Delaware Trust Attorneys

Trusts Attorney in Delaware, Ohio

Trusts attorney specialists with OVER 63 YEARS of experience.

Helping Individuals and Families Safeguard Their Assets for Future Generations

There is a common misconception that only wealthy individuals can benefit from creating a trust. However, a trust is one of the most underused estate planning resources that can provide significant benefits to individuals and families.

Depending on an individual’s needs, a trust can offer its creator, the grantor, considerable financial advantages for themselves and their family after they pass away. A trustee, often the grantor or their spouse, manages the assets placed in the trust.

Nevertheless, creating a trust can be overly complex and requires the help of a skilled attorney to ensure the terms align with the grantor’s needs.

Lawrence Law Office of Delaware, OH, is a law firm dedicated to helping clients create comprehensive estate plans that meet their personal and financial needs. Contact our law office and ask to schedule a free initial consultation to learn more about our legal services and how we can help you protect your assets.

What Assets Should Be Placed in a Trust?

If you are considering creating a trust, you must understand what assets should be included so that your assets are offered the most protection.

Some of the most common assets placed in a trust include:

• Savings and money market accounts.
• Certificates of deposit (CD)
• Safe deposit boxes.
• Non-retirement brokerage or mutual fund accounts.
• Stock certificates and savings bonds.
• Valuable personal property, including art, jewelry, furniture, or antiques.
• Collectible vehicles that have retained a high cash value.

However, even though many financial resources should be placed in a trust, other assets should be omitted, including:

• Financial accounts used to pay monthly expenses should only be placed in a trust if you plan to act as the trustee and have control over the accounts.
• Retirement accounts such as 401(k), 403 (b), and IRAs as placing them in a trust requires withdrawal and results in the owner owing income tax.
• Health savings accounts should not be placed in a trust as the funds are already considered tax-exempt for medical expenses.
• Motor vehicles should not be placed in a trust because doing so makes them the trust’s property and can present challenging legal issues if the grantor wishes to sell or trade them in the future.

For more clarification about what assets should or should not be included in a trust, contact Lawrence Law Office today and ask to schedule a meeting with an experienced trust attorney.

How Do I Know What Type of Trust is Right for My Needs? 

One of clients’ most common questions when creating estate plans is which type of trust is best for their needs. A comprehensive estate plan that includes a trust should focus on the grantor’s personal and financial goals.

For example, individuals concerned about their families having to go through probate or pay estate taxes may prefer to create an irrevocable trust to protect their assets. In other instances, a grantor may wish to place assets in a revocable trust so they can quickly amend the terms of the trust.

A special needs trust is ideal for families concerned about their loved one’s access to financial resources without jeopardizing their ability to receive public benefits. Finally, an asset protection trust can help shield assets for individuals who may fear bankruptcy.

It is important to remember that everyone is different, and the type of trust created is based on personal objectives.

If you are still determining what type of trust may fit your needs, contact our Delaware, OH, law office and ask to meet with a qualified legal team member who will gladly answer your questions.

Why Should I Choose Your Law Firm to Help Me Create a Trust?

Lawrence Law Office is a law firm with a well-earned reputation for helping clients with their estate planning needs.

Our dedicated team of legal professionals has in-depth experience helping clients create trusts that offer maximum protection and meet all state and federal requirements.

As a law firm, we aim to provide clients the legal services they need and create trusts and estate plans to withstand potential legal scrutiny.

When you come to us for help, we take time to listen to your needs to create a trust that will give you peace of mind, knowing that your assets are protected today and in the future.