Roswell Law Blog

Do you need a trust? If yes, what kind?

Setting up an estate plan can be daunting, especially if you are just starting out. There are a lot of elements that go into estate planning and deciding if you need a trust is just one element.

If you are debating whether or not you need a trust, it is likely that you already have a will. If that’s the case, you are ahead of the game, as only four in 10 Americans have a will.

Empty-nesters might need to redo estate plans

When parents become empty-nesters, this can be a sign that it is time to re-evaluate their estate plans. There are multiple reasons for this.

When children are minors, their parents want to ensure that if they were to have an untimely death, their children would still be provided for, including college educations. But once the kids have graduated from college and gotten launched in the world, financial priorities change.

What are the benefits of a financial power of attorney?

Estate planners in Georgia should consider a financial power of attorney (POA) to be an essential element of their estate plans. However, many never complete such a document and this can cause problems for themselves and their loved ones later down the line.

To help motivate you to complete a financial POA as soon as possible, here is a list of benefits that this document will bring you:

The importance of an accurate and valid living will

It's generally not very pleasant to have to think about the end of your life. Many people will put off planning their estate or creating a will for years. That can leave their families, minor children and assets in legal limbo if they unexpectedly pass. However, there's another aspect of estate planning that can put the planner in a dangerous position if not properly addressed.

Whether you currently have perfect health or a family history of medical issues, you need to take the time to draft a living will. Not only will this help you if you experience a serious medical event or traumatic accident, it can also guide your family as well.

6 tips to help you select the right nursing home

If your aging relative requires nursing home care, you probably want him or her to live in the best nursing home available. The thing is, nursing homes can appear like a great match for your loved one, when, in fact, they are not.

It takes time and diligence to ensure you've made the right selection when it comes to nursing homes and long-term care facilities. However, by keeping the following nursing home selection tips in mind, you'll be well on your way to doing the right thing for your loved one.

Don’t include these things in your will

If you have not started preparing your will, it is past time to do so. By having a will in place, should you pass away, you will maintain control over what happens to your estate. For example, if you have a preference in regard to how your beneficiaries divide your property in Roswell, you should put it in writing. If you do not, a Georgia probate court will make the decision for you.

While you might be tempted to leave very detailed and precise instructions for every single asset and property you own, there are some things you should not include in your will.

Irrevocable trusts: A serious decision that can benefit you

Georgia estate planners who choose to create an irrevocable trust have made a serious commitment. Essentially, they have decided to give up ownership of their trust property permanently in order to receive the benefits of an irrevocable trust.

Although they will have forfeited control of the property inside the trust, the creators of irrevocable trusts will still be able to control the rules governing the trust, and they'll be able to dictate how the assets in the trust shall be used. They'll also be able to select the trustees and beneficiaries of the trust, and can even reserve the right to change who the beneficiaries are.

Do your parents have a health care power of attorney?

It's hard to watch our parents grow older. Perhaps your mother and father are in their 80s, for example, and they're not able to do all the things they used to enjoy. Playing tennis on the weekends with dad doesn't happen anymore, and mom comes to spend an afternoon with her grandchildren she isn't able to stay as long.

We all get older and, when this happens, we often have to depend more on others for support. If you're seeing your parents getting older, it may be time to have a conversation with them about estate planning and whether they have everything in order so you can be of the most assistance to them when they require it. One thing that's particularly important is having them create a healthcare power of attorney.

Tax advantages of charitable trusts

When it comes to creating your legacy, there are many facets to consider. An estate plan is an excellent way to make your wishes known and provide for the people and causes near and dear to your heart.

Your generosity to the causes you care about is an important part of creating your legacy, and even if you aren't ready to make a significant gesture by establishing a charitable trust, you can still familiarize yourself with the concepts.

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Herman Law Firm, LLC
760 Old Roswell Rd., Suite 119
Roswell, GA 30076

Phone: 770-609-4468
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