ATLANTA, GEORGIA - As graduating seniors prepare to travel abroad or leave for college, parents are urged to help their children prepare HIPAA forms, a power-of-attorney and an Advance Health Care Directive to ensure they are consulted and actively involved  in their child’s care should they become seriously ill or incapacitated in accident.

Under current privacy laws, parents may be barred from making necessary medical and life-saving decisions on their child’s behalf without such documentation in place.  Parents may further find themselves unable to obtain necessary medical records without an Advance Health Care Directive and signed HIPAA form in place.

“Most parents assume they can make medical decisions on their child’s behalf until they are legally married, but that is just not the case,” says Marietta, Georgia, estate planning lawyer, Steve Worrall  “The law can prevent parents from getting involved in the care of a child 18 or older without explicit permission through legal documentation,” he warns.

For that reason, Worrall urges parents of graduating seniors to help their child complete the following 3 documents which give them permission to intervene medically and make life-saving decisions on their child’s behalf:

1. Advance Health Care Directive- This document allows a young adult to appoint someone they trust (the parent) to be their health care agent should they wind up in a coma or become otherwise incapacitated in a serious accident.  It also specifies the type of long-term care or life support the child would want should they become incapacitated or left in a permanent vegetative state.

2. Financial Power of Attorney- Having a financial power of attorney is necessary to give someone (preferably the parents) permission to access any bank accounts and act financially on the adult child’s behalf if an emergency occurs.   Such activities covered under the power of attorney include paying bills, buying or selling assets, applying for social security or other government benefits and the opening and closing of accounts.

3. Signed HIPAA Form- Parents should have their adult child pre-sign a HIPPA form to ensure they can immediately communicate with physicians and access important medical records.

Finally, to facilitate greater assistance from parents in the event of an emergency, Worrall also recommends keeping an ICE Card (In Case Of Emergency) in the child’s wallet listing the names of all approved emergency contacts, health insurance information and all known allergies. 

“It’s such a natural instinct to want to jump in and help our children in an emergency.  Yet without these documents in place, parents could be helpless spectators of their child’s care if they are incapacitated and unable to speak for themselves,” warns Worrall.   Fortunately, this situation is entirely avoidable and I advise parents to protect their child with these critical documents before summer begins,” says Worrall.

For more information on the 3 legal documents every graduating senior needs to ensure their parents can intervene medically on their behalf or for more information on Marietta estate planning lawyer, Steve Worrall, please call 404-665-3391 or get our Parent Sanity Protection Kit by clicking here.

Marietta GA Estate Planning for Your Physical Self

There are tons of reasons to do your estate planning, and it seems like those most often talked about are passing on your possessions and avoiding taxes.  It can be argued, however, that there is a far more important reason, and it’s one that even young college graduates shouldn’t overlook: your medical decisions.

What happens if you become injured or otherwise capacitated and can’t tell the doctors what you want?  Who makes decisions for you about what kind of life-sustaining measures should be taken or whether or not you consent to surgery?  In most states, an individual’s parents are given this responsibility (although that is not always the case).  Whether you want your parents in that role or someone else, the way to make sure you have a say is to have an estate planning lawyer in Marietta Georgia draw up a legally binding “medical power of attorney.”

Marietta  Estate Planning for Your Finances

It may not seem like you have much of anything to look after when it comes to finances and the recent college grad.  In reality, though, you likely do have some things to consider.  For example, do you have any debt, and if so, do you know what happens to it if you become incapacitated or pass away?  The answer has a lot of variables such as the kind of debt, whether or not you have other authorized users on your account, and more.

One of the reasons you worked so hard for your degree was likely so you could move out into the workforce, and with that comes options such as retirement accounts and insurance.  Each of these includes naming a beneficiary for benefits, and you’ll want to make sure you are up to speed on what it means and have the appropriate people named.  Some accounts don’t have specific beneficiaries, so setting up even a simple will can help make the transfer of those funds much easier and less expensive when the time comes.

Marietta Georgia Estate Planning for Your Partner

Many college graduates are moving forward with their lives as couples, both married and unmarried.  Either way, estate planning in Marietta and Cobb County GA  is an important part of making sure that your partner is cared for and receives the appropriate benefits upon your death. As mentioned above, you want to make sure you have the correct information filled out when it comes to beneficiaries on accounts, but you will probably want to go a step further to ensure that your assets pass in the way you want.  Typically, an unmarried partner is not entitled to the same benefits as spouses, so if you don’t set up the situation appropriately through well-reasoned estate planning, your significant other might be entitled to absolutely nothing!

Estate Planning Matters For College Grads, Too!

Contrary to what you may have heard, estate planning is NOT just for the ultra-wealthy or the elderly.  Estate planning is just as important for the college grad and savvy young adult, too.   Celebrate your recent graduation and your success by getting a complimentary review of your situation. Schedule a Georgia Family Treasures Planning Session with the mention of this article and let us help you layout a road map for lasting protection and peace of mind in the future.

