Long-term care issues can be complex. Many adult children in Georgia are currently trying to help their aging parents execute estate plans prior to transitioning to assisted-living residences. For many elders, forming a trust will be an integral part of their plans.
There are various types of trusts and it pays to do a bit of research before determining which option best fits a particular person’s needs. When assets are placed in trust, it becomes the official owner of the property being transferred. A third party may be assigned to manage the trust.
Property in trust is a valuable estate planning tool for those who are wish to keep certain property or funds from being subject to probate. A testamentary trust doesn’t take effect until the person who created the trust dies. Assets to fund this type of trust typically come from the the sale of estate property or other assets and/or the proceeds of a life insurance policy.
A revocable living trust, on the other hand, is a trust you create to set aside funds in the event that you become incapacitated or pass away. As opposed to a testamentary trust, which functions through a will (and can therefore only be changed by modifying the will) you can adjust the terms of a revocable living trust at any time, provided you are of sound mind. Tax issues, probate expenses, upfront costs or amendments to trusts can be complicated, which is why it pays to speak with an attorney who is well-versed in estate planning laws.
Relying an experienced attorney can make a legal process a lot less stressful. Anyone in Georgia in need of guidance and support regarding trust planning or other elder law issues may request a meeting with J. Kevin Tharpe, P.C., at any time. This law firm is committed to providing comprehensive services to those seeking assistance in executing their estates or trying to overcome a particular legal obstacle that has arisen in a long-term care plan.