ESTATE PLANNING BROCHURE

ESTATE PLANNING BASICS

We now have the ability to give you computer-assisted analysis of your estate plan. For an example of the reports available, click here.

When our clients ask us about estate planning, they often assume that they simply need a Will. Others have heard many things about Living Trusts, and think that this is the answer to all their estate planning problems. But Estate Planning depend greatly on the client, his or her goals, assets and family situation.

Rather than suggest types of planning tools (i.e.: Wills or Trusts or Health Care Powers of Attorney, etc.) we prefer to bring to our clients' attention the various issues involved.

WARNING: Before going further, the following information is presented for general illustration purposes only, and is NOT necessarily complete nor is it intended to be relied on as legal advice. Each person's estate needs to be planned on an individual basis!

First of all, most of us as owners of property are not aware of the four functions we all perform as property owners. We 1) manage our property, 2) we pay various bills, 3) we prepare and file tax returns, and 4) we use whatever is left for ourselves, our families, charitable purposes and other uses. When we die we hope to have something left to pass on to others.

These functions go along as usual until for some reason we are unable to accomplish those four functions. We may be unable to perform those functions due to death or disability, but sometimes we cannot act simply because we are out of town on vacation or business travel.

So, the estate planning has to do with our lives and our assets both 1) during our lifetimes and 2) after our death.

To complicate matters, we often not only have ourselves to plan for, but we also have children, grandchildren, parents and other family members to consider.

Another complication to be dealt with is the issue of income taxes and estate taxes.

To assist you in making the most of your assets and taking the best care of yourself and others, you may enlist the assistance of an attorney, a financial planner or investment planner, an insurance agent or an accountant. But your attorney should be be aware of all the issues that affect your situation.

You can find more information about various legal issues at the Ohio State Bar Association's web page at http://www.ohiobar.org/public/.

For more information, click on the following topics:

Powers of Attorney Medicaid Issues Wills Trusts Taxes