Protecting Wealth With Revocable And Irrevocable Trusts
Worried about nursing homes and hospital care decimating your estate and sapping your life savings in just a few years? You want that inheritance to go to your loved ones. Here at Russo, Rosalina & Co., LPA, we’ve spent more than 30 years helping our clients in Greater Cleveland determine how to make that happen. You can rely on our knowledge of Ohio estate planning law.
Revocable And Irrevocable Trusts
Trusts take control of your assets. A revocable trust still gives you some control, as you can cancel or alter the trust in the future as needed. An irrevocable trust is in some senses more powerful, though. No one can change it, and the assets within the trust cease to belong to you.
Why would you want to give up control? It also gives you protection. Creditors can’t come after that money. It can’t be subject to lawsuits. You don’t have to pay it to a nursing home or a hospital before becoming eligible for other benefits.
However, the trust still passes that money on to your heirs. You simply name them as the beneficiaries and specify when and how the trust is to pay out. They get the money, it stays in your family and you protect your assets. People often talk about giving gifts to their kids in advance; this is just a simple, safe way to do it, while still giving yourself control over how the gifts are given.
Either trust can help protect your assets. You simply need to work with one of our experienced attorneys to determine which best fits your specific situations.
One of the biggest benefits of a trust is that you control distribution of the assets. For example, the trust could:
- Specify what age the beneficiary must reach to receive the money
- Give some of your assets to a charity of your choice
- Allocate the funds for a specific purpose, such as paying tuition so your heirs can attend college
- Provide for an heir with special needs, allowing him or her to receive assets through controlled payouts without becoming ineligible for necessary benefits
Trusts give you far more control over your assets than simply leaving a lump sum behind and hoping your heirs use it wisely.
Contact Us Today
Don’t put off your estate planning. To learn more about how a compassionate estate planning lawyer with a personal touch can help, call us at 440-565-5994, or get in touch with us online. We’ll help you sort through your options and build the right estate plan.