It is too easy to dismiss the urgency of estate planning when you feel fine. However, estate planning is not just about your future; it is also about your financial and physical health. It does not matter if you are close to retiring in the Duluth area or have several more years to go, it is important for you to create and update your estate plans to reflect the state of your current wishes.
Georgia residents who want to leave part of their estate to their favorite charities may consider using a charitable trust. One of the many advantages of doing so is that it can provide tax benefits for the donors. As the name implies, charitable trusts are created for a charitable purpose. According to Uniform Trust Code Section 405, the charitable purpose may be related to the propagation of religion or education, relieving poverty, encouraging health, fulfilling municipal or governmental purposes or any task geared toward benefiting the community.
Estate disputes are not uncommon, particularly amongst blended families. Studies have found that families composed of a step parent and children from a previous marriage are more likely to face a dispute than a traditional, nuclear family.
Georgia residents may think that they only need to create an estate plan to account for their personal assets. However, business owners in that state and elsewhere may want to create an estate plan that accounts for business assets as well. One of the best reasons to have a business estate plan is that it may ensure the survival of the company after the owner passes on.
Georgia parents may not experience significant consequences if they die without a will. In most cases, their assets would go to their spouse or their offspring. Typically though, parents leave assets to their children in a formal estate plan. However, if a person doesn't have children, dying without a will or other estate plan documents could be problematic. This may be true whether a person is single, living with a partner or married without children.