Proper planning of an estate can have many benefits, including mitigating estate taxes, ensuring that your wishes are carried out after your death, privacy gained by bypassing the estate process in open court, and peace of mind for both you and your heirs in knowing that your affairs are in order and will not cause undue stress after your passing.
Proper estate plans include:
Trusts are among the most commonly overlooked tools in estate planning. Often, people think trusts are unnecessarily complicated, or are only used by the wealthy. Neither of these misconceptions is true. The reality is that a trust can vastly simplify your estate distribution, and even allow you and your heirs to bypass the probate court process.
The most common is a revocable living trust. This trust creates an entity to which the principal can transfer ownership of assets. The principal is allowed to manage the trust and benefit from the assets until his or her death. Like a Last Will and Testament, a trust will specify the beneficiaries and describe the assets that each will inherit. However, a trust will not go through the probate process. This permits the estate to be distributed to the beneficiaries immediately and without the supervision of the court.
There are many other types of trusts you can discuss with your estate lawyer, including irrevocable trusts and special needs trusts, which can provide for a child or adult with special needs without disqualifying them from vital support services, such as government income and health insurance.
The Law Offices of Daniel McGowan, LLC, represents clients in probate and estate matters throughout the Cleveland area, including Lakewood, Rocky River, Fairview Park, Shaker Heights, Cleveland Heights, South Euclid, East Cleveland, Linndale, Brooklyn, Parma, Brook Park. Newburgh Heights, Cuyahoga Heights, Brooklyn Heights, Warrensville Heights, Maple Heights, Garfield Heights, Bratenahl and Euclid.
Call 216-242-6054 today for a free and confidential consultation.