Hindson & Melton LLC » revocable trust

COVID-19 Dunwoody Estate Planning

hindsonmelton — Sun, 22 Mar 2020 16:02:02 +0000

Dunwoody Georgia are your affairs in order? Do you have legal questions about Will, Estate Plan, Trust, Health Care Power of Attorney, or Living Will during Coronavirus? Call 770-939-3936 now to schedule a phone call with estate planning Dunwoody attorney Karen Hindson. Lawyer working with the flexibility and urgency appropriate to the times. Call 770-939-3936 and if no answer please leave a message. We will get back to you as quickly as possible, including nights and weekends. We can safely answer your questions by phone, schedule a conference call with you and family members, have a Zoom meeting, or a FaceTime call. Need to prepare new documents, review old estate planning documents, or brainstorm a plan to safely sign so your affairs are in order? Call now. If COVID-19 has caused questions or concerns about your Georgia health care documents, financial power of attorney, beneficiary designations, or any other legal issue, please don’t delay. We are here to serve the legal needs of our friends and family in the Dunwoody, Sandy Springs, Roswell, and Brookhaven Georgia communities. I am licensed to practice law throughout Georgia and South Carolina, so calls from other communities are welcome. We accept all major credit and debit cards in payment. God bless you and stay safe! Better times are ahead. Karen S. Hindson 770-939-3936 March 22, 2020

#COOLTHINGS

hindsonmelton — Sun, 09 Nov 2014 06:54:27 +0000

Life is good…enjoy #coolthings !

Funding a Roth IRA for teenager with earned income… #coolthings

10,000 steps a day #coolthings

Revocable trust income taxed to the grantor (at grantor tax rates, not trust tax rates) during lifetime under grantor trust rules if grantor or spouse is trustee #coolthings

Dunwoody Police Department #coolthings

Stepped up basis for assets transferred at death to fair market value at owner’s date of death… #coolthings

Paying it forward… #coolthings

Holding Georgia principal residence in a revocable trust doesn’t change your eligibility for homestead real property tax exemption #coolthings

Anonymous good deeds #coolthings

Revocable trust a good tool for disability/incapacity planning #coolthings

No drama #coolthings

Revocable trust a great tool if you own property in several states #coolthings

SEC football #coolthings

Do it before the new year #coolthings

If you want what normal people have, do what normal people do. We’ve got to stop making a dent and start making a difference. #coolthings

Karen Hindson, Hindson & Melton LLC, November 9, 2014

REVOCABLE TRUSTS AND TAXES

hindsonmelton — Sun, 27 Oct 2013 02:08:55 +0000

Georgia and South Carolina estate planning clients frequently ask whether creating a revocable trust saves income tax or estate tax. The answer is that generally, revocable trusts do not avoid income or estate taxes. Here are some of the rules about revocable trusts and taxes.

Trustees of revocable trusts are required to file annual income tax returns; but if the grantor or the grantor’s spouse is a trustee, the income and deductions are reported on the grantor’s personal tax return instead of a trust tax return. So, the trust uses the grantor’s social security number instead of obtaining a separate tax ID number.

During the grantor’s lifetime, there are no significant income tax consequences of the revocable trust. The grantor trust rules result in the grantor being taxed on the trust income whether or not the income is distributed from the trust. Similarly, transferring your property to your revocable trust won’t typically be considered a taxable event which would trigger tax due on gain. If you transfer your principal residence to your revocable trust, you would still be entitled to tax advantages available upon sale of your principal residence.

Transferring property to your revocable trust does not have immediate gift tax consequences, but a gift is made if the trust property is then distributed to someone else. Property transferred to a revocable trust is included in the grantor’s gross estate for estate tax purposes.

If you transfer your residence to a revocable trust, it should not affect your eligibility for Georgia homestead exemption.

There are often non-tax considerations involved in creating revocable trusts. A revocable trust can offer some creditor protection, especially for claims that arise after transfer of the property to the trust. Additionally, the trust vehicle offers greater privacy than probate and is less vulnerable to attacks based on undue influence or mental incapacity. Finally, the revocable trust can provide for management of your assets in the event of your incapacity.