When people in Georgia begin to think about the future of their families, it may be time to consider estate planning more seriously. Making a plan for one's estate can be important for people at all levels of wealth; whether one is leaving behind substantial assets or a small sum, establishing a clear plan can help to protect oneself and provide peace of mind for one's loved ones.
Georgia residents have a lot to consider when they think about the future of their estates, especially how they can use the estate planning process to promote family unity rather than division and how they can best preserve their wealth to benefit their heirs. In many cases, it is difficult to sustain inter-generational wealth, and in other cases, family members start to fight about inheritances after their loved one passes away. Unfortunately, estate planning issues can often lead to internal family disputes and expose resentments that already exist.
You have worked hard to earn your success over the years. As you advance in age and experience, it’s natural to consider where your assets are going to go after you pass on. Do you plan to leave it all to your spouse? Do you want to divvy out cash stipends to your grandchildren when they reach college? These are things that can be handled with a trust.
Georgia residents who are thinking about planning their estate will want to know all of the provisions they should make. Otherwise, gaps in the plan will leave them vulnerable to financial abuse and unexpected events, such as accidents that leave them unable to make their own decisions.
Georgia residents can use a trust as part of an estate plan in a number of different ways. For example, assets such as IRAs can be placed in a trust so they can continue to grow in value tax-free. Another advantage of a trust is that it can allow a person to specify how distributions are made. For example, a beneficiary might only receive distributions at certain ages.
Georgia residents who are looking for a home could find themselves interested in a foreclosed property. However, they should be aware that with fewer houses on the market today, foreclosures could cost just as much as any other home listed for sale. There were 676,535 foreclosure filings in 2017, and that was down 76 percent from roughly 2.9 million in 2010. The 2017 figure was also 27 percent lower than the number of filings in 2016.