Establishing an irrevocable living or testamentary (after death) trust is an excellent way to take advantage of laws allowing you to reduce taxes on your assets now, while making sure your money is available to meet your specific needs later. Through a trust, you can determine how much money your heirs and beneficiaries may receive, as well as the specific conditions under which the trustee may distribute the assets.
Special Needs Trusts
If you have a child with special needs, you can establish a trust specifically to pay for living expenses, health care and other needs above and beyond what government programs will cover after you are gone. Under terms of the trust, the money can only be distributed to the guardian or organization you assign.
If making sure your children and grandchildren get a college education is important to you, setting up a trust to distribute money specifically for higher education is an excellent option. The trustee you assign can make sure the money goes only to the college or university, so it can't be spent foolishly.
If you support a religious organization or favorite charity, you can establish a trust to make sure your support won't end when you can no longer work or upon your death. Through options such as remainder trusts and unitrusts, you can take advantage of tax savings.
Transferring Real Estate Into A Trust
If you own your home or other property free and clear of a mortgage, you have the option of transferring the title into a trust. You will still retain all responsibilities for the maintenance and expense of keeping up the property. People often take advantage of this law in order to remain in their own home, but keep the property out of reach of creditors upon their death.
There are many more trust options available and each has a unique set of advantages. If you reside in the Greater Cincinnati area or anywhere in Southwest Ohio, call the Wolterman Law Office LPA to discuss your estate planning needs.
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