Estate Planning In Ohio
Did you know that if you pass away without an estate plan, you will have died “intestate?” That means the state of Ohio will choose what happens to your assets. Even worse, if you are a parent of minor children, the state will determine who will become their guardian. Instead of letting the state of Ohio make these important choices for you, contact a trusted Ohio estate planning lawyer.
Jarvis Law Office understands that estate planning isn’t the most comfortable topic, and we make the process as painless as possible. Once our Ohio estate planning lawyers finish, you will feel a sense of relief. It’s much easier to face the future when your estate plan is in place.
What’s Involved In An Estate Plan?
Our Ohio estate planning lawyer will customize the service for you. Standard components include:
- Wills
- Trusts
- Healthcare directives
- Powers of attorney
- Living wills
- Guardianship
- Incapacity planning
- Probate administration
Your estate plan will protect you today and in the future. Contact an estate planning attorney today for more information.
Wills And Trusts
Regardless of the size of your estate and what you want to happen when you pass, your attorney might recommend that you draft both a will and a trust. A will allows you to outline your intentions for your estate when you pass away. This includes who will receive your assets and care for your minor children. Any assets going through your will must pass through probate before your beneficiaries receive the assets. Because wills are only valid when you pass away, you can modify or revoke the document at any time. Your Ohio estate planning attorney can help you draft a new will or update an existing one if you wish.
A trust also allows you to choose who will receive your property after you pass away and how they receive their inheritance. Trusts have various benefits, including privacy and control over how your beneficiaries will receive their inheritance. Unlike wills, trusts don’t go through probate, so your assets don’t have to become a matter of public record, and you don’t have to pay the high fee for probate. You can also add more specific rules for how your beneficiaries can access the assets you leave them, such as including age restrictions. There are numerous types of trusts, and one that we often use in our firm is an Asset Protection Trust which is specifically designed to protect your assets from the extraordinary cost of long-term care or to shield assets from creditors. Your estate and elder care planning attorney can advise you on the type of trust you need, if applicable.
Healthcare Power Of Attorney
Your Ohio estate planning attorney will also help you draft a healthcare power of attorney. You can choose a person who will make decisions for you if you cannot do so. Then, that person will act on your behalf if you become incapacitated.
It’s essential to draft a healthcare power of attorney now, even if you’re in good health. In fact, we recommend that anyone over the age of 18 have a healthcare power of attorney. Then, if something happens, your family can immediately step in and won’t have to petition the court to make decisions for you.
Also, by creating the document now, you’ll have the power to name decision-makers. When selecting who will step in to make decisions, you should choose someone you trust to act in your best interest and honor your wishes.
Support Children With Special Needs
Your Ohio estate planning attorney can also help you care for a child with special needs. Most often, parents set up a special needs trust. Then, children with special needs can receive money and other forms of assistance to supplement their income without losing access to crucial government benefits. There is a delicate balance between supporting your child and unintentionally impacting their eligibility for these critically important benefits. If you don’t plan ahead and your special needs child receives an inheritance outright in their personal name, they run the risk of losing their income, healthcare, and other benefits. Consult with an attorney to ensure your child has ample resources now and in the future without jeopardizing their eligibility for the necessary benefits.
Asset Protection
Do you want to protect and preserve your assets in the event you need in-home or long-term care in the future? Paying for in-home care or long-term care can be extremely expensive and can deplete your savings in a matter of months or years. Getting the best quality care is essential. It is also important to remember that Medicare won’t cover the cost of most long-term care stays.
Unless you have long-term care insurance that will cover the daily cost, you will likely need to pay out of pocket or apply for benefits to help supplement the cost of your care. Planning today to protect your home and savings if you need long-term care in the future is necessary, and time is the most important factor that determines how much we can help you save.
For the best results, you need to work with an Ohio elder care attorney for at least five years before you need care. Your Ohio estate planning and elder care lawyer can develop an asset protection strategy for you. This might include forming a business entity, creating a domestic asset protection trust, or drafting a custom approach to address your asset protection needs. After reviewing your situation and discussing your goals, the attorney can recommend the best strategies for moving forward.
