We discuss Living Trusts a lot on our blog, and that is largely due to the fact that Living Trusts have so many advantages over other types of estate plans. However, not everyone needs a Living Trust.
It is very possible to pass property via the following:
- Utilizing beneficiary designations
- Joint tenancies
- Small estate proceedings
However, if any of the following apply to you, a Living Trust may be the best route to take:
- Estate is subject to federal estate taxes
- Estate is subject to state death taxes
- Estate holds extensive investments
- Estate holds large amounts of real estate
- Estate leaves assets to minor children
- Estate leaves assets to children with a disability
- Estate involves a second marriage
- Creditor protection is needed
The best bet is to consult with an experienced Ohio elder law attorney. He or she will have the knowledge
