Far too many people pass over trusts when beginning the estate planning process. They may think that trusts are too complicated or will cause more problems than they solve. In reality, however, trusts offer a host of benefits, especially for those with substantial assets or special family situations. A trust can protect your estate from massive estate tax obligations. They also are a buffer between your heirs and income tax obligations after you pass. Taxes aren't the only factor to consider, either.
Estate planning facts that elders should know
Aging comes with many physical, cognitive and emotional challenges, some of which are easier to overcome than others. Like most elders in other states, older Georgia residents may be thinking about certain issues, such as estate planning, that they may not have been concerned with years ago. Time has a way of making one feel an urgency when it comes to preparing for the future and protecting loved ones.
Protecting loved ones not always possible in nursing homes
No adult child in Georgia or anywhere wants to witness his or her elderly parent suffering at the hands of care providers. Yet, in many nursing homes throughout the nation, protecting loved ones from abuse and neglect is a main concern. A man in another state says he did his very best to bring concerning issues to the attention of the proper officials, but no one did anything to help his mother, who died from complications related to a urinary tract infection.
Special needs trusts can help your child access state support
If you have a child with special needs, your job as a parent is much different from that of most others. The average parent spends about two decades providing for a child and a few more offering love and guidance. They can pass on in peace, knowing their children have their own family, as well as adequate social and financial support.
Long-Term Care Options for Estate Planning
Long-term care is an essential part of estate planning for those who are no longer able to care for themselves or suffer from serious health issues.
Dementia diagnosis: Will guardianship be the next step?
Many adult children in Georgia do their best to support their aging parents, many of whom reside in various nursing homes throughout the state or in other locations across the nation. Finding a nursing home that is a good fit for a particular parent's needs can be challenging. Even after a parent has lived in a nursing home for a while, any number of issues may arise that necessitate changes in a long-term care plan or prompting a need for guardianship.
Can Medicaid help with my parents' long-term care?
Watching your parents grow older can be a painful experience, and there may come a time when you realize that they would be living the most fulfilling life within the safety of a nursing home.
Medical needs can be addressed in an advance directive plan
Executing a long-term plan to protect an elder parent's estate and provide for his or her well-being is often a challenging process. Many adult children in Georgia and beyond assist their aging parents in such matters. Because it's somewhat common for older people to have special health concerns, many people choose to address medical needs in their long-term care plans.
The Importance of Financial and Estate Planning for Older Adults
Financial and estate planning helps older adults maintain their quality of life and meet their needs as they age. But many people overlook the essentials of planning their financial future, resulting in issues that impact them and their families.
