The Wall Street Journal recently published a video on its website titled "Four Estate Planning Mistakes to Avoid" that summarizes some typical mistakes that people make when it comes to planning for a death or a disability. The first mistake is a common one that we hear many times in our practice, which is not planning due to fear. Believe it or not, many people are superstitious about planning for death. People fear that once they get the ball rolling on estate planning, inevitably something bad will happen.
We encourage people who don't have long term care insurance to develop a game plan years in advance for paying for long term care, a very costly expense that is not covered by Medicare or private health insurance. This type of planning often involves transferring specific assets out of the name of the person who will be receiving the long term care so that, by the time that the care is needed, the recipient will be eligible for Medicaid to cover the costs of the care.
You've probably heard that one of the main reasons why people decide to get a revocable living trust as part of their estate plan is to avoid probate. Did you know that a huge benefit of avoiding probate is protecting your family's privacy?
One of the most frequent questions that we get asked at our office is whether or not a surviving spouse or beneficiaries are personally responsible for paying the outstanding debts of a decedent after his or her death.
Have you heard the saying that planning for death is about one notch above getting a colonoscopy on a person's to do list?
Most people who call our office for estate planning advice assume that getting a Will is the most important activity when doing estate planning. However, based on over 30 years of practice in this specific area of law, we know that the prior assumption is not the always the case.
Estate Planning, in simple terms, is the legal process that takes care of yourself and your property, both during your life and after your death. Estate planning is not synonymous with wealth planning. A common misconception is that you have to have a lot of money in order to do estate planning, an area of law that requires an intricate knowledge of the probate, tax, and trust code, and how they all work together.
If a Will has been drafted and executed properly by a qualified estate planning attorney, then the chances of heirs having an estate battle over an inheritance is minimized. However, even when a Will has been prepared and executed properly, sometimes problems will happen anyway after a person's death.
Although Ohio law does not limit the age of a Power of Attorney (POA), financial
institutions often enforce their own rules about this document.
Unfortunately, because Ohio has no law requiring any business to accept a Power
of Attorney, some banks, financial institutions, and real estate closing agents
may refuse to accept a Power of Attorney due to its age.
The U.S. Department of Veteran's Affairs just announced that they recognize Nancy Roberson as "an accredited attorney for the preparation, presentation, and prosecution of claims for Veterans benefits before the Department of Veterans Affairs (VA)." The accreditation involves going through an application process that includes personal and professional references and job experience.