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Thompson Mungo Firm

Managing Social Media Accounts After Death

When it comes to popular social media platforms, each platform has its own policies and procedures for handling accounts after the user's death. Understanding these processes is crucial for effective digital estate planning.
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Thompson Mungo Firm

What Happens To Social Media Accounts When You Die?

In an increasingly digital world, social media has become an integral part of our lives, connecting us with friends, family, and the world around us. But have you ever considered what happens to your social media accounts when you pass away?
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Thompson Mungo Firm

DIGITAL ESTATE PLANNING: DIGITAL ASSETS

When it comes to digital assets, there is a wide range of items to consider. The following list provides an overview of common types of digital assets and relevant terms to consider in the event of death.
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Thompson Mungo Firm

The Cost of Not Probating an Estate: Protecting Your Financial Future

Probate is a vital legal process for ensuring the proper distribution of a deceased person's assets and settling their final affairs. However, not probating an estate can lead to significant financial consequences. In this article, we delve into the risks associated with neglecting the probate process and emphasize the importance of taking the necessary steps to safeguard your financial future.
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Thompson Mungo Firm

How To Put Business Interests Into A Trust?

Each business type of structure offers different levels of asset protection and affects how much you pay in taxes. But owners can exert further control over their business—both while alive and after they pass away—by placing business interests in a trust.
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Thompson Mungo Firm

Negative Side Of Not Updating Beneficiary Designations

Updating your beneficiary designation is crucial when a significant event happens, such as birth, adoption, marriage, divorce, and death. You must complete an update form with the right beneficiary if your designated beneficiary is no longer the best choice for a certain account. The consequences of not updating a beneficiary designation are vast and dangerous. The benefits could pass to someone you don't want to inherit.
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Thompson Mungo Firm

The Purpose Of Guardian Ad Litem In Probate

Guardian Ad Litem (GAL) is the person appointed by the court to defend and protect the rights and interests of the heir of a deceased person's estate in circumstances where these individuals cannot legally represent or speak for themselves in probate proceedings because their mental or physical being may be limited.
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Thompson Mungo Firm

Georgia Property Tax Homestead Exemption

Some of us have put our properties, like a home and land, in a trust as part of our estate plan. In transferring properties to a trust, whether a house or land, additional paperwork should be completed. For example, your living trust will only be properly funded if you take the necessary steps to ensure that the title to your home is properly and legally transferred to the trust. Funding is the process of transferring title to an asset from your name personally to the name of the trust. Once funding is accomplished, there are certain benefits that will need to be renewed such as homestead exemption.  It is important to re-apply for any exemptions or incidental benefits that may have been held prior to funding your property to the trust.
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