GOALS OF ESTATE PLANNING
a plan that will manage the personal care and financial matters of the
client for a long term or in case of incapacity.
an Estate Plan that also allows the client to control the
distribution of his/her property after his/her death for the benefit of
the client's family and other chosen beneficiaries.
strategies into the plan that protect family
assets from exposure to risks, such as creditors, or division of
property in divorce proceedings.
Using proven strategies that minimize estate taxes
for the client and potentially for other members of the family.
the Estate Plan to avoid probate of the estate on the client's death.
Promote business succession in a planned manner.
Some Important Estate Planning Documents
|Last Wills & Testaments
- a written
document providing for Probate of property's distribution upon a
person's decease. Everyone should have a Will regardless of their
estate's value. You can name the Executor who is in charge of
administering your estate and for other important provisions, such as
naming a guardian for your minor children.|
Revocable Living Trusts
- an Agreement
funded with assets that avoids Probate, provides for long-term goals, and maintains
secrecy. Please make certain your assets are titled to your Trust.
One of the main benefits of having a Living Trust is that assets placed
in it are not subject to probate administration, and thus avoids probate
The key benefits of avoiding Probate are avoiding the delays and costs of the
probate administration process, the expenses
associated with probate, and maintaining privacy.
Expedited Asset Distribution
Property held in a Living Trust can be administered much more rapidly
than property in a Will subject to a probate proceeding. A typical probate is at
least twelve (12) months long.
Trust Property is not directly subject to the claims of the
deceased's unsecured creditors, for instance, credit cards, hospital bills
and other non-secured debts, as there is no Public Forum and thus, no
awareness of the Trust..
generally funded with life insurance that cannot be changed, which controls
assets that are in your estate but are still excluded from your estate taxation.
This is a major benefit!
Durable Powers of Attorney
appoints a person to act as your agent to make business or
financial decisions on your behalf if you are incapacitated or
incompetent. You can also use a "springing" durable power of
attorney which only comes into effect at a specified time in the future in
a specified situation to meet your wishes.
|Living Will Declarations -
a document that allows you to die with dignity
by making your critical medical decisions known in advance. |
note that without making your declaration known in writing, in Ohio you can remain
on life support for at least a twelve-month minimum period before a court
will grant an order to terminate support. *SEE NEW
DEVELOPMENTS FOR IMPORTANT LIVING WILL INFORMATION.
Health Care Powers of Attorney - this
document gives the person you designate the power to make
MOST health care decisions for you, in the event you are unable later to make
informed health care decisions for yourself.
legal name that your assets are titled in.
|Review your Estate Plan periodically, (at least every three (3) to five
(5) years) as property and estate values change, families and
relationships change, and laws change.