Advanced Planning Trusts: Does It Make Sense For You?
Okay, so you finally decided to look into estate planning. You researched wills and trusts, and read a lot about the differences between revocable and irrevocable trusts. But I have bad news for you. While revocable and irrevocable trusts are the two “main flavors,” there are several other types of trusts that may warrant consideration.
In order to get nursing home protection, you would utilize some form of an irrevocable trust. But a basic irrevocable trust should not permit you to regularly access the income streaming from your assets. What if you need access to certain income streams (such as rent from farms or rental properties) while simultaneously protecting those properties from the nursing home or other long-term care costs. Good news. There are advanced trusts available that allow you to access the income from your assets while simultaneously protecting those assets from long-term care costs.
Have an IRA that you’re not utilizing? You probably want to leave your IRA to your loved ones without losing a large chunk of it to taxes. Unfortunately, improper planning leads to overpaying in taxes for a large majority of uneducated Ohioans. While inheriting a lump sum may sound exciting to a would-be beneficiary, there are strategies to structure the distribution to minimize taxes and maximize the value of the inherited IRA.
And in case you haven’t guessed already, these types of advanced trusts are a few of the many advanced trusts available for you at AlerStallings Law Firm.
We aren’t your run-of-the-mill trust and estate planners here. Don’t take our word for it. (Best Law Firm under 50 attorneys, Best Family Law Firm, Top of the List: Family Law). If you are interested in learning more about what type of trust or estate plan works for your specific estate planning and asset protection needs, please do not hesitate to give us a call. Call us at (877) 912-3464 or click here to request a consultation.