Cincinnati revocable trusts are a powerful legal tool because these trust can give you asset protection while still protecting your flexibility. Many people decide that creating a revocable trust is the best course of action for their situation because they appreciate the combination of benefits that the trust provides to them.
Zimmer Law Firm can help you to understand the benefits and limitations of Cincinnati revocable trusts and can work closely with you throughout the process of either creating a trust or making effective use of legal tools that would help you to best accomplish your goals. To find out more about how our firm can assist you with all aspects of trust creation and asset protection, give us a call today.
Cincinnati Revocable Trusts Provide Asset Protection While Ensuring Flexibility
Many people hope to create trusts in order to keep their wealth safe. An irrevocable trust, which can provide the most protection from assets, unfortunately requires giving up substantial control over your wealth.
A revocable living trust, on the other hand, does not require you to give up control in the way that a irrevocable trust does. While you don’t get as much protection for wealth — the assets in the revocable living trust still count for purposes of determining if you are eligible for Medicaid nursing home benefits for example — a revocable living trust does still keep money and property save in important ways. And it does so while allowing you to continue to be in charge of your assets.
With a revocable living trust, your money and property is protected in case of incapacity because the backup trustee you select to manage your wealth can immediately take over controlling the funds and property if something happens to you. However, you are able to maintain control and have flexibility when it comes to dealing with the trust assets because you can remain the primary trustee unless and until you become incapacitated or unless or until you pass away.
A revocable living trust also provides protection for assets when you pass on. While assets held in a revocable living trust can still be counted as part of your estate for purposes of determining if estate tax is owed, the wealth that the trust owns will not have to pass through the probate process. The probate process is both costly and time consuming, and your heirs or beneficiaries could find themselves receiving a substantially smaller inheritance once all of the costs of probate have been paid.
However, with a revocable living trust, the money and property that you leave for your loved ones does not have to be transferred through probate proceedings so you and your family won’t incur the losses caused by big probate expenses. Your money and property owned by the trust can pass through the trust administration process, which occurs outside of court and which is much less expensive than the probate process because of it.
And, because a trust is much harder for anyone to contest due to your ongoing involvement with the trust over the course of your lifetime, you can also protect your assets by maximizing the chances they transfer on to your chosen new owners after you are gone. This helps you to avoid costly estate litigation, which could also cause your wealth to decline and affect your ability to leave your desired legacy.
Getting Help from Cincinnati Trust Lawyers
Cincinnati trust lawyers at Zimmer Law Firm can help you with all aspects of trust creation, including determining if a revocable living trust is the right type of trust for you or if you should instead opt for other tools such as irrevocable trusts. We can also work closely with you to create a legally valid trust document that provides the benefits and protections you expect from creating a trust.
To find out more about the ways in which our firm can help with Cincinnati revocable trusts, join us for a free seminar. You can also give us a call at 513-721-1513 today to learn more about the ways in which our firm can help you.