Many Georgians are adult children of aging parents. It is natural for a son or daughter to want to help mom and/or dad set up a long-term care plan. Estate planning often addresses long-term care issues and can include a financial power of attorney.
Having a child or grandchild with special needs means that you have to plan for their future in a way that most parents never do. In many cases, you can anticipate that the special needs individual in your family will outlive you, which means they will have a need for financial resources long after you're gone.
Many Georgia residents are waiting until they are older to get married, perhaps age 40, 50 or beyond. There are many reasons people say they're choosing to wait to get married until later in life. Getting married at age 55 is definitely different than getting married at age 25. The older spouses are, the more critical it is for them to discuss estate planning as they transition into married life.
In Georgia and across the country, the U.S. population is aging. If you're age 65 or older, you may find yourself focusing more on long-term care planning than you used to at a younger age. As time passes, it is understandable that you want to make sure your estate plan is organized and up to date, that you have discussed your wishes, needs and goals with your loved ones, and are building a network of support that you can tap into for assistance, as needed.
Aging can be hard on both the body and the mind. People begin to lose their flexibility and strength. They become more susceptible to illnesses. In some cases, they also begin to experience cognitive decline, which could involve issues such as memory loss or frequent bouts of confusion.
Any Georgia parent who has six children likely understands that sibling rivalries are not uncommon in life. However, most parents hope their kids will be friends as well as siblings. As parents age, disagreements can arise between brothers and sisters that cause serious, sometimes even permanent rifts. Such is the case for six siblings in another state who disagreed about a situation involving their father's lakefront property and a bank that was made conservator and guardian of a trust.
Georgia estate owners who wish to set aside property for their loved ones, but who also wish to help family members avoid probate, may wish to explore options that can help them achieve both goals. Setting up a living trust is a common means for managing property while keeping taxes low. However, merely setting up a trust is not enough; in fact, it is no good at all if property or assets are never transferred to it.