Many older people in Georgia are concerned with issues having to do with long-term care. Planning an estate often intersects with various long-term care situations. Creating a solid plan is easier if one first seeks clarification regarding terminology, such as trustee, beneficiary, revocable, irrevocable and more.
Many Georgia elders spend a lot of time thinking about their own mortality. Most want to make sure their health care needs and final wishes are fulfilled if they become incapacitated and unable to speak for themselves. It's not uncommon for a parent of adult children to make such wishes known through private conversations with a son or daughter. The estate planning process can be used to ensure that an elder's instructions are carried out.
Anyone currently making payments to a nursing home or researching potential costs involved in helping a loved one transition to full-time nursing home residence understands how expensive it can be. Many Georgia elders are concerned that their assets will take serious hits as they try to meet the staggering costs of their assisted living care. There are several things older people can do for asset protection when making long-term care plans.
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.
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.