Gain Financial Security And Protect Your Legacy Through A Trust
A trust is a powerful estate planning tool that allows you to protect your assets and pass property directly to your heirs without the delay, expense and publicity of a probate proceeding. Trusts offer numerous advantages over a simple Will. The assessment of who needs a trust is not solely a matter of the total assets you own. In large part, it is a matter of your plan details, which in blended families may be complex, or the age and capacity of your intended beneficiaries and to provide for oversight by your selected Trustee.
At Kirner & Boldt Co., L.P.A., we take the confusion out of trusts. Our highly skilled attorneys will work closely with you to determine the right type of trust for your purposes. The size of your estate does not matter.
How Trusts Can Help You Reach Your Goals
There are many different types of trusts, each designed with different goals in mind. Some examples include:
- Revocable living trusts: These are revocable trusts that allow you to retain full control over your assets while you are alive, while your heirs avoid probate after you die. They keep your family’s financial affairs private.
- Testamentary trusts: These types of trusts go into effect upon the death of the grantor and are usually created through a Will. They are often useful when there are minor children in a family. They remain subject to the oversight of the probate court until distributed to your beneficiary at the age designated.
- Special needs trusts: These are designed to allow an heir with a disability to have the benefits of inheritance without losing his or her eligibility to government programs like Medicaid.
- Life insurance trust: These irrevocable trusts allow you to keep the proceeds of your life insurance benefits out of your estate, which can vastly decrease any estate taxes involved.
- IRA trusts: These are a type of revocable trust created for the specific purpose of holding the grantor’s IRA accounts for the benefit of one or more heirs. Funds in such a trust have significant protections from creditors, lawsuits, and other claims. It can also provide instructions and limitations on payout to just the minimum required distribution amount so that payments remain structured throughout the lifetime of your intended beneficiary.
- Charitable remainder trusts: These trusts are a wonderful vehicle that allow donors to minimize taxes while they are alive and leave their assets to a charity after they die.
Begin Safeguarding Your Future Today
The first step toward finding the right trust is a simple phone call.
Please call us at 440-884-4300 to schedule a free consultation with a lawyer. We can also be contacted online. Our office is located in North Royalton, Ohio, outside of Cleveland and near Parma. We look forward to working with you.