estate planning Archives

What to consider when making an estate plan

Georgia residents and others may ask an attorney or another professional for help creating an estate plan. However, it is critical that they understand the details of the plan well enough to explain to others. The structure of a plan will depend on a variety of factors unique to the person who is creating it. Those who have life insurance policies or other assets that come with beneficiary designations should review those designations regularly.

Estate planning dispute likely after famed musician's death

For Georgia residents and people across the United States, estate planning can be a frequent source of disagreement, especially when there are significant assets involved. If the parties are wealthy and prominent, it can make the situation exponentially more complicated. Such is the case with the recently deceased musician Ric Ocasek and his wife, model Paulina Porizkova.

Health care estate planning for young people

Most people in Georgia and around the country attend to estate planning matters because they are getting older or have accumulated assets that they wish to protect. However, some of the documents found in a comprehensive estate plan can be extremely valuable even to college students. This is particularly true of documents dealing with health care decisions because young people tend to enjoy dangerous activities like rock climbing and skiing and are also disproportionately represented in traffic accident statistics.

Outdated will causes problems for John Singleton estate

Georgia residents should avoid making the mistake of procrastinating on creating or updating an estate plan. The case of film director John Singleton offers a useful example of why this is the case. Singleton died suddenly in April from a stroke at the age of 51. The will he left behind was prepared in 1993.

Why choosing the right trustee matters

One of the most important steps in creating a trust is choosing who will act as the trustee. The person who is creating the trust may want to choose a close friend or family member to serve in that role. However, it is also possible to have a financial adviser or another professional act in such a capacity. Some individuals may find it appropriate to have both a family member and a professional work together to administer a trust.

Specialized trusts can reach different estate planning goals

Estate planning strategies should be tailored to the unique circumstances of the person making the plan. However, it's also an area that can change rapidly based on state and national politics. In the future, the estate tax exemption may drop from $11.4 million to as little as $3.5 million, and the gift exemption could drop from $11.4 million to $1 million. For couples in Georgia who are considering their estate plans, the possibility of a drop in the estate tax exemption may require taking steps to ensure their assets are protected.

Estate planning for blended families

Estate planning in Georgia, as well as other states, involves making decisions about end-of-life issues as well as the distribution of property and funds after death. In most cases, the estate planner is primarily concerned with the needs and feelings of heirs and loved ones. These individuals likely include spouses, significant others, children and, in some cases, stepchildren.

A child's birth requires estate planning

The arrival of a new child is at the pinnacle of life's greatest joys for a Georgia couple. While no one wants to detract from the moment by contemplating 'what if" scenarios, this is precisely the time to address such situations in an estate plan. There is no greater responsibility than being a parent, and an early lesson to learn and pass on to children is to be proactive.

Details can make the difference in estate planning

People in Georgia may want to pay close attention to beneficiary designations when they think about estate planning. People may feel that when they have written a will or established a trust, they have everything in order for the future. However, a wide array of assets are not generally distributed through a will or the probate process. Instead, they pass directly to another person by naming a payable on death beneficiary. Life insurance, investment accounts and retirement funds are some of the accounts that most frequently pass by naming a beneficiary, as are regular bank accounts.

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