Finding ways to preserve assets and wealth and protect the interests of loved ones is a goal that many individuals may share. There may be many who feel that estate planning options such as trusts could be just the tool with which to achieve such goals, but they might have questions about how to choose the right fit for their needs. Evaluating the different types of trusts and what each option might have to offer could help individuals in Georgia better prepare to choose a path that best aligns with their wishes.
Trust options
One of the most common options could pertain to a revocable living trust, and the grantor can transfer assets and property in and out of this trust while retaining the right to revoke it at any time. While this type of trust may be flexible in nature, there may also be some downsides, such as a possible lack of asset protection. Irrevocable trusts are also a prevalent option and while this path may offer protection from creditors and probate, assets cannot be removed by the grantor once placed in this type of trust.
Special needs and spendthrift trusts are two more examples of options that may come with a variety of potential benefits. Those who wish to preserve wealth and protect assets from estate taxes could also find it helpful to explore the possible benefits of a generation-skipping trust. There may also be many individuals who wish to leave assets to charities or non-profit organizations, and charitable remainder and charitable lead trusts may help them achieve such goals.
Evaluating one’s options
Although estate planning options such as trusts could offer a variety of benefits, with numerous options to consider and factors to address, preparing to initiate this process can seem intimidating in nature. Individuals who wish to better understand all their available options and the pros and cons of each in turn could benefit from consulting with an attorney for guidance in navigating the process. An attorney can address a client’s wishes and goals and help create a strategy that focuses on protecting his or her preferences for the future.
