Know Your Ohio Health Care Directives

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The 3 Ohio Health Care Documents You Need To Know

health care-dnr living will

When it comes to health care directives in the state of Ohio, there are a few different documents that sometimes work together and sometimes supersede the others. It is important to be aware of these documents and understand the distinctions between them. In Ohio, the documents to be familiar with are as follow:

  1. Durable power of attorney for health care;
  2. Living will; and
  3. A do not resuscitate order (DNR).

DURABLE POA FOR HEALTH CARE

A durable power of attorney  for health care  authorizes another individual as your attorney in fact to make health care decisions for you at any time that you are not able to make informed health care decisions for yourself.  They are to make decisions consistent with those wishes previously made by you and known to them. In a durable power of attorney for health care, you can grant them permission to consent to the issuance of a DNR order by your physician, precluding cardiopulmonary resuscitation (CPR).

LIVING WILL

A health care power of attorney is superceded by a living will  which is your own written declaration that you do not want life … Read More... “Know Your Ohio Health Care Directives”

Estate Planning Reminder During American Heart Month

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How Important Can Estate Planning Documents Be For Your Loved Ones? Don’t Let The Courts Decide Who Will Get Your Assets!

estate planning health care last testamentFebruary is often most associated with love, hearts, and Valentine’s Day – it’s lesser known for being American Heart Month – and it’s the perfect time to revisit the importance of estate planning when it comes to preparing your loved ones for the inevitable.

Do you already have estate planning documents? If you do, but it’s been a while since you’ve reviewed or updated them, it may be a good time to visit an attorney to help make sure everything is in order. If you’re new to estate planning , here are the important basic documents you should have prepared to ensure that your wishes are set forth in writing and upheld:

Last Will and Testament

The COVID-19 pandemic generated some of the more recent interest in estate planning, but according to a 2021 Gallup poll, less than 46% of adults in the U.S. have a will, and a majority of those Americans that do are 65 years of age or older. A Last Will and Testament  is a legal outline of how you would like your … Read More... “Estate Planning Reminder During American Heart Month”

Tips on Preventing Senior Financial Abuse. Don’t Let Your Family Get Ripped Off!

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Senior Communities Suffer $3.4 Billion In Loss Due to Fraud and Scams in 2020. What can be Done?

elder financial abuse identity theftWhen older adults, especially those in long-term care facilities, become victims of a scam, it is known as elder financial abuse, and it is more common than you’d think.

In 2020, over 62,000 Suspicious Activity Reports filed with the federal government were regarding elder financial exploitation, amounting to $3.4 billion, according to the federal Consumer Financial Protection Bureau (CFPB). The average reported loss by elder financial abuse  victims is around $60,000.

So how does elder financial abuse happen?

“Unfortunately, there can be financial mistakes, fraud, or identity theft that occurs as a result of living in this kind of community. There are also instances of improper or inflated billing, double bill, and identity theft  by ‘bad apples’ on staff,” said Elizabeth Loewy, the former founding chief of the Elder Abuse Unit in the New York County District Attorney’s Office, in an interview with Nextavenue.org.

The COVID-19 pandemic also led to a rise of scams targeting vulnerable adults, as do other “times of crisis”, according to Kelly LaVigne, vice president of consumer insights at Allianz Life.

This kind … Read More... “Tips on Preventing Senior Financial Abuse. Don’t Let Your Family Get Ripped Off!”

Tips to Avoid Holiday Scams

Tips to Avoid Holiday Scams

Online Purchase Scams Most Reported Con During Holiday Season. Avoid Being Victimized with These Tips from the Better Business Bureau

holiday scams holiday seasonHolidays are a time for shopping and gift giving. With all the shopping online and with social media, holiday scams are at an all-time high. Don’t be a victim of scams this holiday season. The Better Business Bureau (BBB) has just released their top 12 holiday scams to look out for. A great list! Here they are:

  1. Misleading Social Media Ads
     

    As you scroll through your social media feed, you often see items for sale from a small business. Sometimes the business even claims to support a charity to try to get you to order, or they offer a free trial. BBB Scam Tracker receives reports of people paying for items that they never receive, getting charged monthly for a free trial they never signed up for, or receiving an item that is counterfeit or much different from the one advertised. The 2020 BBB Scam Tracker Risk Report found that online purchase scams were the most common cons reported to Scam Tracker and the category with the most victims. Do your homework and research the company before ordering.

