Trusts can provide protection for your beneficiaries, help reduce taxes, and allow for your assets to be distributed according to your wishes. However, not all trusts are created equal, and choosing the right one for your estate plan requires careful consideration. In this article, we’ll explore 5 different types of trusts that we commonly draft in our office, as well as their advantages and limitations.
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Trusts
Gun Trusts: A Comprehensive Guide
Gun trusts are legal entities designed to hold firearms and related assets while staying in compliance with federal and state laws. In Ohio, understanding gun trusts is crucial for responsible firearm ownership.
Creating a Special Needs Trust for Children with Autism
Are you a parent to a child with special needs? If so, you understand the unique challenges and uncertainties that come along with this responsibility, especially when it comes to securing your child's future. A special needs trust could be the solution you're looking for, and we'd like to share a story that exemplifies this.
Don't Leave Your Trust Unprotected: 6 Ways a Trust Protector Can Help You
Trust protectors ensure that trustees maintain integrity, make solid distribution and investment decisions, and adapt the trust to changes in the law and circumstance.
Testamentary Trusts and Wills
A testamentary trust is created through the decedent's will and comes into existence at death. Assets must still pass through probate before the trust is funded and money is given to beneficiaries.
What is a Blind Trust?
A blind trust can be used during your lifetime and is a great fit for those that have privacy concerns and want to prevent future conflicts of interest. Blind trusts can be an effective tool for complying with laws that prohibit insider activities. Anonymity is another common use for a blind trust. Lottery winners often use them for this purpose.
What Makes a Trust the Best Choice to Avoid Probate
When a family member passes away, the last thing you want to be dealing with is paperwork. In an ideal situation, the legal concerns are so well handled in advance that you can grieve in peace. Setting up a revocable living trust is often the best option to avoid probate. Let's explore why that is.
What is a Nongrantor Trust?
Every trust has at least one grantor, also known as the trustmaker. This is the person who creates the trust. So, the terms grantor trust and nongrantor trust can get confusing. Its helpful to understand that neither of these terms refer to the existence or nonexistence of the trustmaker. Instead, these terms have to do with the trust’s income tax liability.
Wills vs Revocable Living Trust
A revocable living trust is a legal document that allows you to maintain control over your assets while avoiding probate. Learn more about how it works with this comprehensive guide from the experts at The Law Offices of DuPont and Blumenstiel.
Wills and Trusts: Know the Difference
You can and should do your best to control your assets from beyond the grave. If you are unable to do so, there may be obstacles to managing your estate.