Some Georgia residents are fortunate enough to own a vacation home in another country, a business venture on distant shores or a boat registered in a foreign port. While all of these assets can be incredibly rewarding, they also pose a specific set of estate planning needs. Wills and other documents must be structured in very specific ways to ensure these assets are handled properly once the time comes.
Perhaps you are preparing to draft your last will and testament. You will need to name an executor and your first thought is your spouse, but he or she may not be well-suited to the job.
Estate planning is a process that involves important decisions that can impact a person's family and his or her own health care in the future. The decisions made are often complex, and Georgians understand the importance of carefully considering all choices that may affect their long-term interests. Proceeding carefully and avoiding certain mistakes is an important factor when drafting wills and other estate planning documents.
The enormous cost of residency in a nursing home or similar qualified facility in Georgia and other states can be an unexpected development that intrudes to deplete a family's assets. This can erase the carefully laid plans of a couple to enjoy their assets through their retirement years. Medicaid planning may be a way to avoid the economic ravage and still provide the needed care for a loved one.
No one wants to think about the loss of a loved one, but failing to discuss important estate planning matters can make a loss exponentially worse. For many Georgia families, sitting down for a discussion about wills and other estate planning documents can actually bring about a significant sense of relief. According to one study, only around 21 percent of parents have shared their plans with their adult children. That can leave many with unexpected outcomes when the time comes.
You have probably heard about the uptick in financial schemes aimed at the aging. Scam artists send emails purportedly from a close relative, asking for money to help get out of a bad situation. Or perhaps there are telephone calls from a bill collector claiming payment is necessary for some unrecognized bill or else legal action will occur.
Planning for the future is an important part of life for all adults, especially those who are nearing or in retirement age. While few men and women in Georgia want to consider their long term care planning needs, taking a proactive approach can make a big difference in the final outcome. Fortunately, there are options when it comes to long term care planning.