Image © Junial | Dreamstime Stock Photos & Stock Free Images

Single parents tend to work hard for their children, so it’s no wonder that those in Marietta and Cobb County want to protect the children they would leave behind should the adult be killed or become incapacitated.  Every day it falls to the single parent to provide just about everything for his or her children, and with 13 million single parent households in the US, there are a whole lot of folks doing their best to provide everything their children need today.  Working with a Georgia guardianship lawyer is the right step to make sure they are also provided for in the future.

As a single parent, your estate plan may look different from that of a married parent.  In those cases, there are laws in place to ensure that both property and custody have a means of passing to the surviving spouse.  In your case, however, the courts would determine your next of kin and disperse your property, as well as appoint a guardian, based on Georgia state laws.  While it’s great that there are laws like this to rely on when a single parent dies with no will in place, it’s not necessarily such a wonderful thing if the person/people named are not those you would have chosen yourself.

For example, it’s quite common for grandparents to be given custody of a child upon the parent’s death.  In many families, that would be the perfect choice.  In others, however, a better choice could be made.  Perhaps there has been a falling out between family members, or it’s possible that the grandparents are either too old or just otherwise not in the right place in their lives to be starting over raising children.

Clearly, appointing a guardian for your child or children is one of the most pressing issues for which to see an estate planning attorney in Marietta or Cobb County.  It’s not the only one, though.  This lawyer can also help you to create a financial plan which can help support your child even if you aren’t there.  You might be advised to look into a life insurance policy or to participate in a Georgia college savings plan.  Likely, a guardianship lawyer in Marietta will also help you to create a trust or trusts which can not only protect some of the money from being heavily taxed, but also give you some say over how the money is to be used and by whom.

An estate planning attorney will also help you to make sure that everything is in order.  He or she will ask you about bank accounts, insurance policies, retirement accounts, and even military service, as all of these can possibly be directed to the care of your child or children.  Every family, no matter what the marital status is, is unique.  With the help of a Marietta estate planning lawyer, you can put together a plan that works for your specific situation.

RESIDENCY REQUIREMENTS:

LEGAL GROUNDS FOR DIVORCE:  The following grounds for divorce are recognized in the state of Georgia: (1) marriage between close blood relations; (2) Mental incapacity at the time of the marriage; (3) Impotency at the time of the marriage; (4) Force, menace, duress, or fraud in obtaining the marriage; (5) Pregnancy of the wife by a man other than the husband, at the time of the marriage, unknown to the husband; (6) Adultery in either of the parties after marriage; (7) Willful and continued desertion by either of the parties for the term of one year; (8) The conviction of either party for an offense involving moral turpitude, under which he is sentenced to imprisonment in a penal institution for a term of two years or longer; (9) Habitual intoxication; (10) Cruel treatment, which shall consist of the willful infliction of pain, bodily or mental, upon the complaining party, such as reasonably justifies apprehension of danger to life, limb, or health; (11) Incurable mental illness; (12) Habitual drug addiction, consisting of addiction to any controlled substance as defined in Article 2 of Chapter 13 of Title 16; (13) Irretrievable breakdown of the marriage. [Based on Georgia Code - Section: 19-5-3]

LEGAL SEPARATION:  When spouses are living separately, either spouse may petition the court for alimony or child support without having a divorce pending.  The other party shall be notified of such a petition, and the judge can grant such an order, to be enforced in the same manner as a divorce. [Based on Georgia Code - Section: 19-6-10]

MEDIATION OR COUNSELING REQUIREMENTS:  In contested divorce cases, the judge may refer the couple to an appropriate alternative dispute resolution program prior to a trial, if such method is reasonably available without additional cost to the parties.  [Based on Georgia Code - Section: 19-5-1]

PROPERTY DISTRIBUTION:  Georgia is an equitable distribution state. At this time, there are no statutes regarding what the court considers when distributing the property in a divorce case. Generally, the separate property of each spouse shall remain the separate property of that spouse. [Based on Georgia Code - Section: 19-3-9]

ALIMONY/MAINTENANCE/SPOUSAL SUPPORT:  Alimony may be awarded on either temporary or permanent basis.  A party shall not be entitled to alimony if it is established by a preponderance of the evidence that the marital discord was caused by that party’s adultery or desertion. Alimony may be awarded in accordance with the needs of the party seeking alimony, and the ability of the other party to pay.  Unless otherwise provided, alimony shall end upon the remarriage of the party receiving alimony.  In determining whether or not to grant alimony, the court shall consider evidence of the conduct of each party toward the other. The following shall be considered in determining the amount of alimony, if any, to be awarded: (1) The standard of living established during the marriage; (2) The duration of the marriage; (3) The age and the physical and emotional condition of both parties; (4) The financial resources of each party; (5) The time necessary for either party to acquire sufficient education or training to enable him to find appropriate employment; (6) The contribution of each party to the marriage, including, but not limited to, services rendered in homemaking, child care, education, and career building of the other party; (7) The condition of the parties, including the separate estate, earning capacity, and fixed liabilities of the parties; and (8) Such other relevant factors as the court deems equitable and proper. [Based on Georgia Code - Sections: 19-6-1 and 19-6-5]

