Trusts are commonly used in estate planning as an addition to or in place of a will. Trusts are separate legal entities into which you transfer your assets to be managed by trustees named by you on behalf of your heirs and beneficiaries. That means you are no longer the legal owner of these assets; they are owned by the trust. Upon your passing, your trustee(s) distribute these assets according to the instructions you have made in the trust document as the trust creator. Trusts can be created in many different ways for different purposes and can detail specifically how and when assets are to be distributed. 

At Morgan Law Offices LLC, our Columbus trust attorney has extensive experience creating all kinds of trusts based on the needs, assets, and preferences of clients. Every trust is tailored to each client and can be created on a revocable or irrevocable basis. Trusts have many benefits. With help from our firm, you can better understand trust options and take advantage of the benefits they give you and your family in protecting assets and ensuring that they are distributed per your wishes.

Discuss your estate needs with our Columbus trust attorney in a free introductory consultation. Contact Morgan Law Offices LLC via email or at (614) 714-4800. 

Protect Your Assets with a Trust

Trusts can be an effective tool for safeguarding your assets and ensuring that they are transferred in accordance with your preferences. You can form a personalized trust that satisfies your particular needs and objectives with the assistance of our knowledgeable trust attorneys in Columbus, OH

There are several types of trusts available, including:

• Revocable living trusts
• Irrevocable trusts
• Special needs trusts
• Charitable trusts

Our team can guide you through the process of selecting the right type of trust for your situation and drafting a comprehensive trust agreement. We can also provide ongoing support and guidance to ensure your trust remains up-to-date and effective over time.

Benefits of establishing a trust include:

• Protecting your assets from creditors and lawsuits
• Reducing estate taxes
• Avoiding probate
• Ensuring your assets are distributed according to your wishes
• Providing for loved ones with special needs
• Saving time, stress, delay, and court costs

Contact Morgan Law Offices LLC to schedule a consultation with a trusted Columbus, OH trust lawyer.

More About Trusts in Ohio

Many different kinds of trusts can be created. However, trusts generally fall into certain categories as follows:

• Revocable or irrevocable trust. Revocable trusts can be revised or terminated at any time for any reason. An irrevocable trust cannot.
• Living trust vs. testamentary trust. A living trust is one that you create into which you pass your assets and in which you remain the trustee during your lifetime. This allows you to manage the assets in your trust as you see fit. They are then passed on to your beneficiaries upon your passing by your successor trustee. A testamentary trust is outlined in your will and details how your assets will be designated upon your passing. 
• Funded trust vs. unfunded trust. A funded trust is one into which you place your assets while you are alive. Unfunded trusts are documents created without funding. Funding can occur upon your passing. 

Common trusts in Ohio include revocable living trusts in which you as the trustee manage your assets throughout your lifetime, special needs trusts designed for disabled or special needs family members that allow these individuals to remain qualified for public benefits, retirement trusts that preserve retirement funds for beneficiaries, charitable trusts that are dedicated to passing on donations to preferred charities, trusts set up to care for pets, insurance trusts that protect life insurance policies, and more. 

Depending on the type, trusts can make it possible to avoid probate, can provide tax benefits, protect assets from creditors and lawsuits, and create specific instructions as to how and when your assets will be passed on.

Why You Need a Trust for Asset Protection

Asset protection is an important consideration for anyone looking to secure their financial future and protect their assets from potential creditors, lawsuits, or other legal actions. A trust can be a powerful tool for achieving these goals, providing a range of benefits that can help you safeguard your wealth and assets for generations to come.

Here are just a few reasons why you should consider setting up a trust:

• Control: A trust gives you greater control over how your assets are distributed and managed, allowing you to specify exactly how and when your beneficiaries will receive their inheritance.
• Privacy: Unlike a will, which becomes a public record upon your death, a trust allows you to keep your financial affairs private and confidential.
• Flexibility: Trusts can be customized to meet your unique needs and circumstances, allowing you to tailor your asset protection strategy to your specific situation.
• Protection: By placing your assets in a trust, you can shield them from potential creditors, lawsuits, or other legal actions, helping to ensure that your wealth stays in your hands.

By discussing your family dynamics, needs, concerns, and options with Attorney Morgan, the right trusts can be created for you and your family. As a former CPA, he has a firm grasp on financial matters that can help you make informed and smart decisions.

Our Columbus trust attorneys at Morgan Law Offices LLC are committed to assisting Ohioans in safeguarding their assets and securing their financial future. Get in touch with us to find out more about the advantages of trusts and how we can assist you in preserving your money and assets for future generations.

Contact Morgan Law Offices LLC online or dial  (614) 714-4800 to schedule a consultation with a qualified Columbus, OH trust lawyer.