Estate Planning

We all owe our veterans a debt of gratitude for the sacrifices they have made for us and our country through the years. Many veterans now have disabilities, medical conditions or injuries that they incurred or aggravated while they were actively serving and may be eligible for a variety of benefits—no matter when or where they served. But the labyrinth of searching out and applying for these benefits may be overwhelming…

Such actions can occur under different circumstances with the administration of an estate. For example, there are several types of probate actions warranted based on whether the recipient of the estate is the surviving spouse, the different types and amounts of assets of the estate, and whether those assets are solely in the name of the deceased person.

These could include the named trustee bringing suit to enforce the provisions of a trust. Beneficiaries or interested parties may bring suit against a trustee themselves. In either instance, a trust would not be dealt with through the probate process, but the court might need to get involved with the interpretation of or the application of the trust’s terms.

The administration of your estate may necessitate a third party to handle the estate due to its size, complexity, or family issues. Whether the estate goes through probate or is self administered through a trust, consider hiring an attorney for a modest fee paid at the time of the administration.

When a person passes, the family of the deceased may be unaware of certain assets or life insurance policies left for their benefit if estate paperwork has not been maintained to remain current, the deceased has lived in multiple places over the course of their lifetime, or even if an insurance company ceases to exist in its name at any point after the purchase of a life insurance policy. 

Planned gifting to your loved ones sounds relatively simple. However,when gifting cash while living, it’s important to keep in mind potential tax liability for both the giver and the recipient. More importantly, as a giver ages Medicaid planning should also be taken into consideration.

Whether gifting cash to individuals or organizations or distributing other assets as part of an estate plan, consulting with an attorney will make known various estate planning tools, such as certain types of trusts, to consider as options.

This is a very complex and diverse process that needs to be personalized for each individual. Depending on the types of assets held by an individual, their long-term goals, and whether they are concerned about protecting their assets from Medicaid spend down requirements, it’s important to consult a knowledgeable attorney to help them navigate the Medicaid planning process, and take it into account with regards to their estate planning.

There are three basic documents, along with a will or trust, recommended for individuals in Ohio: a financial or general durable power of attorney, a healthcare power of attorney, and a living will. Power of attorneys are only valid during your lifetime – they become null and void upon your death.

A will is a legal document in which you make known how you want your belongings or shares of assets distributed and/or disposed of upon your death. You choose an executor to carry out your wishes as stated in your will. While the contents of a will are public, the contents of a trust remain private.