Medina County, Ohio Trust Preparation Lawyer

Trusts are among the most important estate planning documents. There are various types of Trusts, all of which serve slightly different purposes. Please continue reading and reach out to a seasoned Medina County, Ohio Trust preparation lawyer from Krause Law to learn more about Trusts, their purpose, and how we can help you create one to best protect your interests.

Trust Preparation Lawyer | Here for Clients in Medina County

Krause Law is fluent in all estate planning matters, including Trusts. If you need a Medina, Ohio estate planning lawyer to help you create a Trust or you have questions about how to best manage an existing Trust, you are in the right place. Krause Law stands ready to guide you through each step of the process ahead.

Revocable Trusts

In a Revocable Trust, the Grantor (the person or persons who create the Trust), appoints a Trustee who will be in charge of managing the assets held within the Trust in accordance with the Grantor’s wishes. In most cases, the Trustee is the Grantor or the Grantor and his or her spouse. Once the Grantor, or Grantors, are unable to act as the Trustee and after the Grantor passes away, he or she may appoint a responsible child, a sibling, or a financial institution as the next Trustee who must then also follow the Grantor’s written instructions. In a Revocable Trust, the Grantor always maintains the right to change or terminate the Trust. Once the Grantor dies, the Trustee will distribute the assets held in the Trust directly to its beneficiaries or through mini-trusts created in the Trust to protect these same beneficiaries.

Irrevocable Trusts

In an Irrevocable Trust, the Grantor essentially waives his or her right to control the assets in the Trust. But, the Grantor will hand-pick a Trustee who will control these assets and administer them according to the Grantor’s wishes. The Grantor always reserves the right to fire a Trustee if the Trustee is not doing what the Grantor wants. One of the main benefits of Irrevocable Trusts is that they offer protection of the Trust assets from nursing home costs. These Trusts can also offer certain tax protections for the Grantor’s estate which means more of the Grantor’s assets will ultimately benefit the beneficiaries of the Trust.

Other Types of Trusts

There are various other types of Trusts available to individuals in Ohio. The preparation and use of these types of Trusts depend largely on the Grantor’s specific circumstances and needs. These special Trusts include the following:

• Special Needs Trusts: If you have a loved one with special needs, you may wish to consider creating what’s known as a Special Needs Trust. Essentially, the purpose of such a Trust is to ensure that a person with a disability who receives government benefits (such as Medicaid) can retain his or her right to receive those benefits while also receiving supplemental funds from the Special Needs Trust.
• Irrevocable Life Insurance Trusts: Those who own large life insurance policies which could be subject to high estate taxes can separate the proceeds of their policy that will be paid out after death from their taxable estate. When the Grantor passes away, the proceeds of the Trust will become available estate and income tax-free to their beneficiaries.
• Charitable Trusts: These types of Trusts will provide great income tax benefits as, during life or after death, you are providing for a charity or scholarship while maintaining specific income and estate tax deductions.

Contact a Trust Preparation Lawyer Today

Whether you need help forming a Trust, managing assets held within a Trust, or ensuring a Trust is properly distributed when the time comes, you can have confidence in your decision to turn to Krause Law. Contact a Trust preparation lawyer from our firm for a free consultation today.