Firm Profile  
  Areas of Practice  
  FAQs  
  Contact Us  
  Forms  

  Home  


Estates:

Probate and Minimum Estate Planning:

We handle a wide variety of probate and estate matters, including full probate, release of administration and summary releases. But so many people rack up unnecessary probate costs because they don't know how to plan. Regardless of the size of your estate, you can make some basic estate planning decisions which can help you avoid or minimize the cost of probate, and the legal fees which go with it.

Although there are software programs that promise to save you money, estate planning documents have complicated issues for which you need the assistance of an attorney. Here are some ideas for you to consider:

Wills:

A will is the most important estate planning tool.

Without a will, your estate may be distributed to relatives through a confusing and sometimes mind boggling set of rules called Descent and Distribution.

A will does the following for you:
  • allows you to distribute your estate the manner in which you see fit, subject to statutory rules which restrict excluding your spouse from a will.

  • Allows your executor to serve without obtaining a costly bond.

  • Allows your executor to sell real estate without Court order in most circumstances.
A will does not work on non-probatable assets; thus you can reduce the costs of probating a will by creating non-probatable assets, including:
  • Real estate held jointly and in survivorship with another. It is not enough to have both names on the deed - it must be in survivorship. Transfer on Death Deeds may also avoid probate. If you have questions, please bring your deed when you see us.

  • Other personal property held jointly in survivorship, including bank accounts, stocks, CD's etc.

  • Personal property accounts transferable or payable upon death.

  • Accounts with a designated beneficiary, including insurance policies, IRA's, and some retirement plans.

  • A surviving spouse is entitled to two cars without having to go through probate.
Please note that each of these options may create their own risks, so a consultation is necessary.

What should I bring in for a consultation on a will?
  • Names of children, stepchildren or other beneficiaries.
  • Copies of deeds for your real estate.
  • Copies of bank statements or other financial accounts showing who has title.
  • If your children are under 18, the name of the person you want designated as guardian and as trustee for their inheritance should you predecease them.

Durable Power of Attorney:

An important but often overlooked estate planning tool is the Durable Power of Attorney in which you designate someone you trust to handle your legal affairs during your lifetime. This is often needed when someone develops dementia or has some brain injury that prevents him/her from understanding or completing legal matters.

We recommend a broad range of powers, and recommend a backup in the event the first person designated is unable or unwilling to perform the duties. It is essential that everyone understands that the POA is a fiduciary duty, and the person serving in that capacity can act only for the best interests of the person for whom they have the POA.

Health Care Powers of Attorney:

Health Care Powers of Attorney allow you to designate someone to make medical decisions for you when you are unable to do so. While the absence of a Health Care Power of Attorney is often not a problem for a husband and wife, it can be more of a problem when children of a surviving spouse can't agree on the course to take for a medical condition. We recommend a Health Care Power of Attorney for everyone.

We are willing and capable to draft Health Care Powers of Attorney, but you can find the forms on-line and at hospitals, nursing homes and medical providers- and the forms are easy and straight-forward.

Living Wills:

A Living Will is your designation to a physician limiting the medical treatments available to you under certain circumstances. The most common provision is one declining artificial hydration or nutrition when you are permanently unconscious and death may be imminent.

As with Health Care Powers of Attorney, we are willing and able to draft these documents for you but you can find these documents on-line or at nursing homes, hospitals and other providers. Both types of documents require either a notary or two witnesses, none of which should be a family member.

Trusts:

A trust is a legal document placing designated assets under the control of a trustee (which can also be the creator of the trust) for specific purposes designated by the creator. Avoid "Trust Mills", companies that foist expensive trusts on people who don't need them.

If you have a trust, make sure you have a will that is either funded or will be funded from your will, and remember that trusts are taxable entities under both federal and Ohio tax laws. Here are some common reasons to have a trust;
  • Save taxes. Currently, there is no federal estate tax for a surviving spouse with a large estate exceeding $1.8 million and no Ohio estate tax for a single person if the estate is less than $300,000.00. Talk with an attorney about the taxing threshold since these numbers can fluctuate quite a bit. For married couples with a large estate, you may save taxes using a marital A-B Trust.

  • Avoid probate. Unless you have a large estate, there a cheaper and easier ways to avoid probate ( see above). And, probate is not a bad vehicle to use when there are assets, debts to pay, and heirs clamoring for their share of the estate.

  • Provide a means of distributing an inheritance to children who can't handle money well. For such a child, his/her inheritance can be part of a trust and the trustee can give money to the child over an extended period of time.

  • Special Needs trusts. These can be tricky, but they allow a parent to place into trust funds for a disabled child on Medicaid for limited purposes.

Medicaid:

In all estate planning matters, be familiar with the impact of transfers to others that may violate Medicaid rules and regulations. As a general rule, you or your loved one may not be eligible for Medicaid if you transfer assets within the five year period prior to applying for Medicaid.