Trusts Archives

When siblings fight over a trust, resolution may be challenging

Many Georgia parents take the time to execute thorough estate plans to protect their assets and provide for their loved ones after they're gone. Just as many parents must intervene when their young children squabble and bicker, there also seems to be an increase of sibling rivalry where estate planning documents are concerned. The only difference is, if children are adults and fight over a trust or some other aspect of an estate plan, parents are no longer there to intervene.

How an Irrevocable Trust Benefits Your Estate Planning and Future

How an Irrevocable Trust Benefits Your Estate Planning and FutureProtecting your assets is a fundamental goal of estate planning. It ensures that assets are managed and distributed appropriately based on your preferences. Irrevocable trusts are just one of many tools used in estate planning. They reduce the tax burden of your estate and allow you to transfer its value to loved ones. But there are many other benefits of an irrevocable trust.

When adult children fight of estate planning issues

Many Hollywood fans grew up enjoying the antics of famed actor and comedian Jerry Lewis. Georgia residents were likely among many others throughout the nation who mourned his death at age 91 from heart failure. Since then, news has gone viral regarding several estate planning decisions Lewis reportedly made before he died.

Need the low down on trust planning?

Many Georgia residents (and those elsewhere) avoid the topic of their own mortality like the plague. Others understand the potential benefits of such discussions, especially when it comes to estate planning. Procrastination in organizing an estate arises for many reasons. Often, it is lack of knowledge about a particular issue, such as trust planning, that keeps people from moving forward with their estate plans.

A checklist is a good tool to help parents with estate planning

Many adult children in Georgia are currently helping their aging parents in various ways as they enter their Golden Years in life. For some, this means finding appropriate nursing facilities for parents who can no longer live independently. Others are more focused on the estate planning process, especially if a mother or father has asked a son or daughter to administer an estate when the time comes or to act in some other designated capacity.

A trust may be an option if avoiding probate is a high priority

Many Georgia homeowners are currently trying to determine the best way to provide for their loved ones when they're gone. How to distribute assets, in particular, who should get the house, is a pressing question that often leads to more questions before answers are discovered. Many people have a difficult time choosing whether to execute a will and include their homes as inheritance or whether to place their houses in trust while they're still living.

Immunity versus liability re this estate planning document

Many Georgia residents include health care directives as part of their estate plans. The estate planning process is easily customized; so, although there are commonly used documents in many types of plans, each person is able to choose what or what not to include to suit individual needs and long-term goals. When it comes to living wills (otherwise known as health care directives) there's some misguided information out there that may lead to confusion regarding hospital staff and potential liability.

A trust can protect your child's inheritance in case of divorce

There are a lot of reasons why you might consider creating a trust for your assets. Perhaps you have a large estate, and you want to prevent tax issues. Maybe you're concerned about the financial habits of a child or grandchild. Sometimes, people want to protect assets for minor children until they are adults. There's also the issue of the high rate of divorce in modern families. A large inheritance could inspire a spouse to file for divorce to obtain some of your assets after you pass.

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