SPOUSE’S NAME:  In all divorce actions, a party may enter a request for the restoration of a maiden or prior name. If a divorce is granted, the judgment or decree shall specify and restore to the party the name so requested for in the pleadings. [Based on Georgia Code - Section: 19-5-16]

CHILD CUSTODY:  Custody may be awarded to either parent based on the best interest of the child or children and what will best promote their welfare and happiness.  If the child has reached the age of 14 years, the child shall have the right to select the parent with whom he or she desires to live. The child´s selection shall be controlling, unless the parent so selected is deemed unfit to have the custody of the child. In all cases in which the child has reached the age of at least 11 but not 14 years, the court shall consider the desires, if any, and educational needs of the child in determining which parent shall have custody.

The court at any temporary or permanent hearing may grant sole custody, joint custody, joint legal custody, or joint physical custody where appropriate. [Based on Georgia Code - Sections: 19-9-1 and 19-9-3]

CHILD SUPPORT: Georgia uses an income-shares model to determine the amount of child support.  The court will consider the existence of special circumstances and may adjust child support based on: (1) Ages of the children. (2) A child’s extraordinary medical costs or needs in addition to accident and sickness insurance, provided that all such costs or needs shall be considered if no insurance is available. (3) Educational costs. (4) Day-care costs. (5) Shared physical custody arrangements, including extended visitation. (6) A party´s other support obligations to another household. (7) Income that should be imputed to a party because of suppression of income. (8) In-kind income for the self-employed, such as reimbursed meals or a company car. (9) Other support a party is providing or will be providing, such as payment of a mortgage.  (10) A party´s own extraordinary needs, such as medical expenses. (11) Extreme economic circumstances including but not limited to: unusually high debt structure or unusually high income of either party or both parties, which shall be construed as individual gross income of over $75,000.00 per annum. (12) Historical spending in the family for children which varies significantly from the percentage table. (13) Considerations of the economic cost-of-living factors of the community of each party. (14) In-kind contribution of either parent. (15) The income of the custodial parent. (16) The cost of accident and sickness insurance coverage for dependent children included in the order. (17) Extraordinary travel expenses to exercise visitation or shared physical custody. (18) Any other factor which the trier of fact deems to be required by the ends of justice, as described below: 

Child support continues until the child becomes 18 years of age, dies, marries, or otherwise becomes emancipated, except that if the child becomes 18 years of age while enrolled in and attending secondary school on a full-time basis, then such support shall continue until the child completes secondary school, provided that such support shall not be required after the child attains 20 years of age. A non-custodial parent may be ordered to provide insurance for the child or children for so long as he or she is obligated by this order to provide support. Where applicable, the court shall also include income deduction orders. [Based on Georgia Code - Section: 19-5-12]

SOURCE: WomansDivorce.com

Purchase The Weapons You Want 

A gun trust allows you to legally purchase and own a Title II Firearm sold by Class 3 dealers as well as Title 1 firearms with minimal headaches and red-tape.

Protect Your Valuable Weapons For Your Heirs

By placing your firearms in trust, you can ensure that your restricted weapons will stay protected and legally transfer to your heirs without the fear of confiscation, destruction, huge taxes or forced sale by the government. 

Enjoy Your Weapons Without Fear of Criminal Liability for Yourself or Loved Ones 

A gun trust protects you and your loved ones from unintentional criminal liability under federal and state laws that restrict the transport, possession and sale of firearms.  By naming trustees, you can legally give authority to people you trust to handle your weapons with minimal government involvement or fear of punishment. 

Save Money and Expedite the Purchase or Transfer of Restricted Firearms 

With a gun trust in place, you won’t have to worry about the Chief Law Enforcement Officer refusing to sign your paperwork because it will bypass this process completely.  Transfers are much faster for weapons held in trust. Fees are also significantly lower with a gun trust in Georgia. 

Protect Your Guns From Future Legislation 

Placing your firearms in trust now will protect them from sweeping gun control legislation tomorrow.  The provisions in a gun trust can be amended to comply with future laws, keeping your valuable weapons safe and legal.  Otherwise, if your weapons are deemed illegal in the future, you will likely lose the opportunity to create a gun trust.

Shield Your Firearms From Future Creditors or Nursing Homes 

A gun trust keeps your firearms out of the reach of creditors or nursing homes if you run into trouble or need long-term care assistance in the future.   A valuable gun collection may also jeopardize your ability to qualify for Medicaid benefits, whereas an Atlanta gun trust keeps the assets legally out of your name so that you can get the resources and benefits you need.   A gun trust also offers protection and keeps your firearms safe in the event of a divorce, bankruptcy or lawsuits….or in the event your heirs face similar issues when they become owners. 