Read More... “Tips to Avoid Holiday Scams”

Why Basic Estate Planning is so Important!

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A Reminder to All for National Estate Planning Month…

estate planning guardianshipWith October being national estate planning awareness month, this is as good a time as any to reflect on why estate planning is so important. It is part of being a responsible adult and showing that we care about our family and other loved ones. We do it to make things easier for our loved ones if and when unfortunate events occur. We don’t like to talk about or even think about these issues, but life happens. Let’s take a few minutes to talk about what happens when you don’t have any estate plan in place.

If you become physically or mentally incapacitated to such an extent that you can no longer manage your financial or legal affairs, what do you do? Who can pay your bills? Who can execute legal documents? Without proper estate planning  well in advance, a loved one would have to petition the probate court to be appointed a guardian over you.

Here in Ohio that would involve guardianship training, continuing guardianship education, a background check, acquiring a financial bond from a bonding company, filing yearly guardianship accounts  and guardianship plans and getting the … Read More... “Why Basic Estate Planning is so Important!”

An Overview of the Purpose of a Guardianship in Ohio

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Want To Know How To Become An Effective Guardian? The Power and Duties Of A Guardianship Explained

guardianship estate probate courtThis article will briefly discuss the basics of what a guardian is, the general powers and duties of guardians, types, and how to become an effective guardian.

Let’s get to the basics:

A guardian can be an individual person, association, or a corporation who is appointed by a probate court in situations where a person is not able to care for him or herself (and no one has custody). Most commonly, guardians are individuals appointed to care for the ward, the person for whom the guardian has been appointed, when that person is a minor or an incompetent or disabled adult. A guardian may be appointed over the ward personally, or over the estate/assets of the ward or over both the person and the estate of the person.

Only a probate court  may appoint a guardian but may consider a nomination for a guardian to act for you, a minor, or adult incompetent children. This nomination must be in writing and witnessed by two disinterested individual or be notarized. Family members are given preference under Ohio law to serve as a Guardian, but … Read More... “An Overview of the Purpose of a Guardianship in Ohio”

ESTATE TAX CHANGES AHEAD? THE TIME TO GIFT MAY BE NOW…

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Will The Basic Exclusion amount Be Lowered For Estate/Gift Taxes in 2021?

President Biden Proposes Lowering The Basic Exclusion Amount For Estate/Gift Taxes – What Does This Mean For Your Wealth?

exclusion amount estate planning gift taxesWith President Biden now in office, many are expecting Congress to enact changes to gift, estate and/or income tax laws to generate revenue. What are some of those changes and what do they mean to the state planner?

President Biden has proposed lowering the basic exclusion amount for estate/gift taxes, which was almost doubled in 2017. The exclusion amount in 2017 was $5.49 million and in 2020 it was $11.58 million. For spouses, that amount is basically doubled to approximately $23 million. During his campaign, Biden proposed lowering the exclusion amount to $3.5 million and increasing the potential estate tax from 40 percent to 45 percent. Some have predicted that Congress will reduce the exemption to $5 million, which was the amount of the exclusion (adjusted for inflation) before the Tax Cuts and Jobs Act of 2017.

Either way, this could result in a tremendous tax hit for the extremely wealthy. That is why many estate planning attorneys are advising their clients with great wealth to make gifts … Read More... “ESTATE TAX CHANGES AHEAD? THE TIME TO GIFT MAY BE NOW…”

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