There is such a thing as being penny wise and pound foolish, and at the root of this lies the concept of value. Precious few things in life are free, and we all have expenses. The key is to get good value for your money, and in some cases investing a bit in some good advice can actually wind up providing you with a net gain in the long run. This is certainly true when it comes to Atlanta estate planning.

Transferring assets to your loved ones after you pass away can be achieved in a number of different ways. A lot of people equate estate planning to the simple drafting of a Last Will. Of course you can use a Will to state your wishes and many people do.

However, this is not your only option, and depending on the various forms that your assets may be in and the specific nature of your wishes you may want to employ multiple different vehicles of asset transfer. Each situation is different, and this is one of the many reasons why you would probably do well to avoid the do-it-yourself estate planning kits and software that you see advertised online by Internet marketers.

People are not generic beings who live generic lives in the same jurisdiction with identical resources and intentions. To be sure that your wishes are carried out in a legally binding manner you need a personalized estate plan that is specially crafted for your unique situation.

There are also things to consider beyond the transfer of assets, such as financing your retirement years and addressing potential long-term care costs. If you develop a good relationship with an estate planning attorney early on, he or she will provide you with the guidance that you need to achieve all of your long-term goals as the latter stages of your life draw near.

Pyke & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

People who serve in the armed forces make significant sacrifices and they are very much appreciated. In return for their efforts veterans receive certain benefits that can be of great assistance when they are making preparations for the future.

If you are in fact a veteran, the best way to understand all of the opportunities that are available to you in this regard is to sit down and discuss the matter with an experienced estate planning attorney. He or she will listen as you explain your vision for the future, analyze where you are in the present, and map out a plan that leads to the fruition of your long-term goals.

One of the benefits that can fit into your long-term plan that many veterans overlook is the Veterans Aid and Attendance special pension. Most of us are aware of the fact that veterans are eligible for a retirement pension after serving at least 20 years, but this is different.

Veterans A & A is specifically intended to help veterans pay for personal care if they are not able to take care of their day-to-day needs on their own. A qualified veteran could use this benefit to pay for in-home care, nursing home costs, or assisted living facility expenses.

To qualify in terms of length of service, you must have served at least 90 days with a minimum of one of these days taking place during a time of war. This benefit is technically targeted toward veterans who have financial need, so if you have more than $80,000 in total assets you don’t qualify. However, there are some assets, such as your home, that do not count against this figure so it is possible to qualify while still retaining a significant portion of your total assets.

The Veterans Benefits Administration can provide you with more detailed information, and their website is a comprehensive source of useful information for people who have served in the United States armed forces.

Pyke & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

While contemplating your legacy, you may have specific things that you want to do for your family members, and in some cases, the larger community around you. Of course, there are some who don’t especially care if they have anything left to leave behind to their family members. We’ve all seen those bumper stickers stating how the driver is “busy spending the inheritances” of his or her children. This is the way that some people look at the matter, while other people take their final act of giving to heart.

If you’re one of the individuals who take their final act of giving to heart, you would do well to plan in advance. It is perfectly possible for most people to enjoy a comfortable retirement during which they do all the things that they never got around to doing while they were working while still retaining resources earmarked for their loved ones.

But, it is important to identify exactly what it is that you would like to do for your family members and budget accordingly. If you dive into retirement with the idea that you have more than adequate resources without setting guidelines, exactly where things will settle in the end is up in the air.

When you are thinking about long-term financial planning you would do well to understand the fact that everything is connected. The decisions you make today will impact your capabilities in the future either positively or negatively.

If you put a team of athletes on a playing field with no coach, no set plays, and no guidelines they probably wouldn’t perform very well. In a similar manner, if you want to be able to accomplish all of your legacy goals should devise an intelligent plan early on and make sure that you stick to it for the long haul. This is best achieved with the assistance of an experienced legacy planning attorney.

Pyke & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

If you are in the process of planning your estate, you may want to take a moment to consider if a Legacy Plan may be right for your family. A Legacy Plan, like a basic estate plan, focuses on leaving property and financial assets for your family’s care after you have passed away. Unlike basic planning, legacy planning allows you to provide for future generations and leave a personal or charitable legacy.

Leave a Family Legacy

Legacy planning goes beyond a basic Last Will and Testament and utilizes a comprehensive Last Will and Testament and or Revocable Trust and Irrevocable Trusts. A comprehensive Last Will and Testament or a Revocable Living Trust will take care of more immediate estate settlement actions upon your death, but they can also be used to create trusts for your beneficiaries. These Irrevocable Trusts, created at your death, may end when your child reaches a certain age, continue as a lifetime trust, or act as a dynasty trust to provide for future generations.

Leave Your Personal Legacy

If you want to use your estate plan to leave more than just physical property and financial accounts, a Legacy Plan can assist you. Such a plan focuses on the entire individual: your personal history, your family history, and the morals and values that dictate who you are. You can leave these things for your family with a written family history, a personal memoir, or a taped or written message to each family member. Leaving a personal legacy allows your family to understand who you are.

Leave a Charitable Legacy

Many people enjoy the tax breaks that giving to charity provides, but there is more to charitable giving than just saving money. With a Charitable Trust, you can provide for a cause that is close to your heart long after you are gone.

Costs

One disadvantage to legacy planning is the expense. There are maintenance fees that come with the use of long term trusts. If the size of your estate does not warrant the cost of a Legacy Plan, you may wish to make other arrangements.

Pyke & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.