When it comes time to retire, people don't just think about how they will pay for retirement; they also think about how they will pay for the kind of care that they want in the event that their health declines.
When Is The Right Time To Update My Will?
The answer is any time you face a major life change is the right time to update your will.
Planning to preserve family wealth
Georgia residents who want to preserve their family wealth for their future beneficiaries may not be aware of some somber statistics. By the second generation, 70 percent of family wealth has dissipated while by the third generation, 90 percent has been lost. A wealth transfer plan may prevent this from happening.
Trusts are still valuable financial tools
The differences between an inheritance and a trust lie mainly with the tax-related benefits inheritances have gained over the years. With the lowering of tax rates and more exemptions, the advantage of the inheritance can outweigh the hassle and expense of the creation and administration of trusts for Georgia residents. However, financial professionals still view trusts as excellent financial vehicles.
