Reputable Newnan Law Firm Helps Clients Draft Trusts
Georgia attorney works to help you secure your legacy
You may be tempted to put off estate planning because the process seems overwhelming or the future seems far away. However, nobody knows what tomorrow may bring, and having a plan in place will help preserve your assets and protect your family’s financial future. At the Law Office of Patrick W. McKee, LLC in Georgia, our attorney has over 40 years of experience providing personalized legal support to residents of Newnan and surrounding areas who are looking to create trusts that align with their long-term goals and stand up to potential legal challenges.
What is a trust and what is its role in estate planning?
A trust is a legal vehicle into which property and assets are placed to meet various estate planning objectives. A trust can specify under what conditions and when property will pass to beneficiaries. Third parties — called trustees — are typically appointed to manage the trust’s assets and distribute them in accordance with its terms. Trusts can offer many benefits, including protecting assets and reducing tax liability. Another benefit of trusts is that, unlike wills, the property in them usually does not have to go through the often lengthy and expensive probate process, which will allow your heirs faster access to trust assets upon your death. After learning about your situation, our knowledgeable attorney will advise you about how a trust may be beneficial to your estate plan.
Drafting trusts that meet a variety of needs
There are two general categories of trusts. They are:
- Revocable trusts — Also called a living trust, a revocable trust can be changed or dissolved during your lifetime should your situation or planning objectives change. Besides the benefit of flexibility, a revocable trust does not usually have to pass through the very long and public probate process. This allows you and the beneficiaries to maintain some privacy.
- Irrevocable trusts — An irrevocable trust cannot be altered in any way or dissolved once it is established. When you set up an irrevocable trust, the assets effectively leave your estate, which can offer many tax benefits. Unlike a revocable trust, any income that is generated by the trust’s assets is not taxed to the grantor.
Within these broader categories are several different types of specialty trusts, and our attorney can explain their unique purposes and benefits. Some examples of specialty trusts include:
- Testamentary trusts
- Charitable trusts
- Generation-skipping trusts
- QTIP Trusts
Trusts can become quite complex to create, so it is smart to work with an experienced attorney. Our Newnan lawyer will assess your goals and carefully draft trust documentation that meets your estate goals.
Contact a seasoned Newnan trusts and estate attorney for assistance
At the Law Office of Patrick W. McKee, LLC in Newnan, our attorney has over four decades of experience helping clients in Georgia safeguard their assets and protect their families’ futures by drafting trusts and guiding them in all areas of estate planning. To schedule a consultation, call our firm at 470-400-1562 or contact us online.