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Choosing The Right Tools For Your Estate Plan

Everyone has different needs and goals for their estate plans, and in some cases, it is beneficial to add a trust as part of your plan. At Kathryn T. Joseph & Associates, Inc., we help Ohio families draft estate plans that suit their individual needs and objectives. If it is beneficial for your unique situation, we will help you choose a type of trust that will allow you to accomplish your goals.

Our attorneys strive to provide valuable insight for all of your estate planning concerns. If adding a trust to your estate plan is prudent choice, our experienced team will explain your options and guide you toward choices that will allow you to appropriately manage your estate in the way you want.

Who Really Needs A Trust?

A trust is a tool you can draft in addition to your will. It allows you to set aside and protect certain assets, allowing you to transfer the property to another person or for a specific purpose. There are specific circumstances in which a trust is beneficial, including:

  • If you are unmarried and have no immediate family members, you can set up a trust that would allow a successor trustee to act on your behalf in case of possible incapacity.
  • When planning for Medicaid benefits in the future, placing assets in an irrevocable trust can help you with eligibility, as long as you do this at least five years before you apply.
  • When in a second or subsequent marriage or with blended families, a trust can ensure your assets go to the appropriate beneficiaries after your death.
  • A special needs trust can allow you to set aside assets and money for the benefit of a family member who will need continued care and financial support.
  • Establishing a trust can reduce your estate taxes, which is a beneficial step for people with significant wealth and valuable assets.

Our lawyers focus on the needs of our clients, and we strive to help you reach individualized, custom-tailored solutions for your unique needs. Since 1994, we have helped Cleveland residents with estate planning needs, including trusts and advance medical directives.

The Guidance You Need For A Strong Estate Plan

Call our office today at 216-245-0504 or contact us here for information regarding how you can discuss your estate plan with an experienced attorney.