When you think of estate planning, you usually think of a simple will as the backbone of any estate plan. Over the past decade, however, many people have found that wills are not necessarily the best option for every estate and every person. A trust—like a will—specifies how your assets will be distributed. The primary advantage of a trust over a will is that the probate court has no involvement in a trust. A trust can be structured to take effect before your death, after your death, and in the event of incapacitation. A will takes effect only upon death, then must be probated. Probate can be a lengthy, public, and expensive process.
A trust can accomplish many different goals, including transferring property, minimizing estate taxes, preserving assets for minors until they are adults, ensuring a special needs adult is taken care of while maintaining eligibility for government programs and benefitting a charity. While the up-front costs of a trust may be higher than those of a will, in the long run, a trust can save your family money, time, and headaches.
The primary thing a trust provides is specificity, allowing you to be very specific about how, when, and to whom your assets are distributed. Special-use trusts can be established to meet those even more specific planning goals when needed. Taxes are another consideration that trusts address, often lowering both gift and estate taxes. If you are considering a trust, talk to an experienced Lovett & House attorney who can tailor your trust to meet your unique needs.
Englewood is a charming city in Montgomery County, and a suburb of Dayton, Ohio. With a population of approximately 14,000, Englewood offers small-town charm along with all the amenities of a larger city. Residents of Englewood, Ohio—like adults across the United States—may have thought of using a trust for their estate planning needs but were uncertain of how to go about it. Having a strong Englewood trust attorney to explain the process and show you how a trust can benefit you is essential to your future.
Why Choose an Englewood Trust Attorney from Lovett & House?
The Englewood trust attorneys at Lovett & House are 100 percent dedicated to making the process of preparing a trust as easy and stress-free as possible. When you choose Lovett & House, you are choosing experience, compassion, knowledge, and skill, along with a firm that has more than 100 positive Google reviews. You know you can trust our firm to help you prepare a trust that works for you and your family when you read those reviews from satisfied clients.
We believe our firm stands out above other estate planning firms with our decades of combined estate planning experience and our unique five-minute free phone consultation that allows you to get a good idea of what steps you need to take. At Lovett & House, attorney George Lovett is a Board-Certified estate planning specialist by the Ohio State Bar Association. Don’t wait—call an Englewood trust attorney today.
How Can a Trust Benefit You and Your Unique Situation?
The benefits you will receive from a trust will depend on your financial situation, goals, and family needs. Trusts can be a flexible way to address many objectives, both simple and complex. Some of the ways a trust could benefit you include:
- Asset protection and preservation
- Customization of asset distribution
- Minimization of state or federal taxes
- Addresses divorce, blended families, and other family dynamics
- Caring for an adult special needs child
- Continuation of charitable giving
- Management of a parent’s financial affairs
What Are the Different Types of Trusts?
Most trusts are revocable living trusts, which means that—as the name implies—the trust can be revoked at any time by the grantor of the trust (you). In many cases, the grantor of the trust is also the trustee. The grantor will then name a successor trustee who will take over in the event of death or incapacitation. A revocable living trust can benefit you now and then and will benefit your loved ones following your death.
An irrevocable living trust cannot be altered or revoked. The advantages of an irrevocable trust include protection against judgments and lawsuits, as well as reductions to your estate tax obligations. Shielding assets from creditors can significantly benefit business owners who want to protect business assets against liquidation to pay personal debts. Professionals like doctors and lawyers can benefit from a domestic asset protection trust (which is irrevocable) as a lawsuit settlement cannot touch the assets placed in the trust. An irrevocable trust can also protect children or grandchildren from creditor claims by their spouses. Taxpayers with large estates may benefit the most from the formation of an irrevocable trust. Other common types of trusts include:
- Special Needs Trusts—A special needs trust benefits an adult child with special needs, ensuring they remain eligible for government benefits like Medicaid while keeping assets in the trust to provide for additional needs.
- Charitable Trusts—This type of trust is an irrevocable trust that is set up to simultaneously benefit you, your beneficiaries, and a qualified charity under IRS rules
- Generation-Skipping Trust—This type of trust skips over your children to the next generation when you want to ensure the financial well-being of your grandchildren.
If You Have a Trust, Do You Still Need a Will?
Even if you have a trust in place, if you have minor children, you still need a will. A will allows you to nominate a guardian for your minor children rather than letting the state of Ohio choose a guardian without your input. For most parents, this is a matter of supreme importance, as there may be those the state would choose that you would not want to raise your children. You can also have a “pour-over” will that essentially “catches” any items inadvertently left out of your trust.
How Can an Experienced Englewood Trust Attorney from Lovett & House Help?
Having a trust prepared can be the first step in ensuring you have a comprehensive estate plan in place. The Lovett & House attorneys are ready and waiting to help you take this important first step, all the while ensuring your estate plan is as unique as you and your situation. We understand that you have choices when you are ready to have an estate plan prepared—and we hope you will give us a chance to show you why we are the best choice. Contact Lovett & House today.
