People get divorced, children are born, a loved one may pass away and other factors arise that could potentially warrant changes to your estate planning strategy. Georgia has no state inheritance tax, but many other states do.ĭepending on when you formulate your estate plan, you may need to make some tweaks to it over time. Some states have estate taxes, though it’s only very large estates that are subject to estate taxes on a federal level. It’s important to gain a thorough understanding of the estate tax laws in the state you reside in. For instance, if you’re divorced and your life insurance policy still has your ex listed as your beneficiary, your current spouse will not receive the assets you intended for them. The goal is to ensure your wishes are being carried out exactly as you specify. This includes reviewing any retirement or insurance plans in your possession. Set aside time to review who you’ve designated as your beneficiaries. Never assume a family member will step willingly into the role or that a judge will abide by your wishes. It’s essential to include detailed instructions covering how you’d like your children to be cared for. What are your family’s needs? If you have children, you’ll want to select a guardian who is fiscally responsible and able to properly care for your loved one(s). Be careful who you give this responsibility to – this is someone who is literally in charge of your medical care if you can’t communicate. When navigating the realm of estate planning, it’s important to include healthcare directives.Īn advance directive or living will serves as a way to specify how you’d like your affairs handled should you become medically incapacitated – like what type of treatment or care you wish to receive.
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