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October 2019 Archives

Estate planning issues for stepparents and stepchildren

Estate planning can raise tensions for families in Georgia, especially when blended families with stepparents and stepchildren are involved. Remarriage is perhaps more common than ever before, and people planning for the future may want to consider how they can best balance out the interests of their spouses and their children. This is especially true when two people marry later in life with their own grown children. Many people do not even make a basic will; they may expect to rely on intestate distribution. In other cases, people make a simple will leaving everything to their spouse.

Estate planning is changing in the modern world

In previous generations, the typical American family consisted of a married wife and husband living at home with their biological children. However, only about 35% of couples in Georgia and throughout the country today are what would fall under that category of a "traditional family." Therefore, it will likely be necessary for most people to have estate plans that look different than the ones that their parents or grandparents put together.

Proposed estate tax changes prompt interest in trusts

Georgia residents who have put off drafting an estate plan may now be thinking about taking action due to the estate tax reforms being proposed by several leading political figures. Senators Bernie Sanders and Elizabeth Warren both support slashing exemptions to pay for programs that would expand health care, forgive student loan debt and fund infrastructure projects, which has prompted many people who do not think of themselves as rich to start worrying about estate taxes.

Estate plans do not last forever

Estate planning is not always easy in Georgia. While some people may have complicated assets, others might need to ensure heirs get their share of an inheritance. However, one problem is more universal. In general, estate plans are often not updated when they need to be.

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