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.
On this blog, we often discuss some of the complex challenges and questions people have when they are drafting, enforcing or disputing various parts of an estate plan. While there are countless issues that can come up, we want to encourage readers of this blog not to be intimidated by the process of estate planning.
Regardless, this tale serves as a good reminder to the rest of us: When you inherit a property-especially in an improving real-estate market-don't underestimate its worth.
Adding to your family through marriage can be a joyful, exciting time. It can also be a stressful time, however, because there is a lot you need to think about and adjust to in order to make as smooth of a transition as possible.
Estate planning is very important in order to make sure a person's wishes are carried out when they pass away. While it may seem uncomfortable, talking to your aging parents about their estate planning is also very important. There are benefits to planning together, and to making sure your parents' estate is handled the way they would want it to be after they are gone. Many estates have fully or partially gone to people they were not intended to belong to, simply because of a lack of planning. You can avoid that by working with your aging parents to help them with their estate planning needs.
It has been said no parent should outlive his or her children. Sadly, however, there are many who do when their children pass away. While this can be devastating no matter how old a child is, it can present a number of legal complications when a child is a young adult with assets and property that parents, generally, will need to deal with.
Information is literally at our fingertips these days. If we don't know who won the World Series in 1995 (hint: Atlanta Braves), how to make lasagna or what type of medical condition we might have, we just do a quick internet search on our computers, tablets or phones. However, there are plenty of subjects that cannot be understood with a quick Google search.
Leaving money, property and other gifts to children is something that parents all across Georgia plan to do when they pass away. Many often spend several years saving and setting aside these assets in the hopes that they will be of great benefit to their kids.