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trusts Archives

Common errors in creating a living trust

A living trust can be a powerful tool in estate planning for people in Georgia. With this legal tool, assets skip probate and go directly to beneficiaries. Unlike a will, a living trust is also private. Furthermore, it does not require the creator to give up ownership of assets. The creator simply acts as trustee. If the creator becomes incapacitated, a successor trustee can manage the assets on the creator's behalf.

About charitable trusts

Georgia residents who want to leave part of their estate to their favorite charities may consider using a charitable trust. One of the many advantages of doing so is that it can provide tax benefits for the donors. As the name implies, charitable trusts are created for a charitable purpose. According to Uniform Trust Code Section 405, the charitable purpose may be related to the propagation of religion or education, relieving poverty, encouraging health, fulfilling municipal or governmental purposes or any task geared toward benefiting the community.

Why business owners should make an estate plan

Georgia residents may think that they only need to create an estate plan to account for their personal assets. However, business owners in that state and elsewhere may want to create an estate plan that accounts for business assets as well. One of the best reasons to have a business estate plan is that it may ensure the survival of the company after the owner passes on.

The many benefits of trusts in Georgia

People in Georgia often put a great deal of thought into their legacy and how their assets will be distributed upon their death. Most people are aware of the importance of having a last will and testament. However, there are other estate planning tools, including trusts, that can help ensure that a person's assets go to the beneficiary of their choosing rather than to taxes.

Using trusts to protect an inheritance in Georgia

Many parents work hard to ensure that the needs of their children are met. Over the years, they could ultimately amass a significant amount of wealth -- assets that they want to pass on to their children upon their death. However, some parents in Georgia may be concerned about their child's spouse receiving part of an inheritance in a divorce. Fortunately, there are trusts and other options that can provide protection.

Using trusts to protect a beloved pet

The vast majority of people in Georgia worry about their family, especially about a time in which they may be unable to provide care. As a result, many people go through the estate planning process to ensure that their family members are provided for when they are no longer around to do so themselves. Because many people consider their pets to be parts of their family, some take measures, including the creation of trusts, to help protect their furry family members.

Trusts could have benefited the estate of Philip Seymour Hoffman

Regardless of the size of their estate, most people in Georgia want to ensure that it is divided according to their wishes. One way to ensure that this happens, while protecting the overall value of the estate, is through the creation of trusts. Some professionals argue that the case of Philip Seymour Hoffman is an example of the potential pitfalls of leaving estate distribution to a will alone.

Trusts: Dispute between Alan Thicke's children and wife

The unexpected loss of a loved one is the worst nightmare of many families in Georgia. Even in situations where the loved one has planned ahead and created trusts -- for example, to help explain their wishes in regard to the division of their estate -- confusion over the person's wishes due to perceived contradictions in legal documents can create even more stress for family members. Unfortunately, reports indicate that the oldest sons of Alan Thicke are involved in an estate dispute with Thicke's wife.

Protecting trusts in the event of a divorce

Most people in Georgia work hard to support themselves in life. Many are successful enough that they have assets to leave behind for family members after their death. However, there are many special considerations when it comes to distributing assets. For example, some people want to ensure that family members retain the asset, rather than it being divided with a spouse in the event of a divorce. Fortunately, there are some ways to protect an estate in the event a beneficiary seeks to end his or her marriage, including the creation of trusts.

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Buford, GA 30519

Phone: 678-926-9284
Fax: 770-932-5195
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