Attorney Parker L. Clifton, Kentucky & Ohio Trusts Lawyer
Trusts are often parts of a well-crafted estate plan used to minimize estate taxes. These fiduciary arrangements allow a named trustee to hold assets on behalf of the beneficiaries. Trusts can specify exactly when and how assets pass to named beneficiaries. They are also designed to avoid probate and allow beneficiaries to gain access to assets more quickly than using a will. Other benefits include control of wealth, protection of your legacy, privacy and savings in court fees.
Attorney Parker L. Clifton: Estate Planning
Attorney Parker L. Clifton is an estate planning lawyer with years of experience in trusts. He will work closely with you to determine what type of trust best meets your needs, such as a marital trust, bypass trust, generation-skipping trust or irrevocable life insurance trust. There is also a qualified terminable interest property trust, which is often used to provide income for a surviving spouse. This trust is generally used in second marriage situations.
Kentucky & Ohio Trusts Lawyer: Trust Distinctions
While there are many types of trusts, the main difference between them is whether they are revocable or irrevocable. A revocable trust is known as a living trust and helps pass assets out of probate. At the same time, it allows one to keep control of the assets during your lifetime. Plus, it’s flexible and can be changed or dissolved at any time. Specifically, you’re named as the trustee to maintain control but make provisions for a successor trustee.
Irrevocable trusts put assets out of reach for probate and real estate taxes. Unlike revocable trusts, they cannot be altered once executed. Once the trust is established, you lose control over assets. This type of trust is often preferred over a revocable one when the aim is to lessen the amount subject to estate taxes. And since the assets have been transferred to the trust, there is no tax liability on the income generate by the assets. It is also protected in the event of a legal judgment.
If you’re ready to get your house in order and create an estate plan, turn to attorney Parker L. Clifton for legal guidance. He’s experienced and highly knowledgeable in all areas of estate planning. You’ll receive the personalized attention that your circumstances need. Call him today.