Top Estate Planning Trusts in GA

Estate planning is an essential process that allows individuals to manage their assets and ensure their wishes are honored after they pass away. In Georgia, various types of trusts can help you achieve your estate planning goals, from minimizing taxes to providing for your loved ones. Turner Law in Decatur shares an overview of some of the top estate planning trusts available in Georgia.

Revocable Living Trusts

A revocable living trust is a popular estate planning tool that allows you to retain control over your assets during your lifetime while specifying how they should be distributed after your death. This trust can be altered or revoked at any time, making it highly flexible. One significant benefit is that assets in a revocable living trust can bypass the probate process, ensuring a more private and efficient transfer of assets to your beneficiaries.

Irrevocable Trusts

Unlike revocable trusts, irrevocable trusts cannot be modified or revoked once established. This type of trust is often used for asset protection and tax planning purposes. By transferring assets into an irrevocable trust, you can remove those assets from your taxable estate, potentially lowering your estate tax liability. Common types of irrevocable trusts include life insurance trusts and charitable remainder trusts. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) changes some of the tax-saving benefits of these trusts, so consult with Turner Law to see how it could affect you.

Testamentary Trusts

Testamentary trusts are created through your will and come into effect only after your death. These trusts are particularly useful for providing for minor children or beneficiaries who may not be financially responsible yet. You can set specific terms for how and when the assets are distributed, ensuring your loved ones are cared for according to your wishes. They are irrevocable by design because they are only in effect after the decedent’s death. The assets are then managed by a third-party trustee on behalf of the trust beneficiaries.

Special Needs Trusts

If you have a loved one with special needs, a special needs trust (SNT) can provide financial support without jeopardizing their eligibility for government benefits. SNTs ensure that funds are used solely for the beneficiary’s needs and can cover expenses like medical care, education and other necessities while preserving their access to Medicaid and Supplemental Security Income (SSI).

Charitable Trusts

Charitable trusts are a way to support your favorite charitable organizations while enjoying certain tax benefits. In Georgia, you can establish a charitable remainder trust (CRT) or a charitable lead trust (CLT). A CRT allows you to donate assets to a charity while retaining the right to receive income for a specified period. Conversely, a CLT provides income to a charity for a set period, with the remaining assets going to your beneficiaries.

Choosing the Right Trust

Selecting the right type of trust for your estate planning needs depends on various factors, including your financial goals, family situation and philanthropic desires. Consult with an experienced Georgia estate planning attorney at Turner Law, who can guide you through the intricacies of each type of trust and help you develop a customized plan that aligns with your wishes. Start your estate planning journey today, and ensure your wishes are honored for generations to come.

Posted on the behalf of Turner Law, LLC