MDS Law | Law Office of Matthew D. Scott | Estates | Trusts | Elder Law
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MDS Law Ohio

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Get An Experienced Trust Attorney In Marietta

Last updated on July 23, 2024

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.

Protecting Your Children’s Inheritance With Trusts In Ohio

Trusts are among the most flexible and beneficial asset protection strategies. They can be powerful allies in the secure transfer of assets to your children.

For instance, inheritance trusts and divorce are closely linked. With this tool, you can make certain your hard-earned assets are not subject to division if your child gets a divorce. That means your family’s wealth can remain intact for future generations.

Trusts can also be structured to allocate funds for specific purposes, such as college tuition or major life events. They empower you to support your children’s aspirations without harming your estate plan.

Well-structured trusts allow you to dictate how and when assets are distributed, better ensuring your wishes are upheld and avoiding default legal provisions. In Ohio, if you die without a trust or will, your estate is distributed according to intestate succession laws. That means you have no control over asset distribution.

If you own a business, consider creating a succession plan, appointing a financial power of attorney and developing a living trust for your company. These estate planning tools help facilitate a smooth ownership transition while minimizing probate costs and protecting business assets for heirs.

Giving In Ohio With Charitable Trusts

Charitable trusts are valuable tools for philanthropic individuals in Ohio, offering a structured approach to donating assets while potentially receiving tax benefits. Some types of charitable trusts include:

  • Charitable remainder trusts (CRTs): Provide income to beneficiaries for a specified period, after which the remaining assets are donated to charity.
  • Charitable lead trusts (CLTs): Donate income to charities for a specified period, after which the remaining assets are transferred to beneficiaries.
  • Pooled-income funds: Allow donors to pool assets with other donors, with income distributed to beneficiaries or charities and the remainder going to charity upon the donor’s death.
  • Donor-advised funds (DAFs): Allow donors to make contributions to a fund managed by a public charity, providing flexibility in timing charitable distributions.

Consulting with a knowledgeable estate planning attorney in Ohio can help you determine the most suitable charitable strategy that aligns with your philanthropic 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.