With the recent passing of singer Aretha Franklin, the nation mourns the loss of an American musical icon. While Franklin certainly was skilled at dominating any stage she found herself upon, she didn't have the same level of ambition when it came to estate planning. Like so many other high-profile Americans in Georgia and elsewhere, Franklin departed without wills or trusts to guide the disposition of her extensive estate.
For Georgia residents who served in the military, planning for the future can be a complicated matter. Understanding the full scope of VA benefits is never easy, and navigating the process of applying for and receiving long term care is no exception. The best way to avoid an unpleasant surprise is to work with an elder care attorney to determine the type of long term care planning needed to support vets through their later years.
For Georgia residents considering their estate planning options, living trusts may offer some attractive features. While wills are a good place to start an estate planning journey, it's worthwhile to consider the benefits of a living trust. The reason they're named living trusts is because they are created during one's lifetime.
Most Georgia residents take a "big picture" approach when working on estate planning. They think ahead when considering how assets should be transferred, how to minimize taxation, and how to provide loved ones with all the guidance needed to navigate the aftermath of a loss. Many people even remember to include provisions for guardianship of their children, if the need should arise. But what happens when parents pass away unexpectedly? Specifically, what happens in the hours, days and sometimes weeks, before the provisions laid out in wills and other documents are put into motion?
Your memory is what informs your decisions and helps you process information and understand the world around you. If something were to happen that took your memory away, a major part of your identity would be lost. This is why dementia is both tragic and dangerous. As victims lose their understanding of the past, they also lose the ability to face the future. It is important to be on the lookout for symptoms.
For most Georgia residents, the primary purpose of estate planning is to pass down accumulated wealth to the next generation. For families that have a loved one struggling with addiction, that goal can become complicated. Deciding how to best structure an inheritance means taking the time to think through all of the possible outcomes prior to creating wills and trusts.