Trusts Archives

When to make a trust in Georgia

For many people, a will is sufficient for estate planning purposes. However, there may be situations when a living trust better fits an individual's needs. For instance, those who care about their privacy may want to create a trust. Assets in a trust generally don't go through probate, which is the process of distributing assets after the head of an estate passes away. In addition to being a public process, probate is also time consuming and expensive.

Planning to preserve family wealth

Georgia residents who want to preserve their family wealth for their future beneficiaries may not be aware of some somber statistics. By the second generation, 70 percent of family wealth has dissipated while by the third generation, 90 percent has been lost. A wealth transfer plan may prevent this from happening.

Trusts are still valuable financial tools

The differences between an inheritance and a trust lie mainly with the tax-related benefits inheritances have gained over the years. With the lowering of tax rates and more exemptions, the advantage of the inheritance can outweigh the hassle and expense of the creation and administration of trusts for Georgia residents. However, financial professionals still view trusts as excellent financial vehicles.

Creating a qualified personal residence trust

Georgia residents who are making an estate plan may wonder if they can place their home in a qualified personal residence trust. This kind of trust allows a person to transfer their home into a trust and remain a resident on the property. Usually, parents use it to transfer a home to their children. A QPRT may help save on estate taxes.

What is a Special Needs Trust?

Any parent, guardian or caregiver of a person with special needs has at one time or another wondered, “What will happen when I’m gone?” Whether your loved one is a child with autism or an adult with a traumatic brain injury, the uncertainty of what happens to them in your absence can be daunting. It’s a difficult reality to face and, unfortunately, the financial aspects may be even more complicated than you think.

Divorce and estate planning

Georgia couples who are contemplating ending their marriages may need to think beyond the short term to determine how the divorce may affect them for the long term. In fact, they may need to consider whether estate planning decisions need to be adjusted given the pending divorce.

Trusts and annuities

Some Georgia residents might wonder whether their trusts should be named as the beneficiaries of the annuities they have as well as whether the annuities should pay into their trusts. There are some good reasons that people may want to have their annuities funded directly into their trusts.

The importance of beneficiary designations

A lot of people in Georgia think that a last will and testament is the single most important piece of an estate plan. While a will is very important, there are other documents that are just as crucial. People should give special attention to the beneficiary designations on their financial accounts because these designations can overrule what is written in a will.

How a revocable living trust can make life easier

When loved ones pass away, family members are often left with the daunting task of handling the remaining possessions of the deceased. Whether it's a home, antique collection or household items, dealing with these matters can be difficult in the wake of the grieving process.

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