Trusts are still valuable financial tools

The differences between an inheritance and a trust lie mainly with the tax-related benefits inheritances have gained over the years. With the lowering of tax rates and more exemptions, the advantage of the inheritance can outweigh the hassle and expense of the creation and administration of trusts for Georgia residents. However, financial professionals still view trusts as excellent financial vehicles. With the taxes Read More

Planning to preserve family wealth

Georgia residents who want to preserve their family wealth for their future beneficiaries may not be aware of some somber statistics. By the second generation, 70 percent of family wealth has dissipated while by the third generation, 90 percent has been lost. A wealth transfer plan may prevent this from happening. Families lose their wealth for several fairly predictable and consistent reasons. Heirs may be Read More

When Is The Right Time To Update My Will?

The answer is any time you face a major life change is the right time to update your will. A marriage, divorce, a birth or adoption of a child, a move between states, anything that changes who your beneficiaries are is a valid reason for changing your will. Doing this promptly helps to eliminate confusion, misunderstandings and hard feelings later on. Major life changes can include events that happen to extended Read More

Planning for the future? Don’t forget to look back.

When it comes time to retire, people don’t just think about how they will pay for retirement; they also think about how they will pay for the kind of care that they want in the event that their health declines. The solutions you consider will invariably depend on your financial resources and your goals for your long-term care needs. If you plan to use Medicaid to support your care needs, for example, you should Read More

What are my options for long-term care?

Whether you are decades away from retiring or you’re in the midst of it, you are wise to begin thinking about your options for long-term care plans. But by taking those steps to prepare for your future, you’re actually in the minority. According to the U.S. Department of Health and Human Services, at some point, nearly 70 percent of Americans will need long term care. Yet, studies, such as the ones being conducted by Read More

What is a Special Needs Trust?

Any parent, guardian or caregiver of a person with special needs has at one time or another wondered, “What will happen when I’m gone?” Whether your loved one is a child with autism or an adult with a traumatic brain injury, the uncertainty of what happens to them in your absence can be daunting. It’s a difficult reality to face and, unfortunately, the financial aspects may be even more complicated than you Read More

Creating a qualified personal residence trust

Georgia residents who are making an estate plan may wonder if they can place their home in a qualified personal residence trust. This kind of trust allows a person to transfer their home into a trust and remain a resident on the property. Usually, parents use it to transfer a home to their children. A QPRT may help save on estate taxes. A vacation home can also be placed in a QPRT. A taxpayer may place a maximum of Read More

Why healthcare directives should be included in every estate plan

While no one ever wants to ever think about the possibility of being diagnosed with a terminal illness or incapacitated following a serious accident, the fact remains that these things can-and-happen with alarming regularity. As much as this can make a person feel utterly powerless, the truth is that they can actually exercise a considerable degree of control over these situations, and provide their anguished loved Read More

The importance of preparing for incapacity in an estate plan

Georgia residents might wonder what they need to do to ensure that their loved ones can make decisions on their behalf in case they are incapacitated. In many cases, appointing a family member as agent under a power of attorney can accomplish this goal. Failing to do so may result in problems later. For example, one person’s mother developed Alzheimer’s disease. Although the person had prepared a power of attorney Read More

Trusts and annuities

Some Georgia residents might wonder whether their trusts should be named as the beneficiaries of the annuities they have as well as whether the annuities should pay into their trusts. There are some good reasons that people may want to have their annuities funded directly into their trusts. For annuities, the annuitant is the life on which the annuity is based and the owner of the annuity is able to control what Read More