There are various tools that are beneficial for long-term care and estate planning purposes. Each Georgia resident can customize his or her own plan to protect assets, set aside funds for nursing home or other medical care or to provide for loved ones by implementing a trust. Since there are numerous types of trusts, it's important to understand the differences between them, especially regarding living or testamentary plans.
Food icon Anthony Bourdain's fans in Georgia and throughout the country were saddened at the recent headlines that announced his sudden, unexpected death. He was the father of an 11-year-old girl. He had also been planning to divorce his wife; however, the divorce was never finalized. While some estate analysts who have reviewed his situation say he did not leave behind a thorough enough plan, one thing he did do was place money in trust, with his child as the primary beneficiary.
Many people, perhaps including some in Georgia, have an aversion to thinking about their own mortality. Others understand the importance of pondering such things and to place certain things in writing regarding asset protection, wills and other estate planning matters. Various documents may be part of an estate plan, including a trust or durable power of attorney.
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.