Solomon, Steiner & Peck, Ltd.
Call today for a consultation:
216-245-0185 / 866-642-0932

The versatility of trusts

Some people may think that the only use of trust funds is avoiding estate tax, but trusts can have many other uses as well. For example, a generation-skipping trust allows a person to pass assets directly to their grandchildren. If for some reason they do not want their children to receive their assets, this could be one alternative.

A trust may be revocable or irrevocable. With the former, a person has the ability to alter the trust after it is set up. However, the assets in a revocable trust are not protected from creditors. An irrevocable trust offers this protection, but it cannot be changed once it is set up.

A credit shelter trust is useful in some cases, although it is not as necessary as it used to be. In 2011, the government made permanent a rule that allowed a living spouse to use the unused portion of the deceased spouse's estate tax exemption. With a credit shelter trust, when a person dies, their assets go to their beneficiaries, but their spouse also has access to the assets. However, the spouse does not have to count the assets as part of their estate. Another type of trust is a qualified personal residence trust. This allows a person to place their home in a trust while continuing to live in it.

There are many other uses for trusts. Using a trust may mean that the estate can avoid probate. This process can be time-consuming and expensive. A trust also offers privacy while a will is a matter of public record. Trusts allow a person to control how and when assets are distributed to beneficiaries. For example, it is possible to specify that the person only receives distributions when they turn a certain age, marry or finish an education.

No Comments

Leave a comment
Comment Information

2005 BBB Torch Award Recipient Recipients of the 2005 BBB Torch Award Honoring Business of Integrity

  • ASNP
  • CMBA Green Certified 2107-19
  • member of the national eldercare matters Alliance
  • Golden opportunities

We are here to help. Contact our attorneys today.   

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Mayfield Heights Office
6105 Parkland Boulevard
Suite 140
Mayfield Heights, OH 44124

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Mayfield Heights Law Office Map

Independence Office
6100 Oaktree Blvd.
Suite #200 - Park Centre 1
Independence, OH 44131

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Westlake Office
159 Crocker Park Boulevard
4th Floor
Westlake, OH 44145

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Mentor Office
5966 Heisley Road
Ste 201
Mentor, OH 44060

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Review Us