Do You Need A Trust In Ohio?
In addition to a will, a trust is one of the most powerful components in a comprehensive estate plan. At Kroener Hale Law Firm, our attorneys are knowledgeable about the different types of trusts and work to help you answer important questions to determine which trust is right for you and your situation.
Depending on your circumstances, a trust can be used to accomplish numerous financial and estate planning goals, including:
- Pass property to heirs
- Provide for a loved one’s financial security
- Fund your, and a spouse’s, retirement
- Avoid probate
- Protect assets
- Reduce tax liabilities
- Pass wealth directly to heirs
- Provide for a disabled child or relative
What Type Of Trust Is Right For You?
People tend to have misconceptions about trusts, wrongly believing that a trust is only necessary for or only benefits very wealthy individuals. In truth, most people can benefit by establishing a trust — particularly if you are remarried and want to provide for children from a previous marriage or relationship, are a parent with a disabled child or are a grandparent who wants to ensure that wealth passes directly to your grandchildren.
Revocable and irrevocable trusts are the two most common types of trusts. As the name suggests, revocable trusts can be revoked or amended by the individual who establishes the trust at any point during his or her lifetime. Additionally, the individual also retains control over the trust’s assets.
Conversely, the terms and conditions associated with an irrevocable trust typically cannot be amended, and the individual who establishes the trust no longer controls the trust assets — a benefit as assets are therefore exempt from estate taxes.
To learn more about the different types of trusts available to Ohio residents and how a trust can be used to help accomplish your estate planning goals, call a lawyer at our Millford, Ohio law firm at 513-716-5940. We also welcome your questions and inquiries through our online contact form.
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