Elder law covers a variety of issues. Many Georgia families are currently exploring their options regarding asset protection, advance medical directives or building trusts. Where the latter is concerned, there are options within the options, meaning there isn’t just one type of trust. Determining whether an irrevocable or other trust best fits one’s particular needs may be easier if experienced guidance is sought.
When setting up an irrevocable trust, it means the person doing so is relinquishing control of money or property. In other words, if a property owner places his or her property in a permanent trust, he or she no longer owns it. While there may be exceptions to some rules, this type of trust is typically not able to be modified.
Many people fund their trusts as a means for providing for their own future elder care. For instance, someone may move assets to an irrevocable trust for the purpose of making funds available for designated parties to cover nursing home costs or other special needs. This type of trust is also often a way to avoid hefty estate taxes.
A Georgia parent might decide to create an irrevocable trust to provide for the care of a special needs or disabled son or daughter as well. Because there are numerous types of irrevocable trusts, it is always a good idea to speak to someone well-versed in estate planning and elder care laws before executing a definite plan. Creating this kind of trust is a serious decision that should be undertaken only after thorough exploration of all available options has been done.