By the time you earn your college degree, you may not feel like you have anything to “protect” through estate planning. After all, the stereotype of the “starving college student” got started for a reason! But, even if you leave college with a load of student loans and an entry-level job (or hopes of one), you will do yourself a favor by spending just a little time doing some basic estate planning here in Marietta and Cobb County, Georgia.
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.
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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 Marietta 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.
A gun trust in Georgia is a unique legal tool in compliance with the National Firearms Act that offers legal protection and greater flexibility for both Title 1 and Title 2 gun owners.
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.