Financial Planning

When it comes to estate planning, trusts often stand out as one of the most versatile and impactful tools available. They offer a way to manage and protect your assets while ensuring your legacy is passed down according to your wishes. For residents of Ohio, understanding the role of trusts can unlock opportunities to simplify estate administration, safeguard loved ones, and create a tailored plan for the future. Let’s delve into how trusts work, their types, and why they are a key component of estate planning in Ohio.

 

• Understanding Trusts in Estate Planning: How They Work

A trust is a legal arrangement in which one party (the grantor) transfers assets to another party (the trustee) to manage for the benefit of one or more beneficiaries. Essentially, trusts allow you to control how and when your assets are distributed, even after your lifetime.

The grantor establishes the terms of the trust, specifying details like which assets are included, who the beneficiaries are, and how the trustee should manage or distribute the assets. Trustees can be individuals or institutions, and their role is to act in the best interests of the beneficiaries, following the instructions laid out in the trust.

Trusts can be created during your lifetime (living trusts) or take effect upon your death (testamentary trusts). The flexibility of trusts makes them a valuable tool for addressing a wide range of estate planning needs.

• Types of Trusts in Ohio

Ohio residents have access to various types of trusts, each designed to meet specific goals. Here are some of the most common:

Revocable Trusts

Also known as living trusts, revocable trusts allow you to retain control over your assets during your lifetime. You can modify or dissolve the trust as your circumstances change. Revocable trusts are particularly beneficial for avoiding probate, which can save time, money, and stress for your family.

...

For many, this inherited wealth will provide opportunities that weren’t previously available, such as early retirement, investment opportunities, or funding for personal passions. However, it can also come with complexities that require careful planning and decision-making. ...

If you're holding off tackling your estate planning, maybe being around younger people during the holidays is a perfect reminder that time is marching on. Why not make it a goal for January? ...

Grief and death lead to shock and sadness for most people. But there's a third emotion that often surfaces: confusion. I know this from first-hand experience, and I'll bet you do, too. If the deceased is a close family member or friend, one of the first questions that emerges is 'Do they have a will?" The second is, 'Where is it?" ...

You shouldn't let tax considerations drive your investment decisions. However, it's worth considering the tax implications of any year-end investment moves that you make. ...

When it comes to managing overwhelming debt, many people find themselves lost in a maze of financial jargon, legal complexities, and endless paperwork. This is where bankruptcy lawyers come in. They serve as the guiding light for individuals grappling with unmanageable debt, helping them navigate their options and choose the best path forward. From assessing whether bankruptcy is the right choice to exploring alternatives like debt consolidation or personal loans, these professionals offer invaluable support and expert advice.

Understanding Bankruptcy and Its Implications

Bankruptcy is a legal process designed to help individuals or businesses that cannot repay their outstanding debts. Depending on the type of bankruptcy, it can either eliminate unsecured debts, such as credit card debt and medical bills, or allow for a structured repayment plan. The two most common types are Chapter 7 and Chapter 13 bankruptcy:

1. Chapter 7 Bankruptcy: This type of bankruptcy, which is also called “liquidation bankruptcy,” involves selling non-exempt assets to pay back debts. Once this process concludes, most remaining debts are discharged, offering a fresh financial start.
2. Chapter 13 Bankruptcy: Known as reorganization bankruptcy, this allows individuals with regular income to create a repayment plan lasting three to five years. Debtors can keep their assets while making manageable payments to catch up on overdue amounts.

Filing for bankruptcy halts collections, stops foreclosures, and discharges certain debts, but it’s a decision that comes with long-lasting implications, including a significant hit to your credit score.

The Comprehensive Role of Bankruptcy Lawyers

Financial Assessment and Advice

A key role of bankruptcy lawyers is to assess your financial situation meticulously. This involves a detailed review of your income, expenses, assets, and debts to determine your eligibility for different types of bankruptcy. They consider all factors, including wages, rental income, alimony, child support, and any other sources of regular income.

...

If you are one of the more than 72 million Americans who receive Social Security benefits, keep an eye on your mailbox for an envelope from the SSA, which will send out notifications beginning in December. The notice will outline how much you can expect to receive in your monthly check starting in 2025. ...

How can you ensure that your loved ones carry out your funeral and burial or cremation wishes after you die? Those closest to you should be aware of your desires. Putting your preferences in writing can be key. ...