Ensure Your Guns Are Handled Responsibly and In A Manner You Want 

An Atlanta GA gun trust conveys the serious nature of gun ownership by allowing you to specify when your beneficiaries can receive your firearms and under what circumstances (i.e. At age 21, if proven responsible enough to handle them).  It also allows you to lay out instructions for caring for, and transferring your firearms properly to preserve their value in the event of your death of incapacity. 

Buyer Beware! Not All Gun Trusts in Atlanta Are The Same! 

The majority of gun trusts found online or in gun stores are ticking time bombs for gun owners. They fail to take into account the complex laws of both the state and federal government, offer minimal protection for transfers and cause the gun owner to commit felonies punishable by fines and jail time because the trusts are often invalid for “technical reasons” beyond the gun owner’s knowledge.  If you have already purchased one of these do-it-yourself gun trusts in Atlanta Georgia, call us to have it reviewed for your protection at no-charge.  If you have not taken the leap yet, consider the minimal price difference of working with an Atlanta gun trust lawyer and do it right from the start. 

Don’t Wait To Find Out How an Atlanta Georgia Gun Trust Can Protect Your Valuable Firearms For Your Enjoyment Now and For The Benefit of Your Family When You Are Gone.    

Schedule a FREE “Protect My Firearms” Planning Session With a GeorgiaFamilyLaw Gun Trust Lawyer at No-Charge.   Call 770.425.6060. 

Ask people why they work hard and save their money, and often you’ll hear that it’s not only because they want to raise their own standard of living; they want to leave something behind for their children, too. Understandably, they don’t want a big chunk of that money to be used up for probate lawyers’ fees.

That’s where living trusts come in. They don’t save you a penny while you’re alive, but after death they can eliminate the need for probate — and probate fees. (Probate involves inventorying and appraising the property, paying debts and taxes, and distributing the remainder of the property according to the will.) When you make a living trust — a device in which you hold property as a "trustee" — your surviving family members can transfer your property quickly and easily, without probate. More of the property you leave goes to the people you want to inherit it.

Types of Living Trusts

The two most common types of living trusts are:

1. a basic living trust (for an individual or couple), which avoids probate, and
2. an AB trust, which both avoids probate and saves on estate tax.

This article discusses basic, probate-avoidance living trusts.

Unless you expect to owe federal estate tax at your death or your spouse’s, a basic living trust to avoid probate is probably all the trust you need. (Fewer than 2% of estates — those worth more than $2 million — owe estate tax.)

Probate-Avoidance Living Trusts

A basic living trust allows property to avoid probate and to quickly and efficiently pass to the beneficiaries you name, without the hassles and expense of probate court proceedings. A married couple can use one basic living trust to handle both co-owned property and the separate property of either spouse.

Creating a Trust

To create a basic living trust, you make a document called a declaration of trust, which is similar to a will. You name yourself as trustee — the person in charge of the trust property. If you and your spouse create a trust together, you will be co-trustees.

Then you transfer ownership of some or all of your property to yourself in your capacity as trustee. For example, you might sign a deed transferring your house from yourself to yourself "as trustee of the Jane Smith Revocable Living Trust dated July 12, 20xx." Because you’re the trustee, you don’t give up any control over the property you put in trust.

In the declaration of trust document, you name the people or organizations you want to inherit trust property after your death. You can change those choices if you wish; you can also revoke the trust at any time.

After You Die

When you die, the person you named in the trust document to take over — called the successor trustee — transfers ownership of trust property to the people you want to get it. In most cases, the successor trustee can handle the whole thing in a few weeks with some simple paperwork. No probate court proceedings are required.

Regardless of the reason, disinheriting a child is hurtful, permanent, and will affect that child’s relationship with his or her siblings. The courts are full of siblings who sue each other over inheritances but even if they don’t sue, it is highly unlikely they will be having family dinners together. Money aside, there is symbolic meaning to receiving something from a parent’s estate.

Disinheriting a child may be short-sighted and even completely unnecessary. For example:

*    A child who appears to be more successful financially may have trouble behind the scenes. The inheritance may be needed now or in the future: finances can change, marriages can collapse, and people can become ill. And unless specific provision is made for them, grandchildren from this child will also be disinherited.

*    A spouse, child, sibling, parent or other loved one who is physically, mentally or developmentally disabled—from birth, illness, injury or even substance abuse—may be entitled to government benefits now or in the future. Most of these benefits are available only to those with very minimal assets and income. But you do not have to disinherit this person. A special needs trust can be carefully designed to supplement and not jeopardize benefits provided by local, state, federal or private agencies.

*    A child who is irresponsible with money or is under the influence of drugs or alcohol may not be the ideal candidate to receive an inheritance of any size. But this child may need financial help now or in the future, and may even become a responsible adult. Instead of disinheriting the child, establish a trust and give the trustee discretion in providing or withholding financial assistance; you can stipulate any requirements you want the child to meet.

How we choose to include our children in our estate plans says a good deal about our values and faith. Not disinheriting a child who has caused grief and heartache can convey a message of love and forgiveness, while disinheriting a child, even for what seems to be good cause, can convey a lack of love, anger and resentment.

