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What is an irrevocable living trust?
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An irrevocable living trust in Georgia is a legal arrangement.
It’s where a person (the trustor) places assets into a trust.
Once the trust is set up, this trust cannot be changed or canceled.
The trustee manages these assets for the benefit of the named beneficiaries.
Irrevocable living trusts are irrevocable (clearly).
This means that once assets go into it, the grantor loses control over those assets.
This type of trust is often used for estate planning.
And it helps manage and protect assets and offers tax advantages.
The trust is managed by a trustee for the benefit of designated beneficiaries.
Once established, the grantor cannot change or cancel the trust.
This is what distinguishes it from a revocable trust.
This setup offers benefits like asset protection from creditors and potential tax advantages.
The assets in the trust bypass probate in Georgia.
They directly transfer to beneficiaries upon the grantor’s death.
This ensures privacy and efficiency for your family.
But, the grantor loses control over the assets once they are in the trust.
The trustee is the one who is in control of the assets in the trust.
Irrevocable living trusts protect your assets in several ways:
Irrevocable living trusts can help with taxes in several ways:
The cost of setting up an irrevocable living trust in Georgia ranges from $2,000 to $3,500.
This cost depends on the complexity of the trust and the rates of the trust attorney drafting it.
Extra costs may arise for more complex estate plans or unique assets.
These trusts are different in their flexibility and control over assets.
Let’s look at an irrevocable living trust vs a revocable trust.
Both trusts allow you to specify how your assets get distributed after your death.
The choice depends on your need for flexibility versus asset protection and tax planning.
Here are other questions that our trust clients ask us about irrevocable living trusts.
Someone would want an irrevocable trust for these reasons:
Read More: Does Your House Have To Be Paid Off To Put It In A Trust
In an irrevocable trust, the property is legally owned by the trust itself.
It is not owned by the person who created the trust (grantor).
Once property gets placed in the trust, it is under the control of a trustee.
The trustee manages it according to the trust’s terms.
The trustee’s role is to handle the trust property for the benefit of the beneficiaries.
The beneficiaries will receive the assets or income from the trust.
The grantor gives up all rights and control over these assets once they are in the trust.
This separation of ownership is what distinguishes an irrevocable trust.
And, it’s what provides its various legal and financial benefits.
Read More: How To Put A House In A Trust
An irrevocable living trust ends when one of the following occurs:
If you want an irrevocable living trust, fill out the form below.
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