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December 2019 Archives

Age doesn't matter when it comes to preparing for the future

It doesn't matter if you are just beginning your career, nearing retirement or anywhere in between, there is no time like the present to prepare for the future. In fact, it's about more than just preparing for the future. It's about making sure that certain protections are in place for you and for your family. Sometimes those are the same things, and sometimes they are different.

How to contest a will

Many people in Georgia have had the experience of being left out of a close family member's will. Though the situation can be unpleasant both emotionally and financially, there is usually not anything that can be done about. However, there are rare cases where a survivor may contest the latest will and have it rendered invalid.

How to bring up the subject of estate planning

Georgia residents and others may not feel comfortable talking about their finances. They may also not be comfortable talking about dying or becoming disabled at some point in the future. However, it is generally better to put a financial plan in place before passing or before becoming disabled. Ideally, parents will instill financial values in their children as soon as they are old enough to understand them. Creating a dialogue early can make it easier to bring up the subject of estate planning later in life.

Determining if two trusts are needed

Wills and trusts are designed to allow a person to control their assets and make sure their families are provided for when they are gone. Georgia residents may wonder if it is possible to have more than one trust and if a second trust would revoke the first one.

Why the location of a trust may be important

Those who reside in Georgia may decide to include a trust as part of their estate plans. However, it may be possible to create the document in another state, and many people choose to locate their trusts in Delaware. Delaware is a popular option because beneficiaries who don't live there don't have to pay state income tax on distributions from a trust. Of course, it is possible that a beneficiary will owe taxes in his or her home state.

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