If you have previously disinherited a child and you have since reconciled, update your plan immediately. If your decision to disinherit a child is final, your attorney will know the best way to handle it. Consider telling your child that you are disinheriting him or her so it doesn’t come as a complete surprise. Explaining your reasons will allow for honest discussion, may help deter the child from blaming siblings later and may prevent a costly court battle.

During his tenure as Mayor, Koch was famous for asking people on the street, “How’m I doin’?” He would have been better served to ask that same question to a Family Estate Planning Lawyer before he passed on.

In his will, Koch bequeathed most of his assets to blood relatives – a sister and her husband, a sister-in-law, and three nephews – as well as to his secretary and a charity.  And because Mayor Koch used a Will and didn’t put his assets in Trust, it’s all public. In fact, you can read the details of exactly what Mayor Koch left behind and to who right here.

When the former Mayor died, the federal estate tax exemption was at $5.25 million; and since his estate is estimated at twice that amount, Uncle Sam will net a cool $1.45 million.  New York State has an estate tax exemption of just $1 million, meaning it will receive $1.1 million from the estate, according to a Forbes article.

As Forbes notes, Koch could have made some savvy estate planning moves before he died by:

Creating a trust for the benefit of his nephews, who inherited the bulk of his estate, and their descendants.  Up to $5.25 million that goes into a trust would have been exempt from generation-skipping transfer tax. (And, would have protected those assets for generations upon generations. This was a big oversight.)

Making additional gifts up to $5.25 million right before he died could have significantly reduced his state tax bill, since New York does not have a gift tax.  This would have saved his heirs an estimated $600,000.

And there’s more he could have done as well, but he either didn’t get good counsel or he didn’t heed it.  Now, it’s too late.  And, of course, it’s all public.

If you would like to learn more about strategies to keep your money out of the government and the size of your assets totally private, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Georgia Family Treasures Planning Session, but because this planning is so important, I’ve made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article.

Trusts are rights and properties held by one party for the benefit of another. There are many reasons for a cohabitant to enter into a trust agreement. These include maintaining control over assets, avoiding probate, and avoiding inheritance taxes. A testamentary trust is a trust created by a will or a living or an inter-vivos trust document. A testamentary trust does not have the tax advantages of a living will, but does allow the beneficiary to use the property during his or her lifetime. The remaining principal or corpus would go to a second person after the beneficiary’s death. A living trust is a written agreement in which a trustee agrees to hold assets contributed by the grantor for the benefit of third parties or beneficiaries. In some states, but not all, the trustee, grantor, and initial beneficiary may all be the same person. A will or a testamentary trust becomes effective only upon the death of the testator. However, a living trust becomes effective immediately. As long as a living trust is not irrevocable, it can be amended or revoked at any time, and the grantor retains absolute control over the assets transferred to the trust, if he is the trustee. At the time of the grantor’s death, the living trust either becomes irrevocable or it terminates with the trust assets going to designated beneficiaries, or it continues to stay in existence, with the trustee continuing to hold assets for the benefit of the remaining beneficiaries. It is one way to avoid the expense of probate.

There are both disadvantages and advantages to wills and to living trusts. Some of them are as follows:

• Privacy – A will, when it is probated, becomes public knowledge, as do the assets listed under the will. A living trust, unless there are extraordinary circumstances, never becomes public; thus, neither the assets nor terms of the trust become public record.

• Probate – In order to be enforced, a will must go through a form of probate procedure in the court system for which there are fees, usually based on the size of the estate and possibly on the identification of the beneficiaries if they are minors (since guardians may have to be appointed; however, see below). Beneficiaries normally cannot receive the bulk of the assets until probate is completed, which could take a year or more. With a living trust, probate is avoided, and trust assets are distributed almost immediately by the trustee to the beneficiary.

• Complexity – A living trust agreement is more complex in that the assets, while the grantor is alive, must be transferred to the trustee and held in the name of the trust. The trustee is the one who distributes the assets and income and manages the corpus (the body) of the trust. A will, however, takes effect only upon the testator’s death, and is usually less expensive to draft and to change than a living will. However, as stated above, probate is more expensive to hold property.

Another method of estate planning for cohabitants is through joint tenancy, where title to either real or personal property is held jointly. The joint tenants own equal shares and jointly own the property. Each joint tenant may sell his or her one-half interest. However, when one dies, the remaining owner automatically takes over ownership as a right of survivorship. 

Tenancy in common is a way for two or more people to hold property. Each has the right to bequeath or sell his or her share of the property to someone other than the co-owners. It is often also easier to sell an interest as a tenant in common rather than as a joint tenant. At the tenant’s death, his interest passes either through his will, through a living trust, or by intestacy.

