Cumming Georgia Legal Blog

What to consider when talking with family about money

Georgia residents can likely benefit from sitting down with their families and discussing various estate plan topics. One of those topics may be related to how a parent intends to transfer his or her assets. However, broaching this topic may be difficult as many older Americans grew up in a time when discussing money was taboo. In fact, only 21 percent of parents polled by Ameriprise said that their children know how much they will receive.

In many cases, adult children don't feel like it is proper to discuss money with their parents. However, not having an estate planning conversation could result in family infighting or conflict between siblings. Generally speaking, this tends to occur after a parent has passed on. The chances of family conflict could increase if a person has children from multiple marriages or a family is otherwise blended to some degree.

Life insurance proceeds can cover final expenses

According to recent research, 42 percent of the baby boomer generation doesn't have any kind of estate plan in place, despite the fact that the youngest boomers turn 55 in 2019. Among those who do have plans in Georgia and across the country, many have not updated them for years. Baby boomers have more wealth, approximately $30 trillion, than any other generation in the history of the United States. Passing that wealth on to the right people when they die might require more planning than other generations have needed.

Life insurance policies are a good option for boomers whose heirs may need capital right away to take care of final expenses. Insurers can typically provide policies designed to cover funeral expenses, outstanding debts and medical bills. Life insurance proceeds can also go toward the payment of probate and estate administration expenses. Distributing assets and closing an estate can include fees for accountants, appraisers, attorneys and an executor. There may also be court costs and other expenses associated with probate. Those with larger estates can expect probate to cost more.

Passing along the gift of estate planning to millennials

Many baby boomers in Georgia have diligently worked hard to build their portfolios and amass a sizeable nest egg. Understandably, many of these same individuals have a desire to manage their family legacies. One study related to this topic found that nearly 70 percent of adults over 50 want to use their accumulated assets to invest in their children and grandchildren. Unfortunately, even the most well-organized baby boomers can't control the actions their millennial beneficiaries take or don't take.

Many Gen Xers and millennials simply don't have estate planning high on their list of priorities. Some boomers' children may be overwhelmed with debt themselves, or they might purposely resist making the effort to plan ahead because they feel like they are being pressured to do so. One possible solution is for future-minded boomers to give the gift of estate planning to their kids or grandkids. Some parents prefer to approach the subject when their children have kids of their own while others opt to use family events like the death of a loved one to bring up the subject.

Can a landlord terminate a lease at end of term?

When you reach the end of your lease, a landlord can terminate the lease without reason and has no obligation to renew your release. While your landlord will usually give you a 30-day notice before the end of the lease, it’s up to the tenant to vacate the property or make a lease extension agreement.

Rental and lease agreements are governed by state and local laws, but generally a landlord should not accept rent or agree to extend the lease if they want to negotiate a new lease or find a new renter.

Death of superhero creator raises planning questions

People in Georgia who are fans of the Marvel superhero universe might think about their own estate plans following the death of Stan Lee, who was a publisher and chairman of Marvel Comics. He created the iconic characters of Spiderman, Captain America and the X-Men and amassed significant wealth over the course of his illustrious career. While it is not yet publicly known whether he left a will, Lee's passing raises estate planning questions that his fans would do well to answer themselves.

According to the Hollywood Reporter, in February 2018, Lee executed a document claiming that his 68-year-old daughter screamed and yelled at him, befriended three men to take advantage of him and spent money frivolously. After the document was executed and notarized, Lee took the claims back. Issues with family members can often be avoided with timely discussions, and even those who are not wealthy can benefit from estate planning and preparation.

Pet trusts are becoming an important part of estate planning 

Pets can be a big part of your life. However, estate plans did not commonly include pets up until recent years.  

According to a recent survey by the American Pet Products Association (APPA), nearly 70 percent of American families currently own a pet. As the number of pets continues to increase, more owners are preparing for what will happen to their animals after they pass away.  

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Boling Rice LLC
207 Pirkle Ferry Road
Cumming, GA 30040

Phone: 770-887-3162
Fax: 770-844-6602
Fax: 770-889-8824
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