As part of its ongoing effort to address the national debt load and the possibility of hitting the "debt ceiling," the Obama administration has made a number of proposals that would increase income to the federal government and help alleviate the problem. As we've previously mentioned, some of these proposals will impact the estate planning process.
Pepsi is marketing their product using the phrase "Live for NOW" and it appears that many these days are doing just that. Americans are using the resources they have available to them today that they could save for tomorrow in the hopes that they will either not need those resources, or will be able to resupply prior to retirement.
Many Georgia families have an estate plan in place to provide guidance and support for current and future finances. Many also rely on trusts for specific estate planning goals. These goals can cover any number of things including protection of financial assets from tax liability, supporting charitable institutions and providing future security for a loved one.
On this blog, we try to focus on estate planning and probate issues, but there are also issues that can come for those on the receiving end of an estate plan. One of them concerns how inheritors should use a windfall. For those receiving an inheritance, it isn't always as simple taking the money and enjoying it. The key is to handle the inheritance wisely, and make it contribute to one's financial well-being. For this reason, those who receive and inheritance need to develop a strategy.
Financial planning and estate planning, while they do intersect, are slightly separate disciplines. In terms of financial planning, retirement planning is a foremost issue. Many worry about whether they will have enough money to last them through retirement. And that is a legitimate concern.
Supplemental or special needs trust are a valuable tool in estate planning. Among other benefits, they are a great way to assist in caring for a disabled loved one without harming their ability to qualify for public benefits programs.