A revocable living trust is a great estate planning option when you aren’t yet at the age of needing nursing home protection but want to offer protections for your beneficiaries. With this type of trust, you are the trustee and beneficiary, and you have complete control over the assets in the trust. You can make changes to the trust at any point during your lifetime.
Not only does a revocable trust offer probate avoidance when properly funded, but it can also ensure that the inheritance for each of your beneficiaries is protected if they are minors, receiving means-tested government benefits (like SSI or Medicaid), financial issues, or spousal problems.
A revocable trust can also resolve some estate tax issues for married couples. Currently in 2025, the federal level for estate tax exemption is approximately $14 million for each spouse, and there is no Ohio estate tax. However, if the federal level were to decrease or if Ohio were to bring the estate tax back, you may be impacted. The revocable trust allows a surviving spouse to double up on the tax exemptions to try to minimize or eliminate estate taxes.
