Inheritance Trusts Attorney Keeping Clients’ Money in the Family in Forsyth County, GA
Most people want to leave their hard-earned wealth with their children and close loved ones after they pass away. What they don’t think about is what will happen with those funds if their child gets divorced or dies. Chances are their spouse could end up taking some of that money, which might not be what you had intended. With an inheritance trust, the funds are under your child’s name only. This means the money is held separately from the spouse’s accounts and would stay with your blood relatives if your son or daughter is divorced. Should your child pass away, the funds would be passed on to their children or another close blood relative.
If you feel like an inheritance trust would be helpful for you, or if you have any other questions about estate planning, please reach out to us at Bascom Law, P.C. to speak with our talented legal team. Attorney Mike Bascom understands that you have needs and wishes for your future that are different from anyone else out there. He will take the time to get to know you so he can help develop the perfect estate plan for your family, including an inheritance trust, if you’d like. Contact us today at 770-285-5493 to go over the details with us in an initial consultation.
How Does an Inheritance Trust Work?
Many estate plans include a last will and testament, where the decedent–or deceased person–describes what items from their estate will be left with which beneficiaries–or heirs. A will is a useful document because it can also outline guardianship for minors and answer other important questions. While we do recommend that our clients have a will, we also encourage you to consider a trust such as an inheritance trust.
Inheritance trusts not only offer instructions on who will receive what from the estate, but they also tell how these assets will be distributed. This means the grantor can specify whether the funds will be given at once or over a longer period. With an inheritance trust, you will know that any assets held in the trust will continue to stay in the family even if that beneficiary passes away. This offers an excellent amount of protection for your wealth from predators and taxes. If you think an inheritance trust is right for you, reach out to us today.
What Happens if I Don’t Have an Inheritance Trust?
When the deceased person leaves money to a beneficiary without an inheritance trust, that money is easily commingled with the funds of the receiving individual’s spouse. Should the beneficiary die or divorce, it would be very easy for the spouse to end up with the wealth that you intended for your family. If the spouse remarries, they would then be sharing your wealth with a complete stranger.
If you choose to create an inheritance fund and you do want to provide funding for your son- or daughter-in-law, there are provisions for this as well. However you want to approach leaving your inheritance, you can give your beneficiaries the most protection possible by creating an inheritance trust. Get in touch with us for help from a lawyer with many years of experience who can get you the estate plan you need, including an inheritance trust.
Can an Inheritance Trust Help Me Avoid Unnecessary Taxes?
Even though the State of Georgia does not charge an estate tax, individuals living in the Peach State may still be fined for federal taxes, as well as state taxes in the location where their assets are located if that state has an estate tax. Having the right estate plan, however, can make all the difference when it comes to minimizing the amount of money the government takes after you die.
With a trust fund like an inheritance trust, you get some of the best tax protection available. We are not able to give specific advice for your situation on an internet website. However, we would be more than happy to meet with you in person and discuss how a trust can protect your estate from being depleted by unnecessary taxes. It isn’t about avoiding paying your fair share but rather avoiding paying more than you need to. Please let attorney Mike Bascom help you create the estate plan that offers the most protection from creditors and tax collectors alike by reaching out to us about an inheritance trust today.
How Can Our Inheritance Trust Lawyer Help You?
When you have worked hard all your life to build up wealth intended for your posterity, you don’t want those funds to be drained by people outside of your family. An inheritance trust can reserve that money to be used only by people in your direct line, keeping your hard-earned assets within the family for generations to come. This can make all the difference for your children, your grandchildren, and so on.
Deciding what kind of trust and any other documents to include in your estate plan can be tricky and overwhelming. However, with an inheritance trusts attorney on your side who has a great understanding of Georgia and federal law, you have much better chances of having an estate plan that offers a great deal of protection for your descendants. Please reach out to Bascom Law, P.C. for an appointment to speak with our talented legal team at our convenient Forsyth County office. Lawyer Mike Bascom takes the time to know his clients personally so he can offer the best counsel for their situation. The estate planning process can seem scary, but with Mike on your team, you can experience the peace of mind that comes with being prepared for the future. A few simple steps now can make all the difference, so give us a call today at 770-285-5493.