Each of these Georgia estate planning techniques should be considered by a cohabitant, in that each has its own pros and cons and every case is different. Having no method of estate planning is a disaster for a cohabitant, because the intestacy laws of Georgia will not allow the cohabitant to receive any of the estate. Thus, it is essential for a couple living together to meet with a Georgia estate planning attorney to discuss estate planning, living wills, and durable springing powers of attorney so that they can fully understand their rights and obligations and can deal with these problems in a way that is suited for their personal needs at a time that is not pressured or emotionally chaotic.

This may not be top-of-mind, but updating your will is extremely important if you are going through a divorce.  Having your assets go to your ex can be like adding insult to injury...and can tie up your estate for years to come. 

Tip #2: Update your life insurance policy and retirement beneficiaries.

Actor Dennis Hopper was in the middle of a highly contentious divorce when he died.  Since he didn’t change his life insurance policy beneficiaries, his ex received the proceeds.  Be sure to name new beneficiaries on your life insurance and retirement accounts so your ex doesn’t inherit your assets.

Tip #3: Do not wait until the divorce is final.

Contrary to popular belief, you do not have to wait until your divorce is final to update your estate planning documents.  If your divorce is likely to drag on for months or even years, you can still protect your assets from your ex by updating your estate plan.

Tip #4: Revisit your choice of executor and trustee.

While your ex may become the legal guardian of any minor children if you die, he or she should not necessarily be named as executor of your will or the trustee of your children’s inheritance. 

Tip #5: Update your Durable Power of Attorney for Health Care.

If you do not want your ex making decisions about your health care, you should update your durable power of attorney for health care as well as your living will.  This also applies to any other advance directives that name your ex as a decision maker.

If you’d like to learn more about estate planning and asset protection and how it affects you in a divorce case in Georgia, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Georgia Family Treasures Planning Session, but because this planning is so important, I’ve made space for the next five people who mention this article to have a complete planning session at no charge. Call us at 404-665-3391 today and mention this article.

You spend a lot of your time and energy helping your family members with special needs to get the most out of life.  How are you going to keep that up if you become incapacitated or deceased?  Working with an experienced special needs lawyer is a really important step in making that a reality.  The attorney will help you get your affairs in order and will be able to advise you on areas that you might not even realize need attention.  Taking care of these issues now means that things are in place and ready to go should you suddenly become unable to care for your family member.

Atlanta Special Needs Consideration #1 – Creating a Guardianship

You likely have very strong feelings about who you would and would not like to be responsible for your family member in your absence.  For example, you may feel that one of your adult children would be an excellent care taker while also being sure that you would not want your parents to be given guardianship.  If you don’t specify this clearly and legally, then the decision would be up to the courts, and your opinion on the matter will have no weight at all. 

Atlanta Special Needs Consideration #2 – Inheriting Assets

Many special needs attorneys in Georgia will recommend that you not leave assets to your family member with special needs.  This doesn’t mean you don’t care for the person or want to recognize them in your will.  The point is, if the individual inherits assets, they can cause him or her to suddenly be disqualified from various types of assistance programs.  In fact, Medicaid could even view the acquisition of assets as a reason to go back and try to get payment for benefits paid out in the past.

Atlanta Special Needs Consideration #3 – Setting Up a Special Needs Trust

Depending on your situation, your special needs planning attorney in Atlanta may recommend that you set up a specific trust for the family member.  You will also need to determine how the trust will be funded, with life insurance being a common choice.  Again, this action is intended as a way to protect the individual’s ability to qualify for certain types of benefits and public programs.  In addition to possibly providing assets and funding for the family member with special needs, this kind of trust can also name someone you trust as the legal manager of those funds.

It’s hard to overstate the importance of preparing for your loved one’s future, especially when it is apparent that he or she will be dependent upon others for a lifetime.  Working with a special needs planning attorney in Atlanta GA will allow you to create some peace of mind while ensuring you are in compliance with all local and state laws.

Sure, you can’t stuff it in a box or wrap it with a pretty bow, but taking the time to get your financial and legal affairs in order this month is the ultimate way to show your loved ones just how much you care now, and for the future.

Think about what would happen if you were disabled, incapacitated or passed away suddenly this year. That expensive night out you spent with your “special someone” won’t do much to ensure he or she will continue to thrive in your absence.  A less exciting, but meaningful gift of life insurance, for example, would have been a better expression of your love during hard times.

And, when is the last time you updated your will or trust? Are you certain that your wishes would be honored and your loved ones would be taken care of exactly as you want in an emergency?  This includes minor children who, without legal guardians named for them by mom and dad, will be at the mercy of the courts.

Legal and financial planning is the ultimate way to demonstrate your love for your family where it counts the most.  Make a commitment to not put it off any longer and use this Valentine’s Day to give your loved ones the long-term financial security and peace of mind they deserve.

Please see my special Valentine's Day offer here. Make An Appointment For A FREE Georgia Family Treasures Planning Session And I’ll Buy You A Romantic Dinner For Two At Aspens Signature Steaks (East Cobb or West Cobb). Vive Amore!

According to reports, Stephanie Blank, from whom Blank has been estranged since October 2011, filed the papers in the Superior Court of Fulton County.

