Irrevocable Trust Attorney Helping Clients Protect Their Wealth in Forsyth County, GA
When you are estate planning, there are many decisions to consider. You may need a will to assign guardianship for minors, select a power of attorney in case you become incapacitated, or create an advance directive to instruct doctors on how to handle medical treatment if you get sick. One of the most powerful tools in any estate plan is a trust. There are many types of trusts to select from, each with varying benefits. A skilled estate planning attorney can guide you through these decisions, including drafting an irrevocable trust if that best suits your family’s needs for the future.
At Bascom Law, P.C., our knowledgeable irrevocable trust lawyer has worked with individuals for years to draft legal documents that best protect their assets. Irrevocable trusts give you a great deal of protection regarding the hard-earned wealth you want to leave for your posterity. However, you should always consult with a lawyer before creating a trust to ensure everything is in place legally and to guarantee that this is the right course of action for you. Please get in touch with us at 770-285-5493 immediately if you are considering using an irrevocable trust as part of your estate plan for asset protection.
What is an Irrevocable Trust?
An irrevocable trust designates how funds are distributed, at what time, and to whom. The unique quality of an irrevocable trust is that it cannot be changed by anyone, at any time, including the grantor–or person who created the trust. In an irrevocable trust, the grantor may not be the trustee–or the person who distributes the trust funds when the time comes. There are rare cases where a court could rule in favor of changing an irrevocable trust. However, this would be an expensive and time-consuming process.
Individuals who choose to create an irrevocable trust must be absolutely sure that all aspects of the document are correct and that distribution of the funds is precisely how the grantor desires. Once the trust is set up, the assets will be permanently held within the irrevocable trusts according to the directions set by the grantor and cannot be liquidated for any reason. This is why we highly recommend reaching out to a trusted legal professional before creating an irrevocable trust.
How Can Having an Irrevocable Trust Help Me?
Since an irrevocable trust cannot be changed once it is established, this gives a great deal of protection over the assets held by the trust. The permanency of a trust of this kind can offer several benefits to the family. One is that taxes owed on the estate will be minimal. This does not mean you are evading the IRS! An irrevocable trust is simply a very tax-efficient way of holding assets.
Another benefit of irrevocable trusts is that your loved ones will be well provided for should you pass away. A trust can ensure that beneficiaries don’t use up their inheritance too quickly. It can also provide for family members who may need financial assistance due to age or incapacity. However, since it is so difficult to change the terms of an irrevocable trust in the future, it is essential to consider carefully before creating the trust in the first place. Don’t hesitate to reach out to us with questions or for help starting your estate plan with an irrevocable trust.
Additional benefits of an Irrevocable Trust in Forsyth County:
- Shields assets from creditors and lawsuits.
- Removes assets from your taxable estate, potentially reducing estate taxes.
- Irrevocable trusts can help beneficiaries qualify for government benefits by not directly owning said assets.
- Maintains privacy by avoiding public probate process.
- Certain types of irrevocable trusts may be taxed at a lower rate compared to individual or estate taxes.
- Assets in irrevocable trusts trust bypass probate, leading to potentially faster distribution to beneficiaries.
How Do I Create an Irrevocable Trust in Georgia?
Drafting an irrevocable trust is a process that should be undertaken with great care since this action will be permanent. You must be sure that any assets held in the trust will not be needed for any other reason, as you will not be able to liquidate them once the trust is created. Because of the critical decisions involved with creating an irrevocable trust, we highly recommend that any individual considering such an action speak with us first. A legal professional can help you make the critical decisions that will ensure your irrevocable trust matches your family’s needs rather than becoming a hindrance in the future.
Lawyer Mike Bascom has been involved with Georgia estate planning law for decades and understands the unique needs of families in Forsyth County that want an irrevocable trust. He recognizes that estate planning isn’t about money; it’s about family relationships and caring for your loved ones after you pass away. As you work with estate planning attorney Mike Bascom to plan for your future, he will listen carefully to your family’s situation and help craft the perfect plan for you, including an irrevocable trust as necessary.
Should You Hire A Georgia Irrevocable Trust Lawyer?
An irrevocable trust has several significant government benefits and non government benefits, but these advantages can quickly turn into disadvantages without careful consideration while creating the trust. With your irrevocable trust, you can rest assured that you are getting the best protection from unnecessary estate taxes and that your family members will be taken care of through the funds you provide. You can give exact directions on who will receive the assets and when with the knowledge and peace of mind that no one can alter those instructions.
Please don’t feel like you have to make these important decisions on your own. Estate planning and creating an irrevocable trust doesn’t have to be overwhelming when you have a trusted legal professional like Mike Bascom guiding you through the process. Let his experience and understanding of Georgia law be an asset you rely on while setting up your estate plan, including an irrevocable trust. Attorney Mike Bascom will listen carefully and compassionately to your wishes for your future, ensuring your estate plan reflects your unique needs and desires. Contact us today at 770-285-5493 to schedule your initial consultation and see how we can help you!