Why Everyone Needs An Estate Plan

Estate planning is a lengthy process. Although no one likes to think of their own mortality, it is essential to make preparations in advance. Having a plan ensures that your assets will be distributed to the individuals you designate in the event of your death. You should also tell your loved ones what you want done. A strong plan lays out the path you wish to follow in the event that you become unable to do so yourself. Estate planning is the process of making plans for when you pass or become unable to make decisions for yourself.

An estate plan includes making arrangements regarding medical treatments and distributing assets after death or becoming incapacitated. Planning ahead gives you enough lead-in to carefully consider and review your estate planning decisions and to craft tailored plans that preempt any potential disagreements. A person who plans ahead will learn about important matters such as estate tax laws. Remember that estate planning documents can usually be amended, so don't worry if you're not sure whether you want to include certain provisions in your plan.

Estate planning attorneys, also known as estate law attorneys or probate attorneys, are qualified legal experts who are familiar with the state and federal rules that govern the administration, valuation, distribution, and taxation of an individual's or a couple's estate after death. Estate planning attorneys make sure that a person's assets pass to their beneficiaries without dispute and according to the client's wishes.

Experienced estate planning attorney, Margaret Karl, has been guiding clients through the lengthy and complex process of estate planning for more than 15 years. She works tirelessly to understand each client's needs and wishes to craft customized estate plans that ensure their goals are achieved. She has helped over 5,000 clients handle the difficulties of planning for the future. She is able to navigate the complex areas of medicaid planning and tax minimization and will ensure that the necessary legal documents are accurately prepared and submitted. She can help with disputes that arise as part of the probate process or trustee actions. She truly understands the legality involved in all aspects of estate planning.

Margaret and her team are proud to live and work in Northeast Ohio. The office is in historic Olmsted Falls, OH, and they serve all of greater Cleveland, including Berea, Strongsville, Middleburg Heights, North Olmsted, Olmsted Falls, Olmsted Township, Avon, Avon Lake, Sheffield, Lorain, Columbia Station, North Royalton, and Broadview Heights.

Call today to schedule a consultation and learn how Margaret and her team can help you and your family ease the burden of making these critical decisions.

Estate Planning Attorney Margaret Karl: Why Everyone Needs Estate Planning

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Wills and Trusts

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.

What Is A Living Will And Power Of Attorney?

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.

Younger adult hand on a pair of elderly hands

Medicaid Planning

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.

Estate Tax Minimization

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.

Planned Gifting Tips

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.

Unclaimed Funds

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.

Estate Plan Administration

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.

Trustee Actions

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.

Probate Actions

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.

Veteran 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…

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We serve all of Northeast Ohio including Berea, Strongsville, Middleburg Heights, North Olmsted, Olmsted Falls, Olmsted Township, Avon, Avon Lake, Sheffield, Lorain, Columbia Station, North Royalton, Broadview Heights.

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