Many adult children in Georgia are currently helping their aging parents in various ways as they enter their Golden Years in life. For some, this means finding appropriate nursing facilities for parents who can no longer live independently. Others are more focused on the estate planning process, especially if a mother or father has asked a son or daughter to administer an estate when the time comes or to act in some other designated capacity.
Many Georgia homeowners are currently trying to determine the best way to provide for their loved ones when they're gone. How to distribute assets, in particular, who should get the house, is a pressing question that often leads to more questions before answers are discovered. Many people have a difficult time choosing whether to execute a will and include their homes as inheritance or whether to place their houses in trust while they're still living.
Many Georgia residents include health care directives as part of their estate plans. The estate planning process is easily customized; so, although there are commonly used documents in many types of plans, each person is able to choose what or what not to include to suit individual needs and long-term goals. When it comes to living wills (otherwise known as health care directives) there's some misguided information out there that may lead to confusion regarding hospital staff and potential liability.
There are a lot of reasons why you might consider creating a trust for your assets. Perhaps you have a large estate, and you want to prevent tax issues. Maybe you're concerned about the financial habits of a child or grandchild. Sometimes, people want to protect assets for minor children until they are adults. There's also the issue of the high rate of divorce in modern families. A large inheritance could inspire a spouse to file for divorce to obtain some of your assets after you pass.
Many adult children find themselves in the crucial position of helping their parents create and execute a plan for growing older. Even with modern advancements, the process of aging is still a complex and expensive one.
You're aging, and you love your pets. While you may well be alive for as long as your puppy or kitten survives, there's always the chance that you might pass away before he or she does. What happens to your pooch or cat if you can't take care of him or her anymore? Will someone automatically adopt your pet, or should you take precautions?
Georgia parents whose children have special needs may want to consider establishing a special-needs trust for that child. For people who get their healthcare through Medicaid, having more than $1,500 means they will lose their eligibility. A special needs trust is a way to provide for children without triggering the $1,500 limit. It may also ensure that a child remains eligible for benefits such as SSI and that the funds are used only for the person's care. Furthermore, creditors cannot seize assets in a special-needs trust.
Georgia residents may be aware that President-elect Donald Trump is set to become the wealthiest president in U.S. history. With a portfolio of about 500 companies and business deals in several foreign countries, Trump has a multi-billion dollar empire that is raising a lot of questions about potential conflicts of interest.
Georgia investors who are creating an estate plan might look at how they can use trusts and other vehicles to help preserve wealth and teach their family about financial matters. Angel investors might have particular needs when it comes to creating estate plans. For example, since they often do not receive regular statements, they might want to keep careful records so their family can track those investments.
Georgia residents who are making estate plans might want to consider creating a living trust that they place their home into. If they have homes in other states, they might want to put those into the trust as well. This will prevent the homes from being tied up in probate in multiple states. The probate process can be lengthy and expensive in some cases while a trust allows funds to pass directly to a beneficiary.