The State of Ohio has recently stepped into the forefront of states allowing individuals to create their own trust, be the beneficiary of their trust, and protect their assets from nearly all general future creditors. In the past, one had to create expensive and sometimes risky offshore trusts to accomplish this purpose, or more recently create trusts in a few other states, but like the Alaska version, be required to hold assets in that state.Read More
Once you have signed your living trust document, the next step is to change titles and beneficiary designations to your trust. This is called "funding" your living trust. This is probably the most important step in preparing a living trust. If you have signed your living trust document but haven't changed titles and beneficiary designations, you've simply wasted your money. You may have a great trust, but until you fund it, it doesn't control anything - because your living trust can only control the assets you put into it.Read More
A charitable lead trust is, in some ways, similar to a charitable remainder trust. You transfer an asset to the trust, which reduces your taxable estate and saves estate taxes. But with a charitable lead trust, the charity receives the income and your beneficiaries will eventually receive the principal.Read More
A qualified domestic trust is the only way your estate will be allowed to use the marital deduction if your spouse is not a U.S. citizen. That's because Uncle Sam doesn't want noncitizen spouses to inherit sizeable estates and then return to their homelands without paying any estate taxes.Read More
How would you like to turn your modest tax-deferred account into millions for your family? Depending on whom you name as beneficiary, you can keep this money growing tax-deferred for not only your and your spouse's lifetimes, but also for your children's or grandchildren's lifetimes. That can turn even a modest inheritance into millions.Read More
A corporate trustee is a bank trust department or trust company. They can help you build, manage and protect your wealth when you put your assets in a trust.
A trust is simply a legal document that lets you reduce unnecessary legal fees, save taxes and keep control over your assets while you are living, if you become physically or mentally incapacitated, and after you die.
When you set up a trust, you need to name someone (a trustee) to manage the assets your trust controls. While you can choose just about any adult, there are very good reasons why you should consider a corporate trustee.
A CRT lets you convert a highly appreciated asset (stock, real estate, etc.) into lifetime income. It reduces your income taxes now and estate taxes when you die, and you pay no capital gains tax when the asset is sold. Plus, it lets you help a charity(ies) that has special meaning to you.Read More
An irrevocable life insurance trust lets you reduce or even eliminate estate taxes, so more of your estate can go to your loved ones. It also gives you more control over your insurance policies and the money that is paid from them.Read More