If lawyers have a “magic bullet” it is probably the use of trusts. Trust Agreements allow an attorney to customize the “who, what, when, and how” for asset management. Gwinnett attorney Richard Bryson has been using trusts for over 20 years to customize asset management plans for families, investors, and business owners. Names of trusts have evolved based on the purpose and intention of the grantor of the trust; however, trusts are completely customized and the provisions vary from client to client depending on the circumstance. The following are just a few examples of common trust names that are indicative of the trust’s purpose:
- Special Needs Trust (for disabled beneficiaries to preserve government benefits);
- Gun Trust (generally to hold regulated weapons);
- Grandchildren or Minor’s Trust (to preserve inheritance for education or until
later in life);
- Insurance Trust (to hold insurance and minimize estate tax);
- Pet Trust (to provide for care of pets following owner’s death);
- Land Trust (to hold real estate);
- Medicaid or VA Trust (to facilitate future government benefits to pay for long-term care expenses);
- Marital Trust (to provide for lifetime benefit of spouse); and
- Retirement Asset Trust (to hold IRA money and allow for continued tax deferral following death of owner); and
- Living Trust (created and funded during life to avoid probate at death).
To meet with a trust lawyer at Bryson Law Firm who will evaluate your intentions and determine if a trust solution is right for you, contact the Suwanee, Georgia office at (404) 909-8842 or firstname.lastname@example.org.