Trusts: Protecting Your Legacy

Trusts are powerful estate planning tools that offer numerous benefits, including asset protection, probate avoidance, and control over the distribution of assets. At Keller, Barrett & Higgins, we specialize in creating tailored trust solutions to meet the unique needs of our clients in Cincinnati, OH, and surrounding areas. Led by our experienced attorneys, Ellen Keller and Whitney Ellison, our firm is dedicated to helping individuals and families protect their assets and secure their legacies for future generations.

Understanding Trusts

A trust is a legal arrangement in which a trustee holds assets on behalf of beneficiaries. Trusts are versatile instruments that can be customized to achieve various estate planning goals, such as:

  1. Probate Avoidance: Assets held in a trust bypass the probate process, allowing for faster distribution to beneficiaries and greater privacy for the family.
  2. Asset Protection: Certain types of trusts, such as irrevocable trusts, can shield assets from creditors, lawsuits, and other potential threats.
  3. Tax Planning: Trusts can help minimize estate taxes and maximize the amount of wealth passed on to beneficiaries.
  4. Control over Distribution: With a trust, you can specify how and when assets are distributed to beneficiaries, providing protection for minor children, individuals with special needs, or spendthrift beneficiaries.

Types of Trusts

There are many types of trusts available, each serving different purposes and offering unique advantages. Some common types of trusts include:

  1. Revocable Living Trust: A revocable living trust allows you to retain control over your assets during your lifetime while avoiding probate upon your death. You can modify or revoke the trust at any time, making it a flexible estate planning tool.
  2. Irrevocable Trust: An irrevocable trust transfers assets out of your estate, providing asset protection and potential tax benefits. Once established, an irrevocable trust cannot be modified or revoked, making it a powerful tool for long-term wealth preservation.
  3. Special Needs Trust: A special needs trust allows you to provide for a loved one with disabilities without jeopardizing their eligibility for government benefits such as Medicaid and Supplemental Security Income (SSI). These trusts can be used to supplement the beneficiary's needs while preserving their access to essential services.
  4. Charitable Trust: A charitable trust allows you to support your favorite charitable causes while potentially reducing estate taxes. You can donate assets to the trust during your lifetime or through your will, with the trust distributing income or assets to designated charities according to your wishes.

Creating a Trust

Establishing a trust requires careful consideration of your estate planning goals, financial situation, and family dynamics. Our experienced attorneys at Keller, Barrett & Higgins will work closely with you to understand your objectives and recommend the most appropriate trust structure for your needs. We will assist you in:

  1. Identifying Trust Assets: We will help you determine which assets to place in the trust, considering factors such as liquidity, tax implications, and beneficiary needs.
  2. Drafting Trust Documents: Our attorneys will prepare the necessary legal documents to establish the trust, including the trust agreement and Certificates of Trust.
  3. Funding the Trust: We will guide you through the process of transferring assets into the trust, ensuring that the trust is properly funded and that your wishes are accurately reflected.
  4. Administering the Trust: Once the trust is established, our team will provide ongoing support and guidance to trustees and beneficiaries, ensuring that the trust operates smoothly and achieves its intended objectives.

Why Choose Keller, Barrett & Higgins for Your Trust Needs?

At Keller, Barrett & Higgins, we understand that creating a trust is a significant decision that requires careful planning and attention to detail. With our expertise in estate planning and trust administration, you can trust us to provide the guidance and support you need to protect your assets and provide for your loved ones. When you choose us for your trust needs, you can expect:

     + Personalized Service: We take the time to understand your unique goals and concerns, tailoring our trust solutions to meet your specific needs.

     + Experienced Representation: With decades of experience, our attorneys have the knowledge and skill to handle even the most complex trust matters.

     + Transparent Communication: We believe in open and honest communication, keeping you informed and involved throughout the trust creation process.

     + Comprehensive Support: From initial consultation to trust administration, we provide comprehensive support and guidance every step of the way.

      + Client-Centered Approach: Your satisfaction is our top priority, and we are committed to delivering results that exceed your expectations.

Contact Us Today

Ready to protect your legacy with a customized trust solution? Contact Ellen Keller or Whitney Ellison at Keller, Barrett & Higgins to schedule a consultation and explore your options. With our expertise and dedication, we'll help you create a trust that provides security and peace of mind for you and your loved ones.