016 and was awarded Dekalb County Veteran of the Year, 2013. She is the author of 47 Secret Veterans Benefits for Seniors; Paying for Long Term Care – Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit. Victoria has co-authored several books: Blooper Episodes in Estate Planning, Don’t Go Broke in a Nursing Home, and Protect Your IRA: Avoid the 5 Common Mistakes. Most notably, Victoria co-authored the National Best Seller, The Road to Success, with Jack Canfield, author of Chicken Soup for the Soul series.
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Victoria Collier has grown her law practice and financial services practice by providing excellent customer satisfaction with personalized wealth protection plans.