Fortson, Bentley and Griffin’s tax and estate planning attorneys regularly employ trust arrangements to accomplish our client’s short and long-term planning objectives. A trust relationship is established when one or more parties (the “settlors”) transfer property to one or more persons (the “trustees”) who have agreed to hold and manage such property for the benefit of one or more beneficiaries. FB&G’s tax and estate planning attorneys have extensive experience in the use of trusts to accomplish the following planning goals for our clients:
- Estate (and generation-skipping) Tax Planning: Trusts can often be used to reduce or even completely avoid estate and generation-skipping taxes.
- Income Tax Planning: Trusts may be used to reduce or avoid income taxes and to maximize certain positive tax attributes, such as income tax basis.
- Asset Planning: Trusts can be used to shield assets from claims of creditors of the settlors and/or beneficiaries.
- Planning for Veterans Administration and Medicaid Benefits: Trusts can be used to transfer legal title to assets, and any income arising therefrom, out of the name of a person who would otherwise fail to qualify for VA benefits or Medicaid long-term care benefits on account thereof.
- Liability Protection: Trusts can be used to shield beneficiaries from liabilities associated with assets.
- Waste Avoidance: Trusts can be used to prevent the irresponsible disposition and depletion of assets by spendthrift beneficiaries.
- Incentivizing Responsible Behavior: Trusts can be tailored to incentivize beneficiaries relying thereon to live productive and responsible lives.
- Preservation of Special Assets: Trusts can be used to prevent the division of special family assets such as farms, vacation homes and business interests.
- Probate Avoidance
- Providing for Persons who are Disabled or have other Special Needs
Types of trusts regularly used by our estate planning attorneys include:
- Revocable Trusts
- Irrevocable Life Insurance Trusts (ILITs)
- Intentionally Defective Grantor Trusts (IDGTs)
- Grantor Retained Annuity Trusts (GRATs)
- Qualified Personal Residence Trusts (QPRTs)
- Generation-skipping Dynasty Trusts
- Special Needs Trusts
- Charitable Lead and Remainder Trusts (CRATs, CRUTs, CLATs and CLUTs)
Please contact one of FB&G’s experienced estate planning attorneys online or by telephone at 706-548-1151 to discuss your particular legal needs.