Trusts Archives

When irrevocable trusts make sense

While an irrevocable trust may help with asset protection and lower estate burdens, they may not be right for everyone. Once the trust is created and assets are put in it, the assets belong permanently to the trust until distributed to the beneficiary. An irrevocable trust may be created and funded while a Georgia resident is alive or created during life and funded after the grantor passes away.

Using a trust protector to help manage a trust

Georgia residents who are creating a trust as part of their estate plan might be concerned about disputes that may arise around the trust or that their intentions might not be carried out. A trustee is the person who administers a trust, but a trustee might run into a conflict with beneficiaries or may lack the authority to make needed changes to the trust. Appointing a neutral third party as a trust protector may help prevent these problems.

When to make a trust in Georgia

For many people, a will is sufficient for estate planning purposes. However, there may be situations when a living trust better fits an individual's needs. For instance, those who care about their privacy may want to create a trust. Assets in a trust generally don't go through probate, which is the process of distributing assets after the head of an estate passes away. In addition to being a public process, probate is also time consuming and expensive.

Planning to preserve family wealth

Georgia residents who want to preserve their family wealth for their future beneficiaries may not be aware of some somber statistics. By the second generation, 70 percent of family wealth has dissipated while by the third generation, 90 percent has been lost. A wealth transfer plan may prevent this from happening.

Trusts are still valuable financial tools

The differences between an inheritance and a trust lie mainly with the tax-related benefits inheritances have gained over the years. With the lowering of tax rates and more exemptions, the advantage of the inheritance can outweigh the hassle and expense of the creation and administration of trusts for Georgia residents. However, financial professionals still view trusts as excellent financial vehicles.

Creating a qualified personal residence trust

Georgia residents who are making an estate plan may wonder if they can place their home in a qualified personal residence trust. This kind of trust allows a person to transfer their home into a trust and remain a resident on the property. Usually, parents use it to transfer a home to their children. A QPRT may help save on estate taxes.

What is a Special Needs Trust?

Any parent, guardian or caregiver of a person with special needs has at one time or another wondered, “What will happen when I’m gone?” Whether your loved one is a child with autism or an adult with a traumatic brain injury, the uncertainty of what happens to them in your absence can be daunting. It’s a difficult reality to face and, unfortunately, the financial aspects may be even more complicated than you think.

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