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Baron Law LLC
Trust Adminstrator

Do You Need a Trust?

Asset Protection Through Family Trusts

The majority of people mistakenly believe that you have to be rich to have a trust – that is completely false.  Although a trust isn’t for everyone, 99% of trusts are created for non-financial concerns that may greatly benefit your family and loved ones.   Protecting your home, retirement, and what you’ve spent a lifetime trying to build, doesn’t have to be complicated – it simply requires a little bit of effort and estate planning.   If you’re unsure whether a trust planning strategy is right for you, please contact our office to set up a free consultation at 216-573-3723.

Wills-Based Planning

A Will-based plan is a foundational option typically for young and single individuals with less than $500,000 in combined assets.   For those with children, this plan is often coupled with guardianship provisions outlined in a Testamentary Trust.  The Will-based plan also addresses an individual’s living will, power of attorney, and beneficiary designations.

Trust-Based Planning

The Trust-based plan implements everything covered under the Will-Based plan while also proving asset protection and probate avoidance.   The size of an estate does not always dictate the need for a trust; however, individuals with $500,000-1,000,000 often implement some form of family trust.

Advanced Tax Planning

This trust-based plan includes estate tax strategies through advanced tax planning solutions.  It is recommended for those with a net worth of $10 million or more.  Depending on the individual’s needs, this plan may include an irrevocable trust and entity creation.  This plan is coupled with ongoing maintenance plan agreements including trust funding customized to the individual client.

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