Columbus Trust Lawyers

Trusts Attorney in Columbus, Ohio

Trusts attorney specialists with OVER 63 YEARS of experience.

Helping Clients Protect Their Hard-Earned Assets for Today and the Future

Establishing a trust is a valuable estate planning tool that allows individuals to protect their hard-earned assets legally. Trusts are instrumental in estate planning and are created based on a client’s needs.

For example, certain types of irrevocable trusts may be used to protect an individual’s assets should they need to enter a nursing home or long-term care facility in the future. In other instances, a parent may wish to provide for their child through a special needs trust that furnishes them with resources without jeopardizing their ability to continue to receive government benefits.

Regardless of your needs, you must hire an experienced trusts attorney who can help you navigate the complex legal issues associated with estate planning.

If you want to learn more about establishing a trust, contact Lawrence Law Office in Columbus, OH, to schedule a free initial consultation to discuss your legal needs and how we can assist you.

What are the Most Common Types of Trusts in Ohio?

There are several various trusts that Ohioans may utilize depending on their estate planning needs.

Some of the most commonly created trusts include:

• Revocable living trust: Under the terms of a revocable trust, a grantor can still retain control over their assets. Additionally, a revocable trust is an ideal method for individuals who wish to manage assets for their family members or other heirs rather than have them distributed after their death.
• Irrevocable trust: Similar to a revocable trust, grantors can place their assets in the trust and structure it, so their families and beneficiaries benefit from its resources. Irrevocable trusts may also be created to help protect assets and avoid probate taxes.
• Special needs trust: A special needs trust allows parents to create a trust for their child that will allow them to have access to financial resources without compromising their ability to collect public benefits. However, a special needs trust must be structured according to state and federal law. Therefore, all resources contained within the trust are paid to provide for the individual but never given to them directly.

To learn more about what type of trust may be suitable for your needs, contact the Lawrence Law Office to schedule a free case evaluation so that we may determine your legal options.

What is the Difference Between a Revocable and Irrevocable Trust?

Many individuals need clarification on the differences between a revocable and irrevocable trust. Even though they each offer significant legal protections, it is essential to understand the benefits and disadvantages associated with both.

A revocable trust is a viable option for many individuals as it helps avoid probate so heirs and beneficiaries can receive their resources quickly. In addition, the terms of a revocable trust can be easily modified if the need arises. Finally, a revocable trust can be terminated according to the grantor’s wishes. However, a revocable trust does not offer protection from creditors and is still subject to estate taxes.

Conversely, an irrevocable trust does offer protection from creditors and estate taxes. However, even though an irrevocable trust offers considerable financial protection, its terms are typically challenging to modify. Furthermore, grantors lose control over any assets placed in the trusts, even if they may need them at a later date.

What Makes Your Trusts Attorney the Right Choice to Help Me Protect My Assets?

Lawrence Law Office has comprehensive experience helping clients create custom-tailored trusts that give them peace of mind knowing their assets are protected.

Our experienced trust lawyers will thoroughly assess your needs to determine what type of trust is right for you.

For example, our trusts lawyers can create living trusts that allow your designated agent to have power of attorney to make decisions legally should you become incapacitated. Additionally, our highly trained attorneys can assist you with establishing trusts that provide for your children or grandchildren after your death.

We recognize that it can be challenging to plan for the possibility of having to go to a nursing home or what will happen after your death. However, with proper estate planning, you and your family can rest assured that your hard-earned assets will be protected.