Create Or Update A Will To Reflect Your Wishes For Your Estate And More

A will is the most fundamental aspect of an estate plan. If you have put off creating or updating your estate plan and want to rectify that, your will is a good place to start. You may have realized that a will update is overdue after you:

• Moved to Georgia
• Got married or divorced
• Were widowed
• Became a parent
• Started a business
• Decided to include a charitable cause in your will

Whatever has prompted you to take this important step, we, the attorneys at Hunt & Taylor Law Group, LLC, applaud your decision. As long-time lawyers in Gainesville, we have helped multiple generations of clients in this region with estate plans and administration. Gainesville wills and trust lawyers are available to help you craft a will for peace of mind and possibly establish trusts for specific purposes.

Please see our Georgia Estate Planning FAQ to learn more.

Simplify And Customize Your Estate With One Or More Trusts

Probate is an effective way to distribute assets, but the process takes time and involves a series of steps. Some people opt to keep portions of their estates out of probate court by titling them to trusts that they set up, such as:

• Revocable living trust: Allows you to maintain control over your assets during your lifetime while avoiding probate after your passing.
• Irrevocable trust: Protects assets from creditors and can help minimize estate taxes, but cannot be changed once established.
• Supplemental needs trust (special needs trust): Provides financial support for a loved one with disabilities without jeopardizing their eligibility for government benefits.
• Charitable trust: Enables you to support a charitable cause while potentially receiving tax benefits.
• Testamentary trust: Created through a will and activated upon death, better ensuring long-term financial security for beneficiaries.
• Spendthrift trust: Protects beneficiaries who may be financially irresponsible by limiting their access to assets.
• Asset protection trust: Shields wealth from potential legal claims, such as lawsuits or creditors.

Trusts offer flexibility, privacy and security that traditional wills may not provide. At Hunt & Taylor Law Group, LLC, we help clients determine the right trust strategy for their unique circumstances.

This is a small sample of the many types of trusts allowing for a tailor-made estate plan. Turn to Hunt & Taylor Law Group, LLC, for guidance in choosing and implementing a trust to meet your needs.

Understanding Trusts: An Overview

A trust is a legal arrangement that allows a designated individual or entity, known as the trustee, to hold and manage assets on behalf of beneficiaries. Trusts are commonly used in estate planning to streamline asset distribution, minimize taxes and provide long-term financial protection for loved ones. Unlike a will, a trust can go into effect during your lifetime and continue after your passing, offering greater flexibility and control over your estate.

Steps To Create A Trust

Setting up a trust involves several key steps:

• Define your goals: Determine what you want to accomplish with the trust, such as avoiding probate, protecting assets or supporting a beneficiary.
• Choose the type of trust: Select the trust structure that aligns with your estate planning needs.
• Select a trustee: Appoint a trusted individual or financial institution to manage and distribute assets according to your wishes.
• Draft the trust document: Work with an attorney to create a legally sound trust agreement outlining its terms and conditions.
• Fund the trust: Transfer ownership of assets, such as real estate, bank accounts or investments, into the trust to activate its benefits.

By carefully following these steps, you can create a trust that provides lasting security and financial stability for your beneficiaries.

A Long Look Ahead Along With Estate Planning: Medicare And Medicaid Planning

For many people, creating powers of attorney and planning for the settling of their estates also includes looking hard at financial realities that could affect those estates over time. Our lawyers advise clients on all facets of lifelong asset management, including Medicare and Medicaid planning.

Deciding when and how to sign up for Medicare can have long-range effects on one’s financial well-being. Many clients who are planning estates also ask our attorneys for help with the following issues:

• Coordinating changes in health savings account (HSA) contributions and the timing of retirement with the nuts and bolts of applying for Medicare (the publicly funded health care plan that most American retirees rely on)
• Using trusts, gifts to family members and other strategies well in advance of the need for long-term care and planning for a possible need for Medicaid someday (public medical care funding for people with few assets)

Let us help you clarify your priorities and make wise moves financially and legally speaking. Call us at 770-999-0272 or email us to schedule a consultation.