Parents of children with disabilities who are living in Georgia are often concerned about estate planning. If a person with a disability is receiving Supplemental Security Income (SSI) benefits, getting additional income, even in the form of an estate bequest, could disrupt SSI payments and eligibility for Medicaid.
Some people in Georgia may have known couples who were married for a long time and died within days or weeks of one another. Sometimes called "broken-heart syndrome," this can actually cause problems for their estate plans if they have not prepared for the possibility.
People in Georgia may find that the deaths of George and Barbara Bush prompt them to think about their own estate plans. Even though the Bushes were quite wealthy, lessons from their example could be useful to people of more modest means planning the future of their assets as well as those who want to manage the disbursement of significant estates. It is important to note that the Bushes died within eight months of one another. For long-time, older married couples, it is far from uncommon for the passing of one spouse to be followed shortly thereafter by the other. This phenomenon is even referred to as the "widowhood effect."
Georgia residents have only fulfilled half of their estate planning responsibilities by drafting a will or other documents. Once these documents are created, it is vital for individuals to review them on a regular basis. For instance, when a person moves to another state, he or she could be bound by different probate laws. It is also possible that a spouse may be entitled to a greater share of assets in that new state.
Estate planning is not just for older or wealthy people. There are logical reasons for a young couple to create an estate plan. Here are four tips to help you map out the details for what may best be described as your “life plan.”