The papers said the union is "irretrievably broken," and that the parties have reached a confidential settlement agreement, which also covers their Buckhead home on West Paces Ferry Road.

Just weeks after the couple's split was announced in 2011, it was announced Arthur Blank sold his other Buckhead mansion on Tuxedo Road for $3.9 million, what he'd paid for it when he bought it in 1993, according to a report from the Atlanta Journal-Constitution. The deal on the home was closed before the couple announced their estrangement, however.

She is the mother of Arthur Blank's three children and 25 years his junior. Their agreement also includes a "comprehensive parenting plan" so that each of them is actively involved in their lives of their school-age children.

Stephanie Blank, who is 25 years Blank’s junior, is the mother of his three children. Buckhead Patch reports that the agreement includes a "comprehensive parenting plan" so that each of them is actively involved in the lives of their school-age children.

The Atlanta Business Chronicle previously reported that in April 2012, Blank pledged to give away the majority of his wealth to charity by signing onto the Giving Pledge. Blank joined fellow Georgia billionaires Bernie Marcus and Ted Turner, who made the pledge in August 2010.

Wealthy couples often face more challenges during their divorce. Each spouse should consult their own divorce attorney to work for their best interests and to try and negotiate the best settlement agreement for each party involved.

Read More at Buckhead Patch

Photo from Atlanta Business Chronicle

Revocable Trusts

A powerful tool that is commonly used for this purpose is the revocable trust.  This is created while you are still living and allows you to make changes.  The revocable trust gives you and your home a number of protections during your lifetime but also creates provisions for when you pass away.  For example, if you have created a revocable trust, once you die, it becomes unchangeable (“irrevocable”), ensuring that your wishes are carried out.  Also significant is the fact that it keeps your house out of the Fulton County or Cobb County probate process, saving money and the risk of the courts choosing to do something other than you would have liked.

Revocable trusts are relatively easy to set up with an estate attorney in Atlanta.  The cost varies, of course, but putting together all of the legal documentation usually costs less than a few thousand dollars and saves many times that much for the estate.  They are also very flexible, which means that you can have a lot of say in what becomes of the home you’ve treasured.

For example, you may wish to leave the property directly to a certain heir or group of heirs who will then be responsible for the costs associated with keeping and running the home.  On the other hand, you may choose to incorporate funding for the upkeep of the home.  Some people even choose to leave their home as a legacy to a certain organization for various purposes or to a group of family members to use as a vacation residence.

Options Provision for Your Revocable Trust

Another option that Atlanta estate attorneys see in practice is when a specific person is given the option to buy the home.  If this person declines, then the next potential family member is given the option.  The grantor can name as many people as he or she likes or can choose to have the home sold and the proceeds given to the charity of his or her choice.  When a family member exercises this option, however, it is typical for the home to be purchased at fair market value.

A good estate attorney in Atlanta will be able to help you create a revocable trust that gives you access to your home throughout your lifetime while setting up what will happen to it after your death.  By doing so, you may be able to avoid certain taxes which would apply, not to mention avoiding the significant costs associated with probate in Georgia.

SOURCE: State Bar of Georgia

(For example, if the father's monthly gross income is $3,000 and the mother's monthly gross income is $2,000, their combined adjusted income is $5,000, of which the mother's income represents 40 percent and the father's income represents 60 percent. The child support obligation for a family with combined adjusted income of $5,000 per month for two children is $1,297. Thus, if the father is the non custodial parent, he will pay 60 percent of the child support obligation, $778.20, or if the mother is the non custodial parent, she will pay $518.80, which is 40 percent of the child support obligation.)

The cost of medical insurance on the child and the cost of work-related childcare will result in the amount of the child support payment being modified with credit being given to the parent who is actually paying these expenses. In addition, the amount of child support may be modified by certain deviations provided it is in the best interest of the child to deviate from the presumptive amount of child support. Examples of deviations may be extraordinary education expenses like private school tuition or tutoring; extraordinary medical expenses; or special expenses, which must exceed 7 percent of the basic child support obligation, such as extracurricular expenses, summer camps, dental insurance, parenting time adjustment or any other appropriate deviation. You can access the guided electronic worksheet used in calculating child support at www.georgiacourts.org/csc. You may also download an Excel® version of the worksheet through this same website.

In addition to the child support payment, the court (or parties by agreement) will also designate what percentage each parent will pay of the child's uncovered medical and dental expenses.

In Georgia, both parents have a duty to financially support the child until that child turns 18, marries, dies or becomes emancipated, whichever occurs first. However, if the child has not graduated from high school prior to reaching age 18, then the obligation to support that child continues until the child graduates from high school provided the child remains a full-time student, but not beyond the age of 20.

SOURCE: State Bar of Georgia

SOURCE: State Bar of Georgia

Every parent wants to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles and other relatives often want to leave some of their assets to young children, too. But good intentions and poor planning often have unintended results.

