The Libby Law Firm can help you create a trust that will help you to take care of your estate planning needs. A person may want to set up a trust for a special purpose, such as a Special Needs Trust for a child who is disabled and may need special care even as an adult or a trust to fund a grandchild's education. One major benefit that a trust provides is that unlike a will, a trust is not subject to probate and the delays that come with it.
A trust allows your assets to be managed and later allocated in specific ways. It is a legal agreement that places a person's assets in a "trust" where they are kept until it is time to distribute them to the beneficiaries. A trust is a legal entity separate from the person (known as the grantor) who created the trust. The person or entity entrusted to oversee the trust (either while you are alive and/or after your death) is known as the trustee.
A revocable trust is a trust that can be modified or revoked while the grantor is alive. An irrevocable trust is permanent and cannot be changed.
Here are some of the many trusts we have helped clients create:
-Irrevocable Life Insurance Trust (for benefit of descendants only)
-Irrevocable Trust Agreement
-Charitable Remainder Annuity Trust
-Charitable Remainder Unitrust
-Revocable "Stand-by" Trust to Provide for Disability of Grantor
-Revocable Trust with Provisions for Family to Continue after Grantor's Death
-Pooled Income Fund
-Private Foundation Trust Agreement
-Testamentary Trust Provision--Establishment of Trust--Charitable Institution for the Care and Treatment of Handicapped Children
-Qualified Domestic Trust for Non-Citizen Spouse Residuary Trust
Each kind of trust fulfills specific roles and obligations. While some trusts take care of specific or special needs, other trusts can lower estate taxes or control how and when assets will be given to a grantor's beneficiaries. It is important to speak to an experienced estate planning attorney in Georgia who can help you explore your options so you can determine what estate planning tool is best for you. We can meet with you to help you get clear about your objectives and come up with a plan that will allow you to fulfill your goals.
We can also help you appoint a trustee. You may choose to be the trustee of your own trust, or you can have someone else act as trustee for you. You may also want to appoint a successor trustee—should a time come when your trustee is no longer able to fulfill the role. Your trustee will be fulfilling some very important responsibilities for you, so it is important that you select an individual or entity that you can trust and is capable of completing these duties.
The Libby Law Firm has also represented clients in cases involving breaches of trust by trustees and other disputes related to trusts. For more information, visit our Wills, Trusts, and Estate Litigation page.
The Libby Law Firm is proud to provide comprehensive estate planning services to our Atlanta, Georgia clients, many of whom reside in Brookhaven, Buckhead, Decatur, Peachtree Hills, Roswell, Marietta, Lawrenceville, and Sandy Springs, as well as in other cities in Gwinnett County, Cobb County, Fulton County, Dekalb County, and Clayton County.
To set up a consultation with The Libby Law Firm, send an e-mail to The Libby Law Firm or call us at (404) 445-7771.