A Trust is not just for the super wealthy to avoid taxes or to avoid probate, especially now that the estate tax has a $5 million threshold. A Trust can well be used to delay and address estate taxes, but are rarely useful to avoid probate, at least in Georgia. For most people it can be a useful tool by which a parent can have his or her children’s share of an estate be managed by someone who is mature enough to make sound financial decisions on behalf of the children until they are of an age of maturity. You can thus choose the person to manage and the age or conditions by which your children receive money. One can stagger the dispersal of funds to help assure the son or daughter does not come into cash until they really are likely to need those funds, perhaps with a lump sum on finishing college, or upon having children of their own, or reaching an age, such as 30, which is long after their legal coming of age at 18. Trusts can be fairly simple to establish and to administer.
The information provided in this summary is general and for information only and
does not constitute legal advice for any particular situation of facts and circumstances.
If you have need of legal advice, please consult an attorney for your specific questions.