For example, many parents think if they name a guardian for their minor children in their wills and something happens to them, the named person will automatically be able to use the inheritance to take care of the children. But that’s not what happens. When the will is probated, the court will appoint a guardian to raise the child; usually this is the person named by the parents. But the court, not the guardian, will control the inheritance until the child reaches legal age (18 or 21). At that time, the child will receive the entire inheritance. Most parents would prefer that their children inherit at a later age, but with a simple will, you have no choice; once the child attains the age of majority the court must distribute the entire inheritance in one lump sum.

A court guardianship for a minor child is very similar to one for an incompetent adult. Things move slowly and can become very expensive. Every expense must be documented, audited and approved by the court, and an attorney will need to represent the child. All of these expenses are paid from the inheritance, and because the court must do its best to treat everyone equally under the law, it is difficult to make exceptions for each child’s unique needs.

Quite often children inherit money, real estate, stocks, CDs and other investments from grandparents and other relatives. If the child is still a minor when this person dies, the court will usually get involved, especially if the inheritance is significant. That’s because minor children can be on a title, but they cannot conduct business in their own names. So as soon as the owner’s signature is required to sell, refinance or transact other business, the court will have to get involved to protect the child’s interests.

Sometimes a custodial account is established for a minor child under the Uniform Transfer to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA). These are usually established through a bank and a custodian is named to manage the funds. But if the amount is significant (say, $10,000 or more), court approval may be required. In any event, the child will still receive the full amount at legal age.

A better option is to set up a children’s trust in your will and name someone to manage the inheritance instead of the court. You can also decide when the children will inherit. But the trust cannot be funded until the will has been probated, and that can take precious time and could reduce the assets. If you become incapacitated, this trust does not go into effect…because a will cannot go into effect until after you die.

Another option is a revocable living trust, the preferred option for many parents and grandparents. The person(s) you select, not the court, will be able to manage the inheritance for your minor children or grandchildren until they reach the age(s) you want them to inherit—even if you become incapacitated. Each child’s needs and circumstances can be accommodated, just as you would do. And assets that remain in the trust are protected from the courts, irresponsible spending and creditors (even divorce proceedings).

If you’d like to learn more about estate planning for your family, call our Atlanta estate planning lawyers at our Marietta wills and trusts law office today to schedule a time for us to sit down and talk. Call us today at 404-665-3391.

Incapacity. Because women, on average, live longer than men, there is an increased need to plan for physical and/or mental incapacity that can occur in later years. Long-term care insurance, purchased in advance, can help cover these costs and can even help women remain in their homes for as long as possible. It is also important to plan now to prevent the court from taking control of finances and of personal care at incapacity. At a minimum, durable powers of attorney (for both assets and health care decisions) are needed. A revocable living trust provides excellent protection for assets at incapacity and contains distribution instructions at death.

Children, Grandchildren, Parents and Pets. Those raising minor children need to name a guardian in their will; otherwise, a judge will decide who will raise them without your input. Provisions need to be included for aging parents, a child or relative with special needs, pets and other dependents. (Special planning can provide needed care without jeopardizing valuable government benefits.) Additional life insurance may be needed to provide for these loved ones. A gifting program or trust can provide for the education of grandchildren and future generations.

Charitable Causes. Those who want some or all of their assets to go to a favorite charitable, religious or educational organization must include this in their estate planning. Without a valid plan in place, assets will be distributed by state law—and a charity will not be among the heirs. Also, proceeds from a life insurance policy can be used to fund various types of charitable giving at your death.

Protecting a Business and Other Assets. Professional women in medicine, law and real estate must be concerned about protecting their assets from lawsuits. Many women are also business owners, and they need to plan for what will happen to their business when they are no longer involved due to incapacity, retirement or death. Asset protection planning and business succession planning can and should be included in the estate planning process.

Married Women. Women who marry tend to choose husbands who are older, which means they are likely to become widowed. Without proper estate planning while married, many will see their standard of living reduced during their retirement years. Those in second marriages need estate planning that provides for the surviving spouse but does not disinherit children from a previous marriage. Also, because most married women survive their husbands, they often have final say over who will ultimately receive the couple’s assets. Women must take an active role in the couple’s estate planning. Knowledge is key—an unknowledgeable widow will likely be confused and uncertain, while one who has participated in the planning process will more easily understand it and even feel empowered.

Unmarried Women (Never Married, Divorced and Widowed). Without valid instructions, state law will apply and that means friends, charities and unmarried partners will not be among your heirs. On the flip side, if you are divorced or separated, you need to update documents (including beneficiary designations) as soon as possible to prevent your ex from making life and death decisions for you or inheriting your assets.

If you’d like to learn more about estate planning, call our Marietta estate planning lawyers at our Cobb County wills and trusts law office today to schedule a time for us to sit down and talk. We normally charge $750 for a Georgia Family Treasures Planning Session, but because this planning is so important, I’ve made space for the next five people who mention this article to have a complete planning session at no charge. Call us today at 404-665-3391 and mention this article.