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Whitney Mediation & Legal Counsel, LLC

Do I need a trust even if I can’t afford (or don’t want) a shell company in Panama?

Congrats if you weren’t named in the Panama Papers!

Although a trust was used to help some people minimize (or evade) taxes in Panama, there are many types of trusts, almost all of which are more legitimate and less shady than the offshore trust in Panama.  There are dozens of websites touting the benefits of trusts, and there are dozens of websites that argue against their overuse.  To be sure, there are costs and benefits to getting a trust, and there’s no one-size-fits-all solution for us to know whether or not a trust is our best option.

This Forbe’s article does a pretty good job of describing the key questions to evaluate.  Unfortunately, in Ohio the probate process (which is one big reason to consider a trust) is definitely more painful, time-consuming, and expensive than trust administration.  But, there other ways, besides trusts, and other factors to consider in determining whether a trust (non-Panama-style) might be your best option when considering whether to create a Will or a trust.  Feel free to call me if you have any questions or want to discuss what options might work best for you in your current circumstances.

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