trusts Archives

Reasons for single parents to make an estate plan

Many adults fail to make an estate plan, but it can be especially important for single parents in Georgia and around the country to do so. One of the functions of an estate plan for parents is to appoint someone to be guardian for their children. While this could be the other parent, if that parent is unable to step into this role for any reason, appointing a guardian can ensure that the child is raised by someone a parent chooses.

How to change an irrevocable trust

An irrevocable trust is generally thought of as a trust to which changes cannot be made. While this offers greater protection to the assets in the trust, it also means that if circumstances change, a person may be stuck with a trust that is no longer useful. However, a number of states, including Georgia, offer a "decanting" option to change an irrevocable trust if necessary.

Why trusts are important for many

In 2001, Georgia residents and others could only exempt $675,000 from federal estate taxes. Today, that amount has risen to $11.8 million. However, it doesn't mean that it isn't a good idea to establish a trust as they can provide benefits beyond a lower estate tax bill. For instance, putting assets in a trust means that they will be protected from creditors, which means that the asset stays in the family.

Do you need a trust for your pet?

Recently, we wrote a post on trusts and whether or not they might be the right for you. Now that you might have a better understanding of trusts, you should know about the importance of one specific trust for an important member of your family: your pet.

Email Us For A Response

I Am Ready To Listen

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Herman Law Firm, LLC
760 Old Roswell Rd., Suite 119
Roswell, GA 30076

Phone: 770-609-4468
Roswell Law Office Map

  • Law Pay
  • VISA | MasterCard | American Express | Discover