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Depending on the size and complexity of your assets, establishing a living trust can be an excellent method of minimizing the tax burden, expense, and time your descendants spend waiting for their inheritance. Lance S. Cox, an estate lawyer with over 30 years' experience serving Cincinnati clients, explains that you may want to include a living trust in your estate planning activities.

A living trust is a separate legal entity from you, to which you transfer ownership of your assets. Most estate planning attorneys recommend transferring as much property as possible into the trust, but some things, like retirement funds and life insurance policies, don't qualify. Instead of owning the property yourself, you are now the trustee, managing the assets in the trust for your own benefit.

trustA living trust is beneficial because you're also allowed to appoint a successor trustee who will take over management of the assets after your death and distribute them according to your wishes. If you have an estate planning attorney to help you select the type of trust, your descendants could save a significant amount of money on inheritance tax while avoiding the time and expense of probate.

Many property owners mistakenly believe that estate planning vehicles like trusts are only for the very wealthy, but in fact, they offer benefits to families of any economic class. If you own property in more than one state, have privacy concerns, or just want to ensure your descendants receive their property as quickly as possible, establishing a trust may be the wisest course of action.

Lance S. Cox has the legal knowledge and experience to help with any estate planning challenge. Whether you need to create a comprehensive plan or simply update your will, you can depend on his expertise and skill to ensure that your assets are fully protected. Visit the law firm’s website to learn more or call (513) 528-6000 to schedule a consultation today.

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