At the most basic level, business transition planning is a strategy that can be put into play when a business is sold or changes hands. For company owners nearing retirement, a successful transition plan can play an important part in creating and preserving the value of the business after it has changed hands.
Atlanta Financial Blog
Can I Just Leave Everything To My Dog?
Not that long ago, arrangements for pets were not even considered when creating an estate plan. Nowadays, however, a high percentage of wills and trusts include provisions for the continual care of animals.
How Can I Include My Pet in my Estate Plan?
While the specific estate planning method you choose will rely heavily on certain factors such as your state’s laws, your financial resources, and your pet’s needs, there are a variety of options to ensure your pets are taken care of in the event you are unable to do so.
- Bequest in a Will
Pets cannot own property, and in fact are considered “personal property” in Georgia. Therefore, you cannot give property to your pet when you die, but you can leave your pet to someone else to take care of. Before doing so, however, make sure that person is willing and able to take care of your pet. Most people also include money in the bequest, so as not to financially burden your trusted caretaker.
Although a simple bequest in your Will sounds easy, this option may not be the best approach for a couple of reasons. First, your Will must be probated before it goes into effect, which could take several months or even years. Second, any money gifted with the pet does not have to be spent on the pet. Therefore, using a Will to ensure your pet is cared for may not be the most effective approach.
- Pet Trusts
A pet trust is a legal arrangement created for providing care and maintenance after death or incapacity. Unlike a Will, a Trust becomes effective immediately, and in Georgia, the Trust terminates when the last surviving animal dies.
One of the most critical consideration when creating a Pet Trust is choosing a caretaker. This is the person who will have custody of your pet and will be responsible for its care, so choose wisely and make sure this person is willing to care for your pet.
Another essential concern is how much to leave for the animal’s care. It is important to consider your pet’s age, relative health, and anticipated lifespan when budgeting for his/her care.
- Legacy Arrangements
If you are unable to find a person willing and able to take care of your pet after you die, consider some national programs that allow you to leave your pet with a trustworthy caretaker, such as SPCA, veterinary schools, and private animal sanctuaries and rescue organizations.
Be sure to leverage your advisor team here at Atlanta Financial to ensure your pet is taken care of in the event that you are unable to do so.
The travel industry has begun to see growing demand as we move closer to summer. However, not all travel will be the same, as much of the demand is directly related to the COVID-19 vaccine and reduced CDC restrictions. Instead, industry trends have emerged based on individual comfort levels as they apply to different modes of travel.
Below we will explore some of the factors that have contributed to an increase in travel and how different industries are responding to it.
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