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YOU CREATE THIS TRUST IT DURING YOUR LIFETIME, AS WITH ALL LIVING TRUSTS.
Irrevocable Living Trust
How A Trust Protects Your Wealth
An Irrevocable Living Trust is one of the major estate planning tools that you can create that ensures your wishes are followed in the state of Georgia.
Creating an Irrevocable Living Trust in Georgia and secure the financial well-being of your loved ones for years to come.
before creating one, several factors must be taken into consideration
What Is A Irrevocable Living Trust In Georgia?
Irrevocable Living Trust in Georgia is a legal arrangement that transfers assets out of a person’s estate, thereby taking control over those assets in accordance with the outlined document. Once assets are placed into an irrevocable trust, the grantor (the person establishing the trust) surrenders all rights and ownership to the assets, including the ability to alter or revoke the trust.
In the state of Georgia, irrevocable trusts are governed by the Georgia Trust Code, which provides a comprehensive framework for their creation and administration.
What Types Of Living Trust Are Available In The State Of Georgia?
There are two basic types of trust which are Revocable Living Trusts which are changeable and Irrevocable Living Trust is the opposite which means non-changeable. The objective of the trust has a big impact on a lot of aspects. But before creating one, several factors must be taken into consideration.
An Irrevocable Living Trust can serve as the main tool for transferring wealth from one generation to the next, avoiding estate taxes, and protecting assets from creditors in the future. Trusts can be used to pass on assets while also protecting it against claims made by your children, grandkids, and even great-grandchildren in the future.
What Benefits A Irrevocable Trust Provide In Georgia?
Here are a few additional benefits you get along with this trust:
One of the primary advantages of an irrevocable trust is the protection it offers to your assets. By removing assets from your personal ownership, they become shielded from creditors, potential lawsuits, and other threats.
Irrevocable trusts can play a crucial role in Medicaid and long-term care planning. By transferring assets into an irrevocable trust well in advance of needing nursing home or other long-term care services, individuals can potentially qualify for Medicaid benefits while preserving assets for their heirs.
Irrevocable trusts can be effective tools for minimizing estate tax liabilities. In Georgia, as of the knowledge cutoff in September 2021, there is no state-level estate tax. However, individuals with significant assets may still be subject to federal estate taxes.
Although the grantor loses direct control over assets placed in an irrevocable trust, various provisions can be incorporated to ensure that your wishes are respected.
Assets held in an irrevocable trust bypass the probate process, allowing for a faster and more private transfer of wealth to beneficiaries. Probate can be a lengthy and costly process, subjecting your estate to court proceedings and potential disputes.
Can You Change An Irrevocable Living Trusts Terms In Georgia?
Technically speaking, Irrevocable Living Trusts cannot be “changed or modified,” which is the very first thing most people want to know. Trusts with this restrictions are by definition irrevocable. They cannot be revoked or undone.
It is not uncommon for families to find themselves beneficiaries of an irrevocable living trust that no longer fits their needs due to changing laws or unforeseen situations. Some common changes that beneficiaries might petition for include dividing or consolidating trusts, giving the beneficiaries the ability to remove and replace a trustee, or changing assets or distribution requirements.
Under the state of Georgia, if all of the beneficiaries of an irrevocable trust agree on a modification, they can file a petition to modify the trust with the help of an attorney. If the grantor is deceased, the trustee has been given proper notice, and all of the beneficiaries agree, the court must approve the modification request unless it concludes that the proposed modification is inconsistent with a material purpose of the trust.
"A living trust, which is also known as an inter vivos (Latin for "between the living") trust, is originated and funded by an individual during their lifetime."
– Tim Hurban
Ensure Sure Your Trust Is Set-Up Correctly
Technically speaking, Irrevocable Living Trusts cannot be “changed or modified,” which is the very first thing most people want to know. Trusts with this restrictions are by definition irrevocable. They cannot be revoked or undone.
However, an experienced irrevocable trust attorney can assist you in keeping your legal right to successfully revoke an irrevocable trust.
A Irrevocable living trust can provide peace of mind and help you achieve your estate planning goals.
We are happy to provide a free 15-minute consultation session if you need quick guidance on whether a more in-depth meeting is needed. The free 15-minute sessions can be done either through a phone call or virtually.
