Executors should always check for unclaimed property as part of the administration of estates. Georgia has an unclaimed property section of the Department of Revenue. The following address directs you to the search screen. If the estate is outside of Georgia, use Missing Money Website to search.
An effective family asset protection plan is to transfer assets to an irrevocable trust. In the trust, you can preserve property tax benefits for the home-place, minimize income taxes at death, provide for asset management due to incapacity, and allow for Nursing Home Medicaid or VA eligibility.
Aside from asset protection and tax planning, another benefit to holding assets in a business entity is credit. When structured properly, business entities allow you to keep business loans off of the owner’s personal credit history.