How do I dispute an irrevocable trust?
If a court recognizes you as having standing — a stake in the actions of the trust — you can contest an irrevocable trust just as if it were a revocable trust or a will. If you prove your case, a judge may agree to terminate the trust or invalidate some of the terms.
When did Georgia change the law on irrevocable trusts?
New Georgia law follows national trend and expands ability to modify irrevocable trusts. Following a national trend, Georgia modernized its law on modification of irrevocable trusts effective as of July 1, 2018. The new law substantially expands the ability to change an otherwise irrevocable trust.
What are the questions to ask before creating an irrevocable trust?
Some of the most frequent questions I hear from clients in my estate planning law practice have to do with whether they should create an irrevocable trust . Here are five questions to ask when deciding whether or not an irrevocable trust would be a good addition to your estate planning strategy.
What are the different types of trusts in Georgia?
Testamentary trusts are always irrevocable. Several types of trusts are favorites among Marietta estate planners. Each type of trust is designed to accomplish different objectives depending on your estate planning goals. We invite you to learn more about Georgia trusts in our free ebook – Georgia Trusts 101: A How and Why Guide.
How is a trust modification carried out in Georgia?
Each state law trust modification technique has different requirements. For example, a decanting is carried out by the trustee, whereas a trust modification is carried out by the settlor, if living, and all the beneficiaries.
Who owns an irrevocable trust?
The person who runs an irrevocable trust is known as a trustee. Trustees have many legal duties to the trust, including careful investment of assets and the duty to account for their decisions. Everything the trustee does must be for the good of the trust’s beneficiary; the trustee can’t seek to gain something for himself in operating the trust.
Who needs an irrevocable trust?
Irrevocable trusts are typically used by a grantor to minimize estate tax and to protect assets from creditors. Irrevocable trusts may also be used to provide for family members who are minors, financially irresponsible, or who have special needs. Irrevocable trusts may sometimes be used for Medicaid and VA benefits planning.
What you should know about a living trust in Georgia?
A living trust is an option to consider as part of your planning. When you create a living trust in Georgia, you place yourself completely in control of your assets during your life and after your death. While you are alive, you manage and control everything in the trust and you are also able to control your assets after your death.
Is irrevocable trust a good thing?
The irrevocable trust is good for estates where there are a fair amount of assets (usually homes, real estate assets over $200,000). It is an asset protection tool as much as an estate planning tool in that it protects everything in the trust from all creditors, including medicaid in the event you need long term care.