30 DIFFERENT TYPES OF TRUSTS

Why Would You Want an Intentionally Defective Grantor Trust (IDGT)? An Intentionally Defective Grantor Trust (IDGT) can limit estate tax exposure and, in some cases, be used for creditor protection (Medicaid Trust). This trust’s “Defective” portion allows the creator to pay income tax on the assets held within the trust without receiving the income. You […]

The terms Simple and Complex Trusts are purely tax concepts. There is no practical use of these terms outside of taxation (you would not create a Simple or Complex Trust, but trusts you create would be categorized as Simple or Complex). A Simple Trust is required to distribute all income in the current year. It

Why would you need an Irrevocable Trust? There are usually one of three reasons for creating an Irrevocable Trust: See also: Domestic Asset Protection Trust – Ohio Legacy Trust, Medicaid Trust, and Intentionally Defective Grantor Trust (IDGT) Is it irrevocable or revocable? As the name suggests, an Irrevocable Trust is irrevocable, meaning it cannot be changed once it

Do you own Bitcoin or another cryptocurrency? If so, there might be extra steps you can take to update your plan to ensure all cryptocurrency is transferred adequately upon death. There are three critical concerns related to the transfer of cryptocurrency upon death: Will it be transferred? Determining whether or not your Bitcoin or cryptocurrency

The 2024 lifetime exemption is $13.61 million per person for estate and gift tax. If you are married, that means each spouse has this exemption amount. This lifetime exemption applies to any gifts made beyond the annual exclusion amount or the amount transferred at the time of death. For 2024, gifts of less than $18,000 per year do not

There are a variety of ways an Estate Attorney can assist in terminating an Irrevocable Trust. The path will depend on the terms of the Trust and the beneficiaries in the Trust. In Ohio, generally, a Settlor’s intent (meaning the person who created a Trust which is now irrevocable) is not set in stone. There

Why might you need a Revocable Living Trust? The Revocable Living Trust (also known as a Living Trust) is primarily used to avoid probate and gain more control over the distribution of assets upon death. This control might include distributing assets to beneficiaries at a more mature age (instead of when they reach 18), creating standards under