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July 2018 Archives

Tips for selecting surrogates to act as agents of an estate plan

Every estate plan in Georgia has unique aspects, but most benefactors need to select trusted agents to fill roles like trustees, power of attorney agent or executor. When choosing people or professional organizations to occupy these positions, people typically need to weigh family dynamics and the skills and willingness of the individuals they choose for these roles.

Choosing who to leave a legacy to in an estate plan

A Georgia entrepreneur who runs a business or has other complex investments might want to eventually pass on these assets to their children. However, a family member may not be the best choice to take over a company or manage other complicated assets. Another option is to have employees and other professionals take over those assets while still ensuring that family members receive the financial rewards.

These debunked Medicaid myths will help you help your parent

Despite best efforts, few people are prepared when the time comes to send their parent to a nursing home. While some senior’s health gradually declines and your moment of decision is less clear, other seniors have a sudden incident, such as a fall or an illness, that makes the decision to move to a nursing home clear.

How to know if trusts are right for an individual

While trusts can be helpful for those in Georgia who are looking to take advantage of the new estate tax rules, this isn't always the case. As a general rule, trusts should not be setup for grandchildren as there could be other ways to help them. Financial advisers may first want to determine if a person would want to access funds or other assets given away to children or grandchildren.

Why it's necessary to plan for long-term care needs today

According to Key Private Bank, less than 25 percent of clients with a high net worth have long-term care plans in place. For the purposes of the study, a Georgia resident would qualify as high net worth if he or she had more than $1 million in assets. One of the challenges of planning for long-term care needs is that individuals may also be trying to save for a house or other long-term expenses.

Some trust are better than others when interest rates are high

As interest rates fluctuate, individuals should revisit their trust-planning strategies. Certain types of trusts tend to provide better value than others in high interest rate environments. Georgia residents may consider updating their estate plans to include a charitable lead annuity trust (CLAT) or grantor retained annuity trust (GRAT).

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