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Thompson Mungo Firm

Georgia Property Tax Homestead Exemption

Some of us have put our properties, like a home and land, in a trust as part of our estate plan. In transferring properties to a trust, whether a house or land, additional paperwork should be completed. For example, your living trust will only be properly funded if you take the necessary steps to ensure that the title to your home is properly and legally transferred to the trust. Funding is the process of transferring title to an asset from your name personally to the name of the trust. Once funding is accomplished, there are certain benefits that will need to be renewed such as homestead exemption.  It is important to re-apply for any exemptions or incidental benefits that may have been held prior to funding your property to the trust.
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Thompson Mungo Firm

Who Controls The Asset Of A Deceased Loved One?

When a loved one passes away, dealing with the financial affairs of their estate can be overwhelming, daunting, and stressful. Many families try to name a family member as their preferred executor in their Will—but that can put that family member at risk if there is a conflict of interest during grieving. The law in Georgia is very clear about who controls the estate or the assets if a loved one dies in Georgia.
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Thompson Mungo Firm

Probate and Minor Settlement Update in Georgia

The elimination of procedures for court approval and conservatorship in settlements of less than $25,000 frees parents and guardians from the difficulties and burdens associated with the process. It saves a significant amount of time and money, as well as the hassle of paying multiple fees.
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Tanieka Thompson Mungo

If I Don't Have an Estate, Do I Really Need an Estate Plan?

You don't need to have a summer house on Lake Lanier or a private art collection big enough to rival the High Museum of Art to consider yourself the owner of an estate. In fact, virtually anyone who owns anything has an “estate” in the eyes of the law.
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Tanieka Thompson Mungo

Which life events require an immediate estate plan update?

Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation-skipping transfer, and probate court costs.
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Thompson Mungo Firm

Chadwick Boseman Died Without A Will

Discover the impact of Chadwick Boseman's estate without a will, including probate details, costs, and the importance of estate planning for protecting assets and privacy. Learn from his case study.
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Thompson Mungo Firm

IMPORTANCE OF UPDATING BENEFICIARY DESIGNATIONS

Beneficiary designations are typically chosen upon opening a bank account, retirement account, or life insurance policy but can sometimes be forgotten. After your passing, the account's assets will be transferred directly to the beneficiary you chose.
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