Planning for long-term care of the elderly often includes matters of estate. When a Georgia resident enters the estate planning process, he or she is likely to encounter various terms and phrases that may sound complicated or difficult to understand without appropriate legal guidance. Gaining an understanding of basic estate plan terminology ahead of time can help make the execution of a thorough estate plan less stressful.
Many Georgia estate owners are concerned about helping to provide for their loved ones well into the future, long after they themselves are gone. Some have children or other family members with special needs. Others are interested in helping to pay for loved ones' college educations. There are various means for securing such gifts within an estate plan, one of which is to sign an irrevocable trust.
There are some Georgia residents who will enter their later years in life possessing high net worth assets amassed through years of business ownership. For some, such assets will prompt discord among adult children and other beneficiaries; however, with appropriate elder law guidance, many legal problems may be avoided. It used to seem to that all was in order where the Marriott empire was concerned until John Willard Marriott III, son of hotel mogul Bill Marriott, publicly stated that he planned to sue his father and uncle to have them removed as trustees on a trust to which he has been barred access.
Many Georgia residents are currently considering executing their first initial estate plans. The process is highly customizable, so there's no one way to go about it. Within a typical estate plan, there are usually several types of documents, one of which may include designation of a trustee.
Many Georgia parents take the time to execute thorough estate plans to protect their assets and provide for their loved ones after they're gone. Just as many parents must intervene when their young children squabble and bicker, there also seems to be an increase of sibling rivalry where estate planning documents are concerned. The only difference is, if children are adults and fight over a trust or some other aspect of an estate plan, parents are no longer there to intervene.
Protecting your assets is a fundamental goal of estate planning. It ensures that assets are managed and distributed appropriately based on your preferences. Irrevocable trusts are just one of many tools used in estate planning. They reduce the tax burden of your estate and allow you to transfer its value to loved ones. But there are many other benefits of an irrevocable trust.
Many Hollywood fans grew up enjoying the antics of famed actor and comedian Jerry Lewis. Georgia residents were likely among many others throughout the nation who mourned his death at age 91 from heart failure. Since then, news has gone viral regarding several estate planning decisions Lewis reportedly made before he died.
Many Georgia residents (and those elsewhere) avoid the topic of their own mortality like the plague. Others understand the potential benefits of such discussions, especially when it comes to estate planning. Procrastination in organizing an estate arises for many reasons. Often, it is lack of knowledge about a particular issue, such as trust planning, that keeps people from moving forward with their estate plans.
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.