Cincinnati Trust Attorney

Cincinnati Trust Lawyer

Many people in Cincinnati believe that a trust is a tool used only by the wealthy. While it is true that trusts can be beneficial to wealthier individuals, they can also protect anyone’s assets, no matter their income or wealth status. Planning for what will happen to your assets following your death can be difficult, but at Hoberg Law, our Cincinnati trust attorney is here to guide you through every step of the process and offer compassionate support in protecting your legacy.

With over a decade of experience, the team members at Hoberg Law are strong believers in proactivity and how working with an experienced estate planning attorney can benefit you and your loved ones when it comes to estate planning.

Over the years, we have helped countless people pick and plan out the trust that works right for their unique situation. We understand that your loved ones are important and that you wish to protect them and your assets for generations, which is why creating a trust can prove to be a useful tool.

Types of Trusts in Cincinnati, Ohio

While around 24% of Americans have an estate plan, only around 13% have a trust in place. There are many different kinds of trusts available, and the team at Hoberg Law can review the details of your situation and help determine what kind of trust might work correctly for you. The most common forms of trusts in Cincinnati include:

• Revocable living trusts. These trusts can be established and take effect during the lifetime of the individual who creates them, otherwise known as the grantor. The grantor can act as the trustee as well, and make any modifications to the trust or even terminate the trust during their lifetime if they so choose.
• Irrevocable trusts. These trusts cannot be changed or modified at all after they are originally created, yet they do offer the most protection when it comes to estate taxes and other liabilities.
• Testamentary trust. This kind of trust is usually contained within a will and is often used to outline a child’s inheritance. Assets can be placed into the trust for the benefit of the named heir, and an appointed trustee will handle all aspects of the trust until the property can be transferred to the heir in accordance with your wishes.
• Special needs trusts. If a child or other beneficiary suffers from special needs, a special needs trust can be established for them in order to ensure they receive the inheritance while still being eligible to receive necessary government aid and benefits. Special needs trusts require careful and proactive planning to ensure your loved ones do not lose their support eligibility.
• Charitable trusts. These trusts are created to pass along certain assets to a charity of the grantor’s choosing while still meeting the needs of family or loved ones. A charitable lead trust can donate funds to a charity for a certain amount of time before giving any residual assets to the family. A charitable remainder trust can collect income during the life of the grantor and contribute this income to a charity upon their death.

Benefits of an Ohio Trust

Of the population that does have a trust, around 57.5% are those 65 years and older. There are many benefits to having a trust, especially as we age, including:

• Avoiding probate. First and foremost, a trust does not need to go through the probate system, and the transfer of property upon the death of the grantor is much faster when compared to wills and other issues that must first pass through probate. Having a trust in place can also help save time as well as costs on probate and administration.
• Security. In the case of living trusts, these are much tougher to contest than a will, as they are not court-supervised and do not have to go through probate. Establishing a trust can also circumvent any duress or unsound mind accusations, which typically can arise when disputing a will.
• Financial support. Trusts can support your dependents, such as children or grandchildren, without giving them full control of the property until they come of a certain age. This can prove useful in cases where you wish to leave a child a large sum of money, but they are not yet mature enough to handle that sum responsibly.
• Privacy. When you have a trust in place, that trust will not need to pass through probate, meaning it stays private. A will typically becomes available on public record, whereas a trust will ensure privacy and confidentiality remains in regard to the property held within the trust.
• Tax minimization. Depending on the value of your estate, a trust can help reduce the taxes that might be due upon your death.

Why a Lawyer From Hoberg Law Can Help?

Creating a trust is not always easy, and the assistance of a trust lawyer can be invaluable. At Hoberg Law, our attorney can help you navigate all the legal complexities of setting up a trust, assist you in mitigating any potential legal challenges, offer tailored solutions to your estate plan, and build a strategy to protect yourself, your loved ones, and your property for generations.

Hire a Cincinnati Trust Attorney: Contact Hoberg Law Today

A trust can be vital to the stability of your loved ones and property. In an estate plan, your trust can act as the cornerstone, yet it can also feel complicated when first setting up. That is where an attorney can come in. When you are looking to hire a trust attorney, look no further than the team at Hoberg Law. We understand all the complexities of creating a trust and will use that knowledge to serve you and your loved ones. Contact our offices today to schedule a consultation.