If you would like to create a living trust in Ohio, you create a written declaration of trust and sign it in the presence of a notary. To complete the creation of the trust, you must fund it by transferring assets to the trust's name.
The code specifically lists sales of tangible personal property or services to churches, organizations under 501 (c)(3) of the internal Revenue Code, and any other nonprofit organizations operated exclusively for charitable purposes in this state are exempt.
(E) A trust is not invalid because a person, including, but not limited to, the creator of the trust, is or may become the sole trustee and the sole holder of the present beneficial enjoyment of the corpus of the trust, provided that one or more other persons hold a vested, contingent, or expectant interest relative to ...
Tax Obligations All nonprofit organizations are required to file an annual tax return (generally, IRS Form 990) even when no taxes are due. A nonprofit organization should consult with an attorney and/or tax adviser about its tax obligations.
Given that the sections of the statute dealing with the execution of wills explicitly state that witnesses are required but no such provision exists in the trust execution sections, it appears that no such witness attestation or notary requirement exists for the valid execution of a trust in Ohio.
Business entities in Ohio are not required to file an annual report. However, certain types of entities and registrations are required to file reports at different intervals.
Single-Member LLCs in Ohio: The LLC itself usually doesn't file a state-level return. However, the owner files a personal state-level return that includes the LLC's profits or losses. Multi-Member LLCs in Ohio: The LLC itself may need to file a Partnership return at the state-level.
Selecting the wrong trustee is easily the biggest blunder parents can make when setting up a trust fund. As estate planning attorneys, we've seen first-hand how this critical error undermines so many parents' good intentions.
Trust is preferable over a Will because the assets that are in the Trust are non-public assets. Example: If you take your house and you transfer it into the Trust and your parents passed away, then you don't have to open an estate to transfer the asset, and it remains confidential.
A trust is created when it is signed, or it can be created orally. It can be funded anytime. In a trust, assets are entrusted to a trustee who holds legal title and manages the assets until they are distributed to the eventual beneficiary.