Knowledgeable Estate Planning Attorneys Drafting Reliable and Accurate Trust Documents

Helping clients in Cleveland and throughout Ohio with their estate planning needs

Trusts provide valuable protection, along with traditional wills, for estate planning purposes. In many cases, these planning documents allow for the transfer of property with less time, taxation, and probate court interference. The proper formation of a trust is vitally important to its enforceability under the law. A knowledgeable trust attorney walks you through the process of creating a trust that advances your interests and complies with relevant laws. At Gertsburg Licata, our experienced attorneys offer even-handed, goal-oriented counsel in regard to trust formation, ensuring that your legacy is protected.

What is a trust?

Generally speaking, a trust is a financial arrangement where a third party (trustee) holds your assets for distribution to your beneficiaries according to your direction. These are complex legal documents, and must be drafted with precision and care. We routinely assist clients in the documentation of:

  • Marital trusts. These types of trusts are established for the benefit of a surviving spouse and children. While providing assets to the surviving spouse, it also protects the future inheritance of surviving children.
  • Bypass trusts. These trusts are most commonly used for the purpose of distributing assets from a surviving spouse to children. Also called credit shelter trusts, these arrangements limit the amount of estate taxes the children must pay. If implemented incorrectly, this type of trust can cost your children significant sums.
  • Irrevocable life insurance trusts. This type of trust excludes life insurance benefits from the decedent’s taxable estate, which can effectively lower the estate’s tax liability.
  • Dynasty trusts. These are long-term planning tools, which allow you to pass your wealth and assets to future generations without also transferring the tax burden.
  • Charitable remainder trusts. A charitable remainder allows you to receive income from the trust during your life, with the remainder granted to a charity upon your death.

The trust(s) you choose may protect both your personal assets and those of your business. Our Cleveland estate and trust attorneys help you determine your goals and plan effectively, to ensure that your legacy is protected to the full extent of the law. Trusts often minimize the probate process, and provide clear guidance about your intentions in the case of disagreements among your heirs.

How trusts protect what matters most

For business owners, there are few wealth preservation tools as effective as trusts. They complement any plan for business succession outlined in your will, and provide you with a way to protect your assets after you are gone. A trust serves primarily to:

  • Help your partners and future generations avoid unnecessary taxes
  • Protect your beneficiaries from reckless or unnecessary expenditures
  • Keep your business together, or provide a plan for the ultimate sale or dissolution of the business
  • Provide for long-term charitable giving

The right trust structure can protect your family and your business in the case of both death and taxes. Our team of estate planning lawyers in Cleveland help you protect what you have spent your life building.

Trust your estate planning needs to be accurately completed by an experienced Cleveland trust lawyer

The attorneys of Gertsburg Licata offer our clients the knowledge and skill that comes with years of estate planning experience. We work hard to ensure that you receive quality representation from a group of talented and dedicated attorneys. Our team proudly provides estate planning services to the residents of Cleveland, Ohio. Contact our office today at 216-573-6000 or complete our contact form to schedule a consultation.