Norcross Trusts Lawyer
Secure Your Assets and Your Future
A trust is a powerful estate planning tool that helps individuals and families manage their assets efficiently while ensuring their wishes are honored. At Bowman Law Firm, we assist clients in setting up and managing trusts to protect their wealth, minimize tax burdens, and provide for their loved ones. Led by experienced Norcross trusts lawyer Shireen Hormozdi Bowman, our firm is dedicated to creating personalized trust solutions that align with your estate planning goals.
What Is a Trust?
A trust is a legal arrangement where a designated trustee holds and manages assets on behalf of beneficiaries according to the terms set by the trust’s creator, known as the settlor or grantor. Trusts can serve a variety of purposes, including avoiding probate, reducing estate taxes, and protecting assets from creditors. Unlike a will, which only takes effect upon death, a trust can be utilized during your lifetime and continue to operate after your passing.
Key benefits of establishing a trust include:
- Avoiding Probate: Assets held in a trust bypass the probate process, allowing for a quicker and more private transfer of wealth to beneficiaries.
- Asset Protection: Certain types of trusts can safeguard assets from creditors, lawsuits, and financial mismanagement.
- Tax Advantages: Trusts can be structured to minimize estate and gift taxes, preserving more of your wealth for future generations.
- Control Over Distribution: Trusts allow you to set specific terms for when and how your assets are distributed, ensuring financial stability for your beneficiaries.
Types of Trusts We Help Establish
At Bowman Law Firm, we assist clients in creating various types of trusts tailored to their unique needs, including:
Revocable Living Trusts
A revocable trust allows you to retain control over your assets during your lifetime while providing a seamless transition of ownership upon your death. This type of trust is flexible, meaning you can modify or revoke it at any time. It is an excellent option for those who want to avoid probate while maintaining control over their estate.
Irrevocable Trusts
Unlike revocable trusts, irrevocable trusts cannot be altered once established. However, they offer significant benefits, such as asset protection and tax advantages. Irrevocable trusts can be particularly useful for Medicaid planning and protecting assets from creditors.
Special Needs Trusts
For families with a loved one who has a disability, a special needs trust ensures that they continue receiving financial support without jeopardizing their eligibility for government assistance programs such as Medicaid and Supplemental Security Income (SSI).
Testamentary Trusts
A testamentary trust is created within a will and only goes into effect upon your passing. This type of trust is ideal for parents who want to ensure their minor children receive financial support in a structured manner.
Who Should Consider Establishing a Trust?
Many people assume that trusts are only for the wealthy, but trusts can benefit individuals regardless of financial status. A trust may be right for you if:
- You want to avoid the time and expense of probate for your heirs.
- You have minor children and wish to provide structured financial support.
- You own significant assets and want to minimize estate taxes.
- You have a family member with special needs who requires long-term financial assistance.
- You wish to make charitable donations as part of your estate plan.
- You want to protect assets from potential lawsuits, creditors, or mismanagement.
Norcross Trusts FAQs
Setting up a trust can be the solution to many important issues that arise in estate planning. Trusts come with varying levels of complexity, but even the most basic trust requires legal assistance to be valid and effective. At Bowman Law Firm, we understand that setting up a trust can feel overwhelming. Whether you’re considering a trust for asset protection, tax benefits, or to simplify the inheritance process, the Norcross trusts attorney Shireen Hormozdi Bowman is here to help. Below are some answers to frequently asked questions to help you better understand how trusts work and how they can benefit your estate plan. If you have other questions or are ready to get started creating a trust and other essential estate planning documents, contact Bowman Law Firm for a free consultation.
What Is a Trust?
A trust is a legal arrangement where one person (the settlor) transfers assets to another party (the trustee) to manage on behalf of a third party (the beneficiary). Trusts can help manage and protect assets during your lifetime and after your death.
There are many types of trusts, each serving different purposes. Common examples include revocable living trusts, irrevocable trusts, special needs trusts, and Medicaid asset protection trusts.
What Is the Difference Between a Revocable and Irrevocable Trust?
A revocable trust allows you to maintain control over the trust assets during your lifetime. You can modify, revoke, or dissolve the trust at any time. A revocable living trust can also help avoid probate, making the asset transfer process smoother for your beneficiaries.
In contrast, an irrevocable trust generally cannot be altered or revoked once established without the consent of the beneficiaries. Irrevocable trusts are often used for asset protection and tax benefits, as assets in the trust are no longer considered part of your estate.
Why Should I Set Up a Trust Instead of Just Having a Will?
While a will directs how your assets are distributed after your death, it must go through court in a process known as probate, which can be time-consuming and costly. A trust allows your assets to be distributed directly to beneficiaries without going through probate.
Other reasons to consider a trust include:
- Protecting assets from creditors
- Providing for a family member with special needs
- Reducing estate taxes
- Controlling how and when your assets are distributed
Who Should Be My Trustee?
Your trustee should be someone responsible, trustworthy, and capable of handling financial matters. Many people choose a trusted family member or friend, although a professional trustee, such as an attorney or financial institution, can also be a wise choice. For larger or more complex estates, a corporate trustee may be more appropriate. You can also initially serve as the trustee for your trust while appointing a successor trustee to serve after you. In any case, the trustee must act in the best interests of the beneficiaries and follow the terms of the trust.
Can I Change My Trust After It’s Created?
If you establish a revocable trust, you can change, amend, or revoke it at any time as long as you are mentally competent. However, irrevocable trusts generally cannot be modified once they are established, except in very specific circumstances and often with court approval.
How Does a Trust Help Avoid Probate?
Assets placed in a trust are no longer considered part of your personal estate. The trust holds legal title to the property in the trust, with designated beneficiaries holding what is known as equitable title. When you pass away, those assets can be transferred directly to your beneficiaries without going through the probate process. This not only speeds up the distribution of assets but also helps keep your financial matters private, as probate proceedings are matters of public record.
Do I Still Need a Will If I Have a Trust?
Yes. A pour-over will is often used alongside a trust. This provision ensures that any assets not already placed in your trust at the time of your death are transferred into the trust and distributed according to your wishes. Additionally, a will allows you to name guardians for minor children and an executor of your estate—things a trust cannot do.
What Happens If I Don’t Fund My Trust?
Creating a trust is only the first step—you must also fund it by transferring assets into the trust’s name. This might involve changing the title on bank accounts, real estate, or other property. If you don’t fund your trust, those assets will not be protected by the trust and may still need to go through probate.
How Can Bowman Law Firm Help with Trusts?
Our firm is committed to providing comprehensive estate planning services to ensure your assets are managed according to your wishes. We help you determine which type of trust best suits your needs and draft legally sound trust documents. We are here to advise you and assist you in managing the trust while complying with fiduciary duties. As life circumstances change, we can update your trust structure to reflect evolving needs. At Bowman Law Firm, we help clients:
- Determine which type of trust best meets their goals
- Draft clear, legally sound trust documents
- Fund the trust correctly to ensure your assets are protected
- Provide guidance on managing and updating trusts over time
Start Planning Your Future Today With a Trust Attorney at Bowman Law Firm
A well-crafted trust provides peace of mind and financial security for you and your loved ones. At Bowman Law Firm, we take the time to understand your estate planning goals and create customized trust solutions that fit your needs. Contact our Norcross trusts lawyer today for a free consultation and take the first step toward safeguarding your assets and legacy.