Dear Friend,

Owning a luxury property in Georgia isn’t just about enjoying the stunning views, high-end amenities, and exclusive locations—it’s also about protecting your investment and ensuring it remains part of your legacy. Take, for example, the recent listing of a $40 million mansion on Sea Island. This masterpiece represents a lifetime of hard work and success.

But here’s the problem… high-value properties come with high-level risks if you’re not prepared. Without proper estate planning, that $40 million dream home could turn into a financial nightmare for your heirs—full of taxes, legal disputes, and drawn-out court battles.

If you own luxury real estate in Georgia—or are considering investing in it—it’s essential to have an estate plan that protects your property, minimizes tax exposure, and ensures your wealth is passed on according to your wishes.

Let me show you how.

Why Luxury Properties Require Specific Estate Planning

High-value properties aren’t your typical real estate. We’re talking about estates with multiple structures, oceanfront views, historic value, or unique architecture. These properties come with complex legal and tax considerations, and if you don’t plan for them, you could be leaving your heirs a massive bill instead of a priceless asset.

The top risks?

  • Massive estate taxes
  • Lengthy and expensive probate processes
  • Family disputes over ownership or sale
  • Unintentional disinheritance due to outdated documents

But the good news is, with the right planning, you can protect your property and your family.

  1. The Tax Trap: How the IRS Eats Away at Luxury Estates

Let’s talk taxes—the uninvited guest at every estate planning table.

While Georgia doesn’t have a state-level estate tax, the federal government does. As of 2025, estates valued over $13.99 million face federal estate taxes of up to 40%.

Now, imagine you own a property like the $40 million mansion we talked about earlier. Without the proper structure in place, your heirs could be looking at a $10 million+ tax bill—and that’s just federal taxes.

Solution? Utilize tax-smart estate planning strategies like:

  • Irrevocable Trusts: Move the property out of your taxable estate to reduce exposure.
  • Qualified Personal Residence Trusts (QPRTs): Transfer your primary or secondary residence into a trust while freezing the value for tax purposes.
  • Family Limited Partnerships (FLPs): Use FLPs to transfer ownership interest to heirs while maintaining control and reducing taxable value.

These strategies don’t just protect your property—they protect your legacy.

  1. Avoiding Probate: Why Your Heirs Will Thank You

Luxury real estate caught in probate is a nightmare. It’s expensive, public, and time-consuming. Your family could wait months—or even years—before the property is legally transferred.

The solution? A well-structured Revocable Living Trust.

By placing your high-value property into a trust, you:

  • Avoid probate entirely
  • Ensure faster and private asset transfer
  • Keep the property within the family without legal hiccups

This is one of the most effective tools for luxury property owners in Georgia, and it can save your heirs a lot of headaches—and a lot of money.

  1. Succession Planning: Keeping the Estate in the Family

Think your heirs will automatically keep your luxury home? Think again.

Without clear instructions in your estate plan, disputes often arise. One heir wants to sell the house, another wants to keep it, and before you know it, the whole thing ends up in court.

Here’s how to avoid that:

  • Clearly outline who inherits the property
  • Decide whether the home will be sold, retained, or split
  • Use buy-sell agreements if there are multiple heirs involved
  • Set aside funds in a trust for ongoing maintenance of the property

Succession planning isn’t just about who gets the house—it’s about how that house will be handled for future generations.

  1. Gifting Strategies: Lower Taxes, Bigger Legacy

Here’s a smart move: gift your property while you’re still alive to take advantage of the current lifetime gift tax exemption of $13.99 million (as of 2025).

But don’t just sign over the deed—use strategic tools like:

  • Grantor Retained Annuity Trusts (GRATs) to pass on the property while minimizing gift taxes
  • Charitable Remainder Trusts (CRTs) if you want to donate the property in the future while still receiving income from it today

With the right gifting strategy, you can reduce your taxable estate and watch your family enjoy the property while you’re still around to see it.

  1. Work With the Right Experts

High-value real estate and estate planning is not a DIY project.

You need:

  • An experienced estate planning attorney (that’s me!)
  • A knowledgeable income tax advisor
  • A real estate expert who understands Georgia’s luxury market

Luxury real estate is more than just property—it’s a part of your legacy. Whether it’s a stunning Sea Island mansion, a Buckhead estate, or a mountain retreat in North Georgia, you worked hard to acquire it. Now it’s time to protect it.

The right estate plan ensures that when the time comes, your family isn’t left scrambling to figure out what to do—or worse, left footing a massive tax bill.

At Bascom Law, we help high-net-worth individuals in Georgia safeguard their estates. Let me help you create a plan that keeps your property in the family and your wealth protected.

Call me today at 770-285-5493 to schedule a consultation.

Because when it comes to protecting a $40 million property—or even a $4 million one—proactive planning makes all the difference.

Sincerely and Thanks,

Mike Bascom
Bascom Law, PC