A Georgia couple that has a bypass trust in place in order to minimize federal estate taxes may want to revisit their estate plan if there has not been a recent review. In some cases, this type of trust may be in place based on estate planning that took place during a time period that was known for high tax rates and low exemption levels. In the 1990s, only $675,000 per spouse was exempt from the extremely high federal estate tax rate of 50 percent.
The role of the settlor of a trust
Estate planning can be confusing for Georgia residents, and the process is filled with terms that are unfamiliar to many people. One of the most common terms involving trusts is settlor, which is often confused with settler but has an entirely different meaning.
The hidden culprit inside many nursing home contracts
After avoiding the issue for years, a 67 year old man knew it was time. He admitted his parents to a nursing home. According to him, the paperwork was simply "a little more than a formality."
The versatility of trusts for children
Parents in Georgia who are creating an estate plan may think that a will is the best way to pass assets down to children. A will can appoint guardians for minor children, but other vehicles have advantages as well.
