Using Trusts To Achieve Your Estate Planning Goals
When developing your estate plan, you should consider including one or more trusts, especially if you own substantial assets. Trusts are powerful tools that can help you control your property while you are still alive and ensure a smooth transfer to your beneficiaries.
To properly incorporate a trust into your plan, you first need to know which type of trust is right for you and how to use it. Lerman Law Associates, P.C., can help you take full advantage of trusts with insightful advice designed to meet your estate planning needs for the long term. Our attorney, Craig Lerman, also holds a master’s degree in business administration. He uses his combined knowledge of estate planning law and business management to protect his clients’ interests.
Trusts Available In Georgia
There are several types of trusts. The primary categories are revocable and irrevocable trusts.
With a revocable trust, you have the power to change or revoke the trust during your lifetime. An irrevocable trust cannot be altered. Assets in an irrevocable trust are safe from your creditors, while property in a revocable trust is not shielded from collection actions.
Other common trusts include:
- Special needs trusts
- Charitable trusts
- Spendthrift trusts
After learning what you and your family need out of your estate plan, Attorney Lerman will explain how to use one or more trusts to achieve your goals. He will help you establish your trust and show you how to populate it with the property you seek to pass on. And whenever a change needs to be made, turn to Craig Lerman for honest, efficient assistance.
What Is A Revocable Living Trust?
A revocable living trust is an estate planning document that lets you place assets into a trust during your lifetime. In Georgia, the person who creates the trust is called “the grantor.” Because the trust is revocable, you have the freedom to change it, amend it or cancel it while you are alive, as long as you have the legal capacity to do so. Individuals use a revocable living trust in estate planning to avoid probate, maintain privacy, and enable a “successor trustee” to manage assets more easily if the grantor becomes incapacitated or passes away.
For business owners and real estate investors, this tool can be especially useful as part of a broader planning strategy. It can help streamline the transfer of ownership interests, reduce delays in managing property after incapacity or death, and provide a more organized way to pass business or real estate assets to heirs. While a revocable living trust does not provide strong asset protection by itself, it can make succession planning much smoother and help ensure that rental properties, commercial real estate and business interests are handled according to your wishes.
Frequently Asked Questions About Trusts In Georgia
We give you clear, thoughtful answers based on years of helping individuals across Greater Atlanta, especially those near our Alpharetta and Kennesaw offices. We help clients understand their options and plan ahead with confidence.
Who are the parties involved in a trust?
A trust typically includes these three main roles:
- The grantor (also called the settlor)
- The trustee
- The beneficiary
The grantor creates the trust and contributes the assets. The trustee manages those assets according to the trust’s terms. The beneficiary is the person or group who receives the benefit of those assets. Each role carries weight. For example, trustees have legal obligations to act in the best interest of the beneficiary, and poor management can lead to legal consequences under Georgia law.
Who should consider setting up a trust in Georgia?
Trusts are not just for the wealthy. In Georgia, anyone looking to manage how their assets are distributed, whether to avoid probate, plan for a minor child or care for a loved one with special needs, should consider a trust. It is particularly worth exploring for residents in the greater Atlanta area who own real estate, run a business, or want to protect their inheritances from potential legal or family complications.
What are the benefits of a trust?
Trusts offer flexibility in managing and distributing assets, allowing you to specify how and when your wealth benefits loved ones. In Georgia, trusts can help in several ways:
- Minimize probate delays by avoiding court processes.
- Reduce estate taxes under Georgia’s tax laws.
- Protect assets from creditors, safeguarding your legacy.
- Help ensure privacy, as trusts bypass public probate proceedings.
However, navigating these benefits requires a clear understanding of Georgia’s legal framework, which emphasizes precise trust creation to achieve your goals.
Can I be both the grantor and the trustee of a trust in Georgia?
Yes, you can be both the grantor and the trustee of a trust in Georgia. It is common for someone to create a revocable living trust and serve as their own trustee during their lifetime. This type of arrangement can help you keep control of your trust’s assets and then name a successor trustee to take over if you become incapacitated.
How does a trust help my family avoid Fulton or Cobb County probate?
A trust can help your loved ones bypass Fulton or Cobb County probate because your trust’s assets do not need to pass through your estate’s probate. Instead, the successor trustee can distribute those assets according to the trust’s terms. This can save time, reduce cost and keep your family affairs private.
Can a trust protect my Metro Atlanta business or real estate?
The way you set up your trust will determine the extent of protection for your Metro Atlanta business or real estate. For real estate, placing property into a trust can make management and transfer easier, especially if you own multiple properties. For a business, a trust may help with succession planning and in keeping the business operating smoothly if something happens to you.
However, a trust is not a shield against all creditors, lawsuits or liability. If your goal is asset protection, you may need additional strategies, such as proper entity structuring and insurance. An asset protection lawyer at our firm can review whether a revocable trust, irrevocable trust, LLC, or a combination makes the most sense for your specific business or property.
How can an Alpharetta estate planning attorney assist?
Georgia law has specific requirements around validity and administration, and small mistakes can lead to major legal issues down the line. Whether your trust involves real estate, business interests or long-term care planning, the process demands attention to detail and careful planning.
An attorney familiar with estate laws in Georgia and with experience working with families in the Atlanta metro area, including both Alpharetta and Kennesaw, can help ensure your trust is properly structured and legally sound.
Get Skilled Guidance For Estate Planning And Trusts
Call us at 678-888-5773 today or send us an email to discuss your trust and other estate planning needs in private. We serve individuals and families in Fulton County, Cobb County and the Greater Atlanta area, and have offices in Kennesaw and Alpharetta.