Get An Experienced Trust Attorney In Marietta
When responsibilities extend across generations, middle-aged adults are placed in a delicate balancing act between caring for aging parents and supporting their young adult children. This is why they are known as the “sandwich generation.”
At MDSLaw Ohio, our estate planning attorney in Marietta is committed to providing comprehensive guidance on trusts and estate planning to all our clients.
What Is A Trust? Why Use One?
A trust is a legal arrangement that allows any adult to set up their assets to be held and managed by themselves or a third party. A trust can act as a shield against creditors, predators, and divorcing spouses. It enables the trustee to manage and protect assets and for the beneficiaries and can eliminate the need for probate proceedings.
Commonly Used Trusts
An experienced lawyer can simplify the decision-making process by helping you understand the two primary trust types:
- Revocable trusts: These trusts provide flexibility and benefits during the grantor’s (the maker of the trust) lifetime, offering a dynamic solution to certain estate planning problems. These trusts can be revised and revoked throughout the grantor’s lifetime. A revocable trust attorney can help you better understand their uses.
- Irrevocable trusts: With a focus on asset protection for a variety of reasons including Medicaid long-term care planning as well as certain tax advantages, these trusts can provide a more secure foundation for the family’s financial well-being, across generations. Once created, these cannot be easily revised or revoked. An irrevocable trust lawyer can help you explore numerous options among irrevocable trusts.
Deciding what trust is right for you is best done in consultation with an estate planning attorney in Marietta.
What To Consider Before Proceeding With A Trust
Answering the following questions can guide you in evaluating your goals and creating a starting point for your first consultation with a trust lawyer:
- What is your estate’s value?
- What assets do you want to place in a trust?
- Who do you want to name as your beneficiaries?
- What goals do you have for your trust?
- Who do you think should be the trustee?
Our trust lawyer can help you put all your ideas in motion. He knows that there’s no one-size-fits-all solution, and so your plan will be customized according to your goals.
Let Our Estate Planning Attorney In Marietta Secure Your Trust
Are you interested in crafting a will, business succession strategy or long-term care plan? Call MDSLaw Ohio at 740-923-4235 or use our online form to schedule a consultation and work directly with our seasoned attorney to build your estate plan.