Trust: Understanding types and determining which is best

Many adult children in Georgia assist their aging parents in long-term care planning issues. Executing an estate plan is often part of this process. Certain legal issues can be quite complex, such as those regarding choosing a trust. The type of document used can have a significant impact on inheritance, charitable donations, estate taxes and more.

There are numerous types of trusts and it is definitely not a one-size-fits-all type of issue. Determining which type of trust best fits a person's particular needs and ultimate planning goals can be tricky. It is often helpful to seek guidance from someone well-versed in estate planning laws before signing any official documents.

A by-pass trust is a common document estate owners use when their goal is to reduce a surviving spouse's taxable estate. This type of trust typically transfers an estate upon death to a trust designated for a surviving spouse. Some people, especially those who are not married and do not have children, prefer to create charitable trusts, which can exist in perpetuity and are designed to provide benefits or monies to charitable organizations.

A generation-skipping trust can help Georgia estate owners provide for grandchildren, great-grandchildren or other future generations. An insurance trust consists of insurance-related policies or proceeds. An irrevocable trust is basically permanent while a revocable trust can be removed or changed, as needed. An experienced estate planning attorney can explain all available options in greater detail and can offer recommendations as to which type of trust would be the greatest asset in a particular set of circumstances.

No Comments

Leave a comment
Comment Information
Email Our Lawyers

Contact Us To Find Out How We Can Help You And Your Family

Call 866-253-6994 or fill out the form below to set up a consult with J. Kevin Tharpe to
talk about your wishes and ways he can help you accomplish your goals.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We have offices in Gainesville and Young Harris for your convenience.

Gainesville Office
405 Broad Street SE
Gainesville, GA 30501

Toll Free: 866-253-6994
Phone: 866-253-6994
Phone: 770-503-1022
Fax: 770-531-5511
Gainesville Law Office Map

Gainesville Office

Young Harris Office
1352 Main Street, Suite 1
Young Harris, GA 30582

Toll Free: 866-253-6994
Fax: 770-531-5511
Young Harris Law Office Map

Young Harris Office