The goal of angel investors in Georgia and around the country is to achieve large returns based on the success of startup companies. In turn, the money earned is then often given to family members or charities in an effort to further their needs or interests. As a general rule, it may be more beneficial to gift assets to children or family members before they appreciate in value.
Georgia residents who are creating their estate plan might want to consider placing their home in a living trust. This may allow the home to be transferred more quickly to the beneficiary without having to go through probate. A trust is also more private than a will because it is not considered a matter of public record.
Many people in Georgia are firmly committed to helping their children and grandchildren with their educations. Knowing that the cost of schooling has increased significantly over the past decades, these individuals often look for options that can provide funds for tuition and fees while also minimizing tax liabilities. One option is to start an education savings-specific investment account for one's descendants. The other is to establish an education trust.
Georgia residents who do not have an estate plan may want to consider creating one. Estate plans are not just for wealthy people nor are they only about distributing assets to heirs. They are also about being prepared in case of incapacity, among other things.
Unfortunately, it's not uncommon for loved ones in Georgia and across the U.S. to pass away unexpectedly without having a written will in place. According to a 2016 study by Harris Poll for Rocket Lawyer, 64 percent of U.S. adults have no will. In addition, many people have wills that aren't properly prepared.
After nearly 20 years of litigation and fighting in the press, the conflict between the estates of Anna Nicole Smith and her billionaire husband J. Howard Marshall has been resolved. On Monday August 18th, a federal judge in Orange County rejected Smith's estate's last-ditch attempt to obtain roughly $44 million from the late Texas oil tycoon in the form of sanctions for delaying tactics employed by Marshall's heir and lawyers throughout the long-running battle. The judge noted that Smith's estate failed to provide sufficient evidence of actual damages suffered as a result of the aforementioned tactics.
When parents in Georgia are thinking about estate planning, they might be worried about their children squandering their inheritances too soon. However, there are steps that parents can take to help prevent their children from mismanaging the inheritances that they receive.
Some people in Georgia may delay their estate planning because the subject can be a little scary. After all, estate planning requires a person to face two unpleasant topics: death and taxes. While estate planning may not be fun, a person who dies with no estate plan may end up leaving their family members with obligations that are much scarier than writing a detailed will.
Georgia entrepreneurs often focus so hard on making their businesses succeed that they fail to plan for the succession of ownership in the future. Among business owners, 73 percent of them lack any type of formal plan for selling a business or transferring it to heirs. A business, especially a family-owned one, represents an illiquid asset. It may produce income but its actual value could be hard to identify without a purposeful financial analysis.
Georgia residents who are beneficiaries of trusts may sometimes experience a breakdown in communications with the trustee. This is not an uncommon situation when a trustee is trying to follow the wishes of the settlor while the beneficiaries are concerned about getting the assets that were left to them. However, it usually does not indicate deliberate deceit on the part of the trustee.