A Guide To Irrevocable Trust in Georgia
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What Is Irrevocable Trust in Georgia?
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Irrevocable trusts are trusts that you cannot change, terminate, or amend. When you set up one, you give away control over the assets placed under it to the trustee who manages it.
An irrevocable trust allows people to minimize estate taxes and shield their assets from creditors, making it a vital part of estate planning.
Experienced attorneys at Perigon Legal Services are just a click away if you want to set up an irrevocable trust now.
Irrevocable Living Trust vs. Revocable Living Trust
The most obvious difference between revocable and irrevocable trusts is the ability to amend them. Irrevocable trusts are unchangeable and cannot be altered, whereas revocable trusts can be amended, changed, or terminated.
Irrevocable and revocable trusts are also different tax-wise.
Irrevocable trusts protect the income generated by the trust assets from estate taxes. As the grantor no longer owns the assets under an irrevocable trust, they are removed from his or her taxable estate. The grantor is also no longer required to pay income tax on the trust assets. This type of trust also comes with some government benefits.
A revocable trust, however, remains under the grantor’s name and control until their death, which means all trust assets count toward their taxable assets. With the grantor’s death, the trust becomes irrevocable and will be managed by a successor trustee.
If you haven’t yet decided which estate planning tool to choose, our guide to estate planning may help.
Types of Irrevocable Trusts in Georgia
There are different types of irrevocable trusts, including the following:
Bypass Irrevocable Trust
A bypass irrevocable trust, also known as a family or AB trust, allows couples to avoid federal estate taxes on certain assets by moving the late spouse’s estate share into an irrevocable trust. The bypass trust protects the deceased spouse’s assets from creditors and ensures the correct transfer of the assets to the trust beneficiaries upon the surviving spouse’s passing.
Advantages and Disadvantages of Irrevocable Trusts
How to Set up an Irrevocable Trust in Georgia?
Why you Need to Work with an Estate Planning Attorney
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