The post Trusts To Consider For Your Georgia Estate Plan first appeared on Emert - Yeom Attorneys at Law.
]]>Trusts serve as versatile estate planning tools. They help avoid probate, offer provisions for minor children or special needs family members and reduce estate taxes. Consider four key types of trusts you might want to include in your Georgia estate plan.
A revocable living trust, often just called a living trust, offers flexibility. You retain control of the assets you place into the trust while you live, and you can revise the trust as you see fit. When you die, the assets go directly to your chosen beneficiaries, sidestepping the need for probate.
The Qualified Terminable Interest Property (QTIP) trust works well for people in second marriages or those who want to ensure the care of their spouse but also want to control how the distribution of assets occurs after the spouse’s death. In a QTIP trust, the surviving spouse receives income from the trust during their lifetime. After they die, the remaining assets go to the beneficiaries you chose.
Recent changes in tax laws affecting retirement plans make trusts a useful tool for protecting these assets. If you name a trust as the beneficiary of your retirement plan, you control how and when beneficiaries can access these funds after your death, offering both protection and tax benefits.
The decision on what trusts to include in your Georgia estate plan hinges on your unique situation, goals and needs. By considering options like these, you can craft an estate plan that fits your needs and leaves a strong financial legacy.
The post Trusts To Consider For Your Georgia Estate Plan first appeared on Emert - Yeom Attorneys at Law.
]]>The post Who Could Inherit An Estate If The Deceased Had No Will? first appeared on Emert - Yeom Attorneys at Law.
]]>If the deceased dies without a spouse or children, the court must find the closest living relative and distribute the estate. A relative who lives outside of Georgia also qualifies as an heir to take ownership of the property and assets.
A surviving spouse may inherit all the deceased’s property, but only if the couple does not have children. With children, the court divides the deceased’s assets evenly between the surviving spouse and each child. By law, however, the surviving spouse receives at least one-third of the value of the estate.
If the deceased does not have a spouse, the court divides all the assets evenly between the children. Inheritance laws do not differentiate between biological or adopted children, and they may all receive an equal portion of the estate. Foster kids and stepchildren, however, do not inherit anything without a valid will.
The post Who Could Inherit An Estate If The Deceased Had No Will? first appeared on Emert - Yeom Attorneys at Law.
]]>The post Should You Include A Spendthrift Trust In Your Estate Plan? first appeared on Emert - Yeom Attorneys at Law.
]]>A spendthrift trust is one such tool that you might consider including in your Georgia estate plan.
A spendthrift trust is a specific type of trust that limits a beneficiary’s access to the trust principal. This limitation can protect the beneficiary’s creditors from accessing those assets or prevent the beneficiary from spending all the assets immediately after receiving them.
The trustee of a spendthrift trust has full control over the distribution of the assets. They will disburse the funds according to the instructions you have given when setting up the trust.
If you have a beneficiary who has difficulty managing money or has significant debt, a spendthrift trust might be a wise choice. A spendthrift trust allows you to ensure that the beneficiary will use the assets you leave behind in a way that benefits your loved ones in the long term.
However, setting up a spendthrift trust can be complex. It requires a clear understanding of your financial situation and the needs of your beneficiaries. Plus, it requires careful drafting to ensure the trust’s terms are legally sound and fulfill your intentions.
If you have loved ones who struggle with financial management or have significant debts, including a spendthrift trust in your Georgia estate plan may help protect the assets you leave them. Be sure to carefully consider your options before making a decision.
The post Should You Include A Spendthrift Trust In Your Estate Plan? first appeared on Emert - Yeom Attorneys at Law.
]]>The post How Do First And Third-Party Trusts Differ? first appeared on Emert - Yeom Attorneys at Law.
]]>The Special Needs Alliance notes that the two types of trusts, first-party and third-party, each have differences that may affect how the beneficiary receives it. If you plan to create a trust for a special-needs family member, then you may want to review the differences between the two so you choose one that best suits your family’s situation.
If your loved one receives government assistance for a disability, then creating a first-party trust could protect him or her from losing any of that aid. Money received as a result of a change in circumstances may affect their qualifications, including:
Using these funds to fill a special-needs trust can protect your disabled loved one in the future and safeguard his or her ability to receive continued government assistance.
Unlike first-party trusts, which receive their funds through benefits and awards given to the beneficiary, a third-party trust receives funding from other individuals. This may include funds from you and your family members, such as attaching the creation of the trust upon the death of a grandparent. You may include this action while estate planning as well, as it may help you avoid probate court.
No matter which trust you create for your special-needs family member, planning it with care and attention to future issues, such as trust taxes, may cause fewer problems for the beneficiary.
The post How Do First And Third-Party Trusts Differ? first appeared on Emert - Yeom Attorneys at Law.
]]>The post How Does Probate Court Work? first appeared on Emert - Yeom Attorneys at Law.
]]>However, if you are handling a loved one’s estate, you should understand how probate court in Georgia works. Knowing the ins and outs of the process can enable you to better see why there may be delays or what you should do to facilitate the process.
The ultimate goal and what the court’s duties lead up to is finalizing the estate of the deceased person. Finalizing means ensuring the payoff of all debts and the disbursement of all assets. The court does this with the help of the person representing the estate.
Through order and hearings, the probate court is able to work through any issues that arise, including objections or contests of the will.
The probate court does not just handle estate matters. It is important to note this court also will take care of guardianship matters, oaths of office, marriage licenses, gun licenses, election oversight, game and fish matters and the occasional criminal matter. It is a busy place, which can slow down estate matters.
The judge who presides over the court is an elected official. The terms run for four years, which means every four years, there is a chance the court will have a new judge. This could impact ongoing matters and lead to delays as the new judge familiarizes him or herself with the cases.
Probate courts handle a lot of duties. The judge may change from time to time. Because of the busy nature, you should be aware that there could be delays in your case or the matter could take longer than you thought due to outside influences.
The post How Does Probate Court Work? first appeared on Emert - Yeom Attorneys at Law.
]]>