Proud Neighbors In Cincinnati

Proud Neighbors In Cincinnati

Trusts can be helpful planning tools when used correctly

| Jan 6, 2020 | Estate Planning & Elder Law |

Getting started on an estate plan is not always an easy step to take. After all, a lot of information is often needed, and some Ohio residents may worry that they will make mistakes that leave them regretting their decisions. Fortunately, with the right help, individuals can create comprehensive plans using trusts and other tools.

It is possible for mistakes to be made when creating an estate plan, which is why it is typically best not to go at it alone. For example, some people may think that creating a trust to gift assets to is the right move to take advantage of their gift tax exemption. However, many people may not create the right type of trust, which can leave them without access to the assets used to fund the trust. This mistake could be avoided by going over the various types of trust and finding the best way to move assets.

It is also wise to go over estate planning tools that already exist. For example, some people may not consider their life insurance policies part of their estate plans, but they are. As a result, it is a smart move to go over those policies, particularly if they are kept as part of a life insurance trust.

Trusts are useful estate planning tools, but if they are not used correctly, they could seem like more of a pain than a beneficial tool. Ohio residents who are interested in ensuring that they create the correct plans or who want to go over already existing plans may want to utilize the knowledge of experienced attorneys. Legal professionals can go over a number of planning options that may appeal to those wanting to create comprehensive plans.