Georgia estate owners could reduce the impact on their families through financial planning. These concepts allow them to allocate their assets into trusts to allow them to provide for their children later. They also help the owner to reduce the probability of litigation.
How Does This Work
Trust funds are created to allow the estate owner to transfer money for use at a later time. The most common reason for producing a trust fund is to provide for their child’s education. The owner imposes restrictions on the use of the trust by including certain provisions. This could reduce the probability that the child will overspend once they gain access to the funds.
Creating a Trust or Foundation
Estate owners could utilize the services of Affordable Attorneys in Fort Benning GA to create a foundation. This entity operates in the same manner as a non-profit organization. Assets are transferred to the foundation. This eliminates the assets from the estate and reduces its value. The estate owner assigns ownership to allow their family to take control of the foundation when they die.
Reducing Tax Implications
Any funds that aren’t included in the estate are not subject to inheritance taxes. However, taxes are paid when a trust fund owner begins to use it. Foundations or organizations funded by the estate owner are required to file an income tax return at any time that profits are earned.
Planning for the Future
A power of attorney appoints a family member with the right to make decisions on the estate owner’s behalf. This includes transferring funds from their bank account to pay their bills and arranging medical care. An estate owner who doesn’t wish to become admitted into a nursing home could add these provisions to secure their rights.
Estate planning concepts allow estate owners to enforce their final wishes. The concepts help them to plan for future care and retain authority over their assets. The owner utilizes these processes to assign ownership of their property and ensure that inheritance doesn’t cause a financial hardship for their family. To begin this process, contact Affordable Attorneys in Fort Benning GA by visiting website today.
