As the premier litigation attorneys for the state of Georgia, we have firsthand experience helping families resolve conflict. In the latest “Wealth Matters” radio show, Gaslowitz Frankel partners Adam Gaslowitz, Craig Frankel, and Robert Port hosted a roundtable discussion on how to avoid family disputes regarding money, estates, and businesses.
What Are Some of the Most Common Family Disputes?
Disputes about estate planning and family businesses tend to arise when family members are not informed about relevant estate planning decisions. Miscommunication or lack of communication is the biggest culprit in estate disputes.
Often, litigation attorneys find themselves educating their clients as to their rights (or lack thereof) to assets being passed down by the older generation. “For us,” says Craig Frankel, “we take a lot of time to educate our clients on what their rights are and what’s going on with their family’s estate or business.” Good communication can avoid such conflicts before they arise.
Favoring one beneficiary over another in an estate plan can cause problems if the other beneficiaries do not understand the decision. Even something as simple as labeling transfers as a gift, loan or advance on inheritance can help. Ultimately, clear communication about the reasoning behind financial decisions is the best protection against disputes.
What are Some Estate Planning Changes That May Happen at the End of One’s Life?
There are a plethora of reasons why an estate plan may drastically change near the end of a person’s life. A parent may want to compensate the child who sacrificed to care for them. Or an estate plan may be changed to address changes in the tax code.
Older people may change their estate plan to add protections in the event they are unable to care for themselves. In this case, they might create a trust for their primary benefit that pays out to their beneficiaries after they die. In these cases, Robert Port suggests it may help to use an independent fiduciary rather than a family member. “We often see situations where a child, for entirely good reasons, is given control, and unfortunately abuses it.” An independent fiduciary can prevent such abuse, protecting the grantor and their future beneficiaries.
How Do I Choose an Estate Planning Agent?
When choosing an agent to carry out your estate plan, it helps to know the difference between a power of attorney, trustee, guardian, and a conservator. A power of attorney gives another person the right to act for the principal and make decisions when the principal is not able to do so. Guardians and conservators serve a similar function but they are appointed by a Court to make decisions for someone who is no longer able to care for themself. Guardians make personal decisions, while conservators make financial decisions.
Choosing an appropriate agent is crucial. An individual should consider every angle when making their decision. Robert Port observes that “for entirely understandable reasons, a parent will often choose the child who they think is the most successful. The doctor, the lawyer, that CPA — without really considering the burden, or whether they have the fortitude, the capacity, or the integrity.”
Premier Estate Litigators in the State of Georgia
If you find yourself in an estate dispute, Gaslowitz Frankel LLC are experts in estate litigation. When you contact our law office at 404.892.9797, you’ll be in touch with the premier fiduciary litigators for the state of Georgia.
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Gaslowitz Frankel LLC is the Southeast’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes with over 30 years of experience representing individuals, executors, trustees, and more in complex fiduciary disputes involving wills, estates, and trusts.
