Trusts and estates in Louisville
Knowing how to leverage your estate using trusts may benefit your family after you are gone. John H. Ruby & Associates has enabled clients to leverage estate planning opportunities using trusts to distribute the maximum amount of assets to their beneficiaries. Trusts can often enable your loved ones to avoid probate and distribute your assets as you intend. We are experienced Louisville trusts attorneys and provide trust services to clients in Louisville and Jefferson County.
What is a trust?
A trust is an agreement that enables a trustee to manage assets for beneficiaries. Most types of property can be transferred to a trust including:
- Cash
- Stocks and bonds
- Real estate
- Business interests
Types of trusts
Trusts are categorized into two broad categories:
- Testamentary trusts. Testamentary trusts take effect upon your death and are established in your will. Testamentary trusts are often created to provide for minor children in the event of parental death. The trust may provide living costs until a certain age and/or provide for education and other expenses. However, testamentary trusts must go through the probate process, which can be lengthy depending on the circumstances.
- Living trusts. Living trusts start while you are alive and may continue after your death. Louisville living trusts may be more beneficial because they are generally not subject to probate. Avoiding the probate process enables your beneficiaries to receive assets more quickly.
Benefits of trusts
Several advantages exist in setting up trusts, including:
- Privacy—Unlike wills, trusts are private
- Spendthrift protection
- Investment profits—Stocks/bonds may earn money
- Asset protection
- Tax planning—Possible reduced tax liabilities
- Co-ownership—May prevent property management conflicts
- Avoidance of probate
- Protection in case of disability
- Continuation of family business or property
Trust funds can protect your loved ones and guarantee your beneficiaries receive the assets you intend from your estate.
How your Louisville trusts lawyer can help
Forming a trust enables you to distribute your estate as you intend. Even when your estate planning needs are simple, legal requirements exist to form a valid trust. Our Louisville trusts lawyers ensure your trusts and estates are formed in accordance with Kentucky law and your wishes. John H. Ruby & Associates’ years of experience enable us to provide a trust that covers your intentions, specified assets, and beneficiaries. Contact us at 888-314-8437 and arrange a consultation to review your trust needs today.