Many Georgia estate owners are concerned about helping to provide for their loved ones well into the future, long after they themselves are gone. Some have children or other family members with special needs. Others are interested in helping to pay for loved ones’ college educations. There are various means for securing such gifts within an estate plan, one of which is to sign an irrevocable trust.
There are several types of trusts. Determining which is the most viable option to suit a particular set of needs and goals is often easier if experienced estate planning guidance is sought. An irrevocable trust, as its name suggests, can not be changed or modified in any way.
The person placing funds or property into an irrevocable trust may specify the exact terms by which the trust will exist as well as how its assets are to be used. The most crucial factor that separates an irrevocable trust from other types of trusts is that the property owner relinquishes ownership once the irrevocable trust is signed. Assets associated with this type of trust are generally protected from all liens, creditors or other property division processes.
Another stipulation in an irrevocable trust is that the grantor may not serve as trustee. This type of trust does, however, help keep estate taxes lower, since the value of the assets included in the trust are not tax calculable since the grantor technically no longer owns those assets. Anyone in Georgia who wishes to discuss a particular trust issue may arrange a meeting with an experienced estate planning attorney.
Source: FindLaw, “Irrevocable Living Trust“, Accessed on Feb. 1, 2018