Georgia residents often include irrevocable trusts in their estate plans because they protect assets from creditors and provide a number of tax benefits. Irrevocable trusts reduce estate tax exposure because the assets placed into them are no longer considered part of the estate as they are no longer owned by the grantor, but the nature of these documents makes changing their terms difficult. However, there are a number of ways that grantors may be able to make irrevocable trusts more flexible.
Estate planning in a digital age
People living in Georgia and around the country often understand the importance of putting together an estate plan. This includes writing a will, designating beneficiaries on insurance policies and investment accounts, and considering end-of-life planning in the form of living wills, powers of attorney and advance directives. Many people also hold assets in form of online content, social media accounts, email accounts and loyalty points earned through various businesses. Digital assets can be a tricky area for many executors and heirs to manage.
