Estate planning is the term used to describe the process of preparing for eventualities such as death or incapacity in more complex cases. It involves wills, living wills, sometimes trusts, a power of attorney for healthcare or finances etc… It offers numerous benefits, even if you don’t have tangible possessions. These procedures are generally handled by Estate Planning lawyers.
Estate Planning includes provisions to minimize the cost and length of the legal process by which a property is collected, managed and distributed after a person’s death, which is known as “probate”. Some types of property pass automatically under Ohio law, while other types are required to go through the probate process. The probate process in Ohio is usually longer and more time-consuming than most people assume. Estate Planning helps to plan ahead to avoid some of these issues.
Without proper planning, you could lose up to 10% of your assets to the probate process, or 100% to a nursing home.
Don’t let the court decide who will take care of your children, or probate costs cut into their inheritance. Planning ahead is easy.
See how we can help you make your wishes clear and undisputable with documents properly drafted and executed.
According to the Administration for Community Living, someone turning age 65 today has almost a 70% chance of needing some type of long-term care services that include medical and non-medical care for people with a chronic illness or disability. See data from LongTermCare.gov here.
In most cases, the cost of long stays in a nursing home is not covered by Medicaid for as long as patients have money or other assets. A special Medicaid Planning Trust established at least 5 to 7 years ahead of time could prevent this situation, so patients can enjoy their hard-earned money for as long as they live.
Be aware that a Medicaid Planning trust is different from a simple Revocable or Irrevocable Trust.
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Simple wills and living wills are very common and sufficient in a lot of different situations. Our Portage County Estate Planning lawyers help clients with these documents, making sure they are drafted and executed properly to ensure that they are valid.
However, complex situations often arise and our Estate Planning lawyer can help:
Our Estate Planning lawyers can give you proper guidance, the best legal advice, and draft the documents that will protect your interests while getting your affairs in order.
Consulting with an experienced estate planning lawyer is essential. It will ensure that your final wishes regarding your property, your loved ones, and your healthcare options are carried out.
Not all lawyers are created equal. In difficult times, it is vital to select a lawyer who can relate to your situation in a very professional and sensible way.
The ohiocrimelawyer.com website is designed for general information only. Any information on this site is not to be construed as formal legal advice from a criminal defense lawyer, a DUI lawyer, a family law lawyer or estate planning, wills, trusts, and probate lawyer, nor the formation of a lawyer/client relationship. Persons accessing this site are encouraged to seek personal advice regarding their individual legal issues.
The attorneys in our law firm primarily service Portage County courts (Ravenna and Kent) from our office in Ravenna, and Summit County courts (Akron, Stow, Barberton) from our office in Stow. Cases in all other courts in North East Ohio, such as Cuyahoga County courts, are handled under specific terms and conditions.