HOW A TRUST CAN HELP YOU LEAVE A LEGACY
A well-designed trust can ensure that your estate planning wishes are honored. When we ask clients what they want to happen with their assets and property after they are gone, their answers are as unique as they are. Their wishes depend on the property they own and the relationships they have with their heirs. While a
There are two main types of trusts: revocable and irrevocable. A revocable trust can be changed or even terminated at any time by the grantor, but an irrevocable trust cannot be changed or terminated before the time specified in the trust. Irrevocable trusts offer tax and other benefits that may offset the loss of flexibility.
will is sufficient in some situations, many people need an estate planning tool that allows them to have a greater say in what happens to their assets. At Littlejohn Law, our estate planning team will discuss the benefits of certain types of trusts to accomplish your goals. WHAT IS A TRUST? Simply put, a trust is a legal document that holds ownership of certain assets. A trust generally involves at least three people: (1) the grantor or settlor, who creates the trust; (2) the trustee, who holds and manages the property for the benefit of the grantor or another; and (3) the beneficiaries, who are entitled to the benefits. The grantor names a trustee and places certain property into the trust with instructions on how the assets should be managed. The trustee agrees to manage the property in the way the grantor has specified in the trust agreement. Throughout the entire trust arrangement, the trustee has legal title to the trust property, while the beneficiaries retain the right to benefit from the property specified in the trust.
Generally speaking, you may want to consider a trust if you fall into one or more of the following categories: • You have young children and want to provide for their futures. • You have dependents who will need help managing property responsibly. • You own property that is hard to divide, such as a small business or other income-producing asset. • You want to control what happens to your property after you die.
• You are concerned about estate taxes.
• You have too much money to qualify for Medicaid to pay for a nursing home but not enough to pay for a nursing home.
Give us a call today 740-314-4829!
LOCAL BUSINESS PROFILE: SMITH OUTFITTERS
Smith Outfitters is my go-to shop for firearms and accessories. The customer service is exceptional. If you’re looking for the perfect Christmas gift for an outdoorsman, Smith Outfitters is the place.
Located at 236 Avery Ave. Steubenville, OH 43952
Phone 740-381-5149
2 | 740-314-4829 This newsletter is for informational purposes only and no legal advice is intended. Be sure to consult with this law firm if you have a specific question about your situation. And remember, Edward and Jeff don’t take any unplanned inbound telephone or in-person meetings. We believe each case deserves our undivided attention.
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