Cincinnati Wills And Trusts Attorneys
The main reason to have a will or trust is to plan for the efficient transfer of your assets to your beneficiaries after your death. If you die without a will or trust, your assets might not go to the people you want to have them. In addition, assets may not be distributed in the way you would have wanted. For example, children will receive their entire inheritance at age 18, whether they are prepared to handle the money or not.
At Lindhorst & Dreidame, our attorneys draft wills and trusts for individuals and families in the greater Cincinnati metropolitan area, southwest Ohio and northern Kentucky. Whether you would be better served by a will or a trust depends on your assets and your goals.
Here are some examples of different types of trusts and the goals they can accomplish:
- Living trust: A living trust allows you to control your assets during your lifetime and determine how you want those assets to be distributed to beneficiaries after your death. Living trusts can be changed or revoked any time during your lifetime.
- Qualified personal residence trust: By placing your house in a personal residence trust, you can use the house during your lifetime and efficiently transfer it to your beneficiaries upon your death, while minimizing estate taxes.
- Irrevocable life insurance trust: Placing life insurance benefits in an irrevocable life insurance trust allows you to minimize estate taxes.
- Charitable remainder trust: Charitable remainder trusts allow you to provide assets to a charity while minimizing taxes and retaining income during your lifetime.
- Special needs trust: A special needs trust allows you to provide money to a disabled person without making him or her ineligible for government benefits such as Medicaid.
When assets are held in a trust, those assets can be distributed directly to your beneficiaries without the cost, delay or publicity of a probate proceeding.