old fashioned sailing vessel on rough seasThink of a trust as a ship custom-built to carry your assets and intentions through time. The captain of the ship is the trustee you appoint, who will ensure safe passage and proper distribution of the property according to your wishes after you are gone. Through unexpected storms, the ship will provide safe passage for your legacy, ensuring that your loved ones are well provided for in the future.

In Georgia, as in many other states, various types of trusts can be included in an estate plan to achieve specific financial, tax, and personal goals. At Boscoe Law, we see trusts as an essential component of every estate plan. We will walk you through your options to help you achieve your goals.

Types of Trusts to Consider Including in a Georgia Estate Plan

Depending on your assets and goals, your estate plan might include one or more of the following types of trusts:

  • Revocable living trust. A revocable living trust is created during your lifetime and can be amended or revoked as your circumstances change. You transfer assets into the trust, and you can serve as the trustee, maintaining control over the trust assets. It is ideal for individuals who want to avoid probate, maintain flexibility, and have control over their assets during their lifetime. It can also provide continuity of management in case of incapacity.
  • Irrevocable living trust. Once an irrevocable living trust is established and assets are transferred into it, you generally cannot change or revoke the trust without the beneficiaries' consent. This type of trust is often used for estate tax planning and asset protection. It can benefit individuals seeking to reduce estate tax liability, protect assets from creditors or long-term care, or provide for loved ones with special needs without affecting their eligibility for government benefits.
  • Testamentary trust. A testamentary trust is created through a person's Last Will and Testament and takes effect upon their death. It can provide for the management of assets for beneficiaries, such as minor children, after the grantor's passing. It is a good option for parents who want to ensure that assets left to minor children are managed responsibly until the children reach a certain age or milestone.
  • lady with horseTrusts for horses. Create trusts for horses and other animals we love as family. Provide for your horses after you are gone. Trusts create security and a healthy retirement for your horses.
  • Charitable remainder trust. This type of trust allows you to donate assets to a charitable trust while retaining an income stream from the trust for a specified period. After the trust's term, the remaining assets go to the designated charity. These trusts are designed for individuals interested in making a significant charitable donation while retaining an income source during their lifetime. It can also provide tax benefits and potentially increase income in retirement.
  • Special needs trust. A special needs trust is established to provide for the financial needs of a person with disabilities while preserving their eligibility for government benefits. Families with individuals who have disabilities and receive government benefits should consider this type of trust, as it ensures that inherited assets will not jeopardize their benefits and can be used to enhance the individual's quality of life.
  • Family Limited Partnership (FLP) or Limited Liability Company (LLC). FLPs or LLCs allow families to consolidate and manage assets, potentially enabling gifting and offering asset protection. These entities can benefit families interested in controlling family assets, facilitating wealth transfer, and enjoying potential tax benefits.
  • Spendthrift trust. A spendthrift trust offers asset protection by restricting a beneficiary's ability to access the trust's principal or income. This protection shields the trust assets from the beneficiary's creditors, ensuring that the assets are preserved for the beneficiary's long-term financial security. This type of trust benefits individuals who may have difficulty managing their finances responsibly or who are at risk of creditor claims.
  • Gun trusts. Gun trusts are legal entities created to hold ownership of firearms and to ensure the legal and private transfer of ownership upon the trust maker's incapacity or death. These trusts are particularly useful for managing ownership of antique guns and firearms regulated by the National Firearms Act.
  • Trusts to benefit a non-citizen spouse. When your spouse is not a U.S. citizen, a trust needs to be structured to account for mixed citizenship while providing financial security and reducing estate tax liability. Boscoe Law welcomes the opportunity to create trusts to benefit non-citizen spouses, including those who are citizens of India, Spain, Colombia, and Mexico. 

Speak to a Milton and Alpharetta Estate Planning Attorney Today

When creating an estate plan with John Boscoe, he will help you determine the most appropriate trusts to achieve your objectives and secure your financial future and that of your loved ones. Contact Boscoe Law to start learning about your estate planning options.