Cleveland SAFE Trust Lawyer
Safeguarding Assets for Your Family
If you are thinking about passing down assets to your children, you have probably thought of a will or a typical revocable living trust. While these estate planning tools can work well initially, they leave assets unprotected and subject to lawsuits, divorce settlements and creditors once they are in your children's names. SAFE (Safeguard Assets for the Family Exclusively) trusts — or bloodline trusts as we call them — are a better option, and the surest way, to keep your assets in the family.
How Do SAFE Trusts Work?
Put simply, SAFE trusts work by keeping assets in a trust fund rather than paying out the assets after your death.
The SAFE trust is a type of living trust, so it can be altered throughout your lifetime. Upon your death, the trust is distributed among your children (or other beneficiaries of your choosing). Instead of paying the assets in one lump sum, the assets remain in a SAFE trust that your child can draw upon as needed. The benefit over a will is that the money remains protected in a trust. Therefore, assets can be passed down to grandchildren without fear of losing them to an ex-spouse, nursing home or creditor. The name bloodline trust comes from the fact that assets are preserved and protected for continued generations.
Contact Our Experienced Ohio Bloodline Trust Lawyers
At Budish, Solomon, Steiner & Peck, LTD, we literally wrote the book on exploring alternatives to wills for safeguarding your assets. Attorney Armond Budish authored "Why Wills Won't Work (If You Want to Protect Your Assets): Safeguard Your Estate for the Ones You Really Love." In the book, he coins the word bloodline trusts and discusses their benefits over wills and other less protected trusts. We have the experience and knowledge to help you form estate plans that truly meet your wishes.
Contact our Cleveland safe trust attorneys to learn more about family asset protection. From three locations, including Beachwood and Westlake, our law firm serves clients throughout northeastern Ohio.