30 DIFFERENT TYPES OF TRUSTS

Annually, the IRS determines the gift tax exclusion limit, enabling individuals to transfer a specified sum (for 2024, $18,000) to each recipient without tapping into their lifetime gift and estate tax exemption, set at $13.61 million for 2024. Married couples have the advantage of doubling this amount, allowing them to bestow $36,000 per recipient each year […]

Some estate planning commentators caution naming a spouse as a trustee, emphasizing the importance of trustee independence from the trust creator. This concern is not based on case law or statute. As of 2023, no instances were found where naming a spouse as a trustee compromised asset protection in domestic asset protection trusts across various

This series is tailored for individuals in high-liability fields – including Physicians, Attorneys, Accountants, Financial Advisors, Architects, and Business Owners – or those with non-retirement investments over $500,000. I’ve created a robust asset protection structure that resonates with these individuals who live in Ohio.

Why Use a Qualified Terminable Interest Property Trust (QTIP Trust)? If you created a Bypass Trust, but the assets available exceed the available estate tax credit, or if you want to provide a stream of income for the surviving spouse but not total access, a Qualified Terminable Interest Property Trust (or QTIP Trust) can be used. The

Do you own a horse? If so, there are extra steps you must take to ensure all horses is transferred properly upon death. There are three critical concerns related to the transfer of a horse upon death: Will the horse be transferred? Determining whether your horse will be transferred is a question of how you

A Pet Trust in Ohio A Pet Trust in Ohio is a legally binding arrangement that allows a pet owner to provide for the care and support of their pets in the event of their death or incapacity. The Ohio Revised Code Section 5804.08 provides the legal framework for creating a Pet Trust in Ohio. A Pet

Why S-Corporation Owners Need Specific Trusts As an owner of an S-corporation, you need to have a certain type of trust to hold your corporation’s stocks legally. The reason is that only specific trusts are eligible to own an S-corporation. Here are the eligibility requirements: Although Qualified Subchapter S Trusts (QSSTs) are an option, they

Why would you need this type of Trust? If you own an S-corporation, this type of trust is helpful because only certain types of trusts are permitted to be owners of an S-corporation. The eligibility requirements are that all trust beneficiaries must be individuals or estates eligible to be S-corporation shareholders. No interest may be

Why Would You Need This Type of Trust? If you create a trust outside of the United States, in a location such as Belize or Cayman Islands, several issues are created for estate, gift, and income tax laws. This type of trust is most appropriate for someone not living in the United States and treated