Trusts

A Trust can be the perfect tool to avoid the Probate process, distribute assets to beneficiaries of blended families, or to protect the assets of a business. For many years, a trust was the option to avoid certain estate taxes. However, the changes in the tax laws for the Federal and State governments over the past decade have made the tax reasons for creating a trust nearly obsolete. The State of Ohio has currently eliminated its Estate Tax, and the Federal government has expanded the exemption to over $10 million per person. However, a trust can still be beneficial in ensuring the smooth transition of assets between spouses and generations.

A trust is an entity created by operation of law called the Trust Code that is made law in the codes of the State of Ohio. A trust is not a living or brick and mortar entity, but a legal ‘entity’ created by the trust documents created by your attorney. A trust may be governed by the creator during their lifetime, governed by a trustee appointed by the creator or created for another person and governed by the creator. The creativity that can be applied to the creation of a trust is limited only be the desires of the creator and the Trust Code adopted by the State of Ohio.

Some common reasons for setting up a trust include:

• Providing for minor children or family members who are inexperienced or unable to handle financial matters
• Providing for management of personal assets should one become unable to handle them oneself
• Avoiding probate and immediately transferring assets to beneficiaries upon death
• Reducing estate taxes and providing liquid assets to help pay for them
• The terms of a will are public while the terms of a trust are not so privacy makes a trust an attractive option

Contact Your Trust Lawyers in Mentor and all of Northeast Ohio

Contact Moseman Law Office, LLC to see what kind of trust might be right for you. We have experience in helping our clients find the best solutions for these types of legal documents that are hard to understand. Call the Moseman Law Office, LLC trust attorneys in Mentor, Ohio today, and let us help you find the right solutions.