AlerStallings is an estate planning and elder care law firm specializing in providing estate planning services tailored to the needs of Ohio families.
Estate Planning Experts Warn a Will is Not Enough You May Need a Trust.
Revocable Trust
A revocable trust distributes and protects your assets.
What It Does
- Avoids probate and proceedings to appoint a conservator or guardian should you become disabled
- Accommodates delayed distributions
- Allows for change or cancellation of trust provisions during your lifetime
- It becomes irrevocable upon your death and directs how property should be distributed
What It Doesn’t Do
- It doesn’t protect your assets from long-term care cost
- It doesn’t offer any tax advantages
- Won’t lower administrative cost
*For blended families and families with a large number of accounts and titled assets*
Asset Protection Trust
As the name suggests, asset protection trust keeps the assets they contain, like your home and investments, protected if you need nursing home care.
What It Does
- Sheild you from long-term care cost
- Avoid probate
- Ensure one spouse won’t lose the family home to pay for the other’s long-term care cost
- Protect your heirs from getting bumped into a higher income tax bracket
What It Doesn’t Do
- It cannot be revoked
- It won’t provide immediate protection, as assets must be in the trust for at least 5 years to be protected
*For anyone nearing or in retirement, usually with > $2 million in net worth*
