Kathryn T. Joseph & Associates, Inc.

trusts Archives

Tips for funding a trust

People in Ohio who create a trust as part of an estate plan should make sure that they also fund the trust. Without placing assets in the trust, the trust document itself is like an empty container.

How dynasty trusts can allocate assets for future generations

With a standard trust, there is an eventual limit to how long funds from an estate can be distributed to beneficiaries. Typically, after the last beneficiary passes, that's it for distributions. For Ohio residents with significant assets looking to make their money live on indefinitely, this goal can be achieved with a dynasty trust. It's an option that may be a more appealing way to address the financial needs of heirs for multiple generations since changes were made to the tax law. 

Changing trust strategies in a high interest environment

Since the financial crisis of 2008, interest rates have remained very low compared to historical levels. However, rates are now starting to rise with no signs of stopping. As a result, portfolios that have performed well in a low-rate environment will need to adjust strategies going forward. Two tools that are particularly advantageous for Ohio families in the current environment are grantor retained annuity trusts (GRAT) and charitable lead annuity trusts (CLAT). 

Setting up a special needs trust

Parents in Ohio who have children with special needs may be concerned about how they can best provide for their children in the future, especially if they will need to access government benefits as adults. By using a special needs trust, family members can supplement a disabled person's income from government programs without limiting their eligibility for such income. By creating this type of trust, the beneficiary will be able to receive funds from the trust without limiting their access to government benefits.

The role of an estate planning professional

An Ohio resident who is creating an estate plan may want to work with a team of professionals. This could include an attorney, financial planner, and accountant. Unfortunately, many people think an estate plan and a will are the same thing. However, there are many other components to an estate plan.

What are the pros and cons of some common trusts?

When property such as real estate, cash, stock or other assets are placed in the control of another person to hold and manage for the benefit of another, a trust has been created. The property owner is the settlor, while the person receiving the benefit is the beneficiary. A trustee manages the trust. Title to assets are transferred from the settlor to the name of the trust.

Using pour-over wills to round out an estate plan

Pour-over wills are used with trusts and other estate planning tools as a catchall for anything that wasn't included in the other documents. This helps the heirs and executor avoid later problems in Ohio probate court if the deceased forgot to include something or obtained other property after they formed their trust.

Estate planning and special needs beneficiaries

People in Ohio who are primary caregivers to relatives with special needs can develop an estate plan that will provide the support their relative with a disability may need. In order to create the most effective estate plan for a loved one with special needs, it is important that the caregivers are able to wade through the complicated eligibility rules for government benefits and are knowledge about the health care professionals, services and therapies that will be needed to provide a disabled person with support throughout their life.

How to properly structure a trust

When properly structured, a trust can be an effective estate planning tool for Ohio residents. By putting an IRA or a life insurance policy into a trust, beneficiaries gain access to an asset that can continue to grow either tax-free or tax-deferred. Individuals who create a trust can benefit because they determine how distributions are made. In some cases, distributions from a trust can change as a beneficiary ages or in other ways to meet its goals.

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Kathryn T. Joseph & Associates, Inc.
Executive Commons West
29425 Chagrin Blvd.
Suite 305
Cleveland, OH 44122

Toll Free: 888-335-6650
Phone: 216-245-0504
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