Estate Planning Goals and ObjectivesNovember 20, 2019
Foreclosure in OhioNovember 20, 2019
Planning one’s estate and outlining how one wishes for his or her affairs to be handled after death is a responsible thing that many adults in Ohio neglect to do. A well-constructed estate plan can eliminate needless confusion and discord among your heirs and surviving family members in the event of your death. Even individuals with modest incomes and only a few children can benefit from the peace of mind that a will or trust, or a power of attorney document, can provide. If you are interested in learning more about creating an estate plan, contract the seasoned Ohio estate planning attorneys at Walker Novack Legal Group, LLC today at (614) 423-8276.
Ohio Estate Planning Services
Walker Novack Legal Group, LLC provides clients with comprehensive estate planning services that can help you and your family plan for the unexpected. These include the following:
- Identifying Estate Planning Goals: Avoiding estate and death taxes as well as probate are two common goals individuals have when creating an estate plan. However, Ohio has no “death tax” and only estates with a net value of over $11.4 million (as of 2019) are subject to any federal estate tax. Avoiding probate can be accomplished by creating accounts with a beneficiary, a transfer-on-death or payable-on-death provision, or by placing one’s assets into a trust. Parents of minor children will want to plan for who will care for their children if they both were to pass.
- Powers of Attorney: A power of attorney is a document that gives someone else the authority to act on your behalf when you are not able to handle your own affairs. A power of attorney may grant someone the ability to handle your financial business if you are ill, injured, or not mentally capable of doing so for yourself. A healthcare power of attorney, or “living will,” tells medical personnel what treatment and care you want to receive and who is authorized to make decisions about the medical procedures you will or will not receive.
- Wills and Trusts: A will indicates to the court your desires for how you would like for your assets subject to probate to be divided up. A trust is a separate legal entity that can own property and keep certain assets from going through the probate process. Whether you need a trust, a will, or some other arrangement is a decision to be made after consulting with a qualified estate planning lawyer.
- Guardianships: If an elderly parent or other family member is no longer able to look out for their own well-being, a guardianship may be necessary if that person does not have a power of attorney. In a guardianship proceeding, the court appoints a guardian to oversee the person’s affairs, all under the supervision of the court. This can be an especially useful tool in a situation where someone is suffering from dementia or another condition, but did not create a power of attorney.
Do Not Put Off Planning for the Future Any Longer
While considering one’s death or other terrible calamities one might experience is never pleasant, it is far more desirable to have a considered estate plan that ensures your loved ones are looked after and provided for. Contact Walker Novack Legal Group, LLC by calling (614) 423-8276 to speak with our experienced legal team about crafting your estate plan.