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The Generation-Skipping and Dynasty Trust

While it is natural to think of leaving your estate outright to your children and grandchildren, in many cases it may be better to place your assets into a trust for their benefit, and give an independent trustee the discretion to make or withhold distributions as circumstances might require.

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Medicaid Asset Protection Trusts

If you or your spouse eventually need long-term care, your income and assets will be used to determine whether you qualify under Medicaid, since Medicare, which is available to anyone who turns 65, covers only health care. Nursing home or in-home care services are not covered by Medicare, but by Medicaid.

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DO I NEED A WILL TO PROTECT MY MINOR CHILDREN

Many relatively young people do not want to think about wills.  It raises the eerie question of one’s potential untimely death.  Moreover, many young parents do not have that many assets, or think they don’t, so one might think that it is unnecessary to set out a document distributing their worldly possessions.

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LIFE INSURANCE FOR MINOR CHILDREN

Life insurance is a key part of estate planning for families with young children. Like any part of estate planning, it can be uncomfortable for parents of young children or even older minor children to think about. The idea of life insurance is that you can be assured that your family’s needs are provided for even in the event of your death.

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ESTATE PLANNING IN GEORGIA FOR MINOR CHILDREN

In terms of planning for the needs of their minor children, the guiding star for parents of minor children is meeting the children’s needs in the event of the parents’ untimely death. This raises questions of how will the children’s needs be provided for financially? Bear in mind that in general, minors cannot inherit real property (a house, apartment, or land) or personal property (money or things) until they reach the age of majority (become legal adults).

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ESTATE PLANNING BASICS FOR PLANNING FOR MINOR CHILDREN

This blog article will cover the basics of estate planning for parents with minor children. The primary goal of estate planning is to protect your financial status, the financial status of your family, and your assets. This is often accomplished by using various documents.

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Why Having a Business Succession Plan Is Important

A business is a vital asset. You want to make sure that your interest, or stake, in the business is protected. The last thing you want is to face the unforeseen and become incapacitated and unable to direct your business or transfer it to your loved ones. If you have no succession plan in place, the business could fall into the hands of someone unanticipated.

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MANAGING YOUR CHILDREN’S INHERITANCE

Many relatively young people do not want to think about their children’s inheritance. It raises the uncomfortable question of mortality in general, and the eerie specter of one’s potential untimely death. Moreover, many young parents do not have that many assets, or think they don’t, so one might think that it is unnecessary to set out a document distributing their worldly possessions. Finally, some young parents may think it costs too much to do any kind of estate planning other than assuming one’s own parents will step in to care for young children.

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MEDICAL CONSENT AUTHORIZATION FOR MINOR CHILDREN

One issue that can sometimes fall through the cracks of estate planning for minor children is medical authorization. Parents are not always with their young children and that’s normal. Preparing a medical authorization form for your minor children ahead of time is one way of ensuring that adult individuals who take care of your children in informal settings, like grandparents or friends’ parents, have the authority to make medical decisions on your children’s behalf. Places like schools and camps usually have their own forms.

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GUARDIANSHIP OF MINOR CHILDREN

In terms of planning for the needs of their minor children, the guiding star for parents is meeting the children’s needs in the event of the parents’ untimely death. This raises questions, first and foremost, of who will raise the children.

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