Estate Planning Archives - Page 4 of 7

ESTATE PLANNING FOR SENIORS IN THE CORONAVIRUS ERA

What Is The Most Important Thing A Senior Should Do Amidst The Corinavirus Pandemic? Start With Estate Planning.

What should seniors do regarding estate planning in the Coronavirus era? We have all seen some of the research and statistics. Those over 60 and those with underlying medical conditions are considered high risk for developing the Coronavirus . The mortality rate for those ages 80-89 who contract the virus is over 14 percent, and for those ages 70-79 it is over 13 percent.

What should seniors do? The most important thing is to have an estate plan in place. It can be a basic plan, but a basic plan is much better than nothing. Most people would be surprised how many seniors lack basic estate planning documents. Make sure you have basic health care documents. If you get sick, it is critical that you have a Durable Power of Attorney for health care. Otherwise, your loved ones will have to petition the Court to establish a guardianship over you. If you don’t want life support, if you are permanently unconscious, or terminally ill, you also need a Living Will.

What if you need to self-quarantine? Having a General Durable Financial Power … Read More... “ESTATE PLANNING FOR SENIORS IN THE CORONAVIRUS ERA”

Blast From The Past: NEW YEAR’S RESOLUTION: MAKE A WILL

Blast from the past 13 years Ohio Family Law Blog

PUBLISHERS NOTE: With a new year upon us, it is always good to set an attainable New Year’s resolution. With that in mind, we look back on an Estate Planning blog article from January 5, 2019. According to a Caring.com survey, only 42 percent of adults have even a simple will, and for those with minor children, the statistic is even worse-only 36 percent. Estate Plans should also be reviewed occasionally to determine if updates are needed. Don’t put it off any longer. For the sake of your loved ones, put an effective estate plan in place.

A Simple Will Will Provide You With Benefits Many Years Down The Road

It’s that time of year when best intentions are set forth and New Year’s resolutions are made. However, according to U.S. News and World Report, by February over eighty percent of those resolutions have been broken. For many, it is time to make a very important resolution that is easy to keep and will provide benefits for years to come. Make a will.

Many of us have heard or read lately of some of the celebrities who have died with large estates and no estate planning, creating headaches … Read More... “Blast From The Past: NEW YEAR’S RESOLUTION: MAKE A WILL”

Postnuptial Agreements in Ohio – What is the Current Status?

postnuptial agreements premarital agreement estate planning

PUBLISHER’S NOTE:

Finally Ohio has joined 48 other states and is now permitting postnuptial agreements to be executed and recognized. This is extremely significant news for married couples in Ohio! Click the following blog articles about this law change. Also, please see our new Postnuptial Agreements help page by clicking here.

Will Ohio Allow Postnuptial Agreements And Amendments To Premarital Agreements? Proposed Changes Underway

Ohio has long recognized premarital agreements. A premarital agreement is a legal contract entered prior to marriage and in contemplation of marriage by two individuals to address the ownership and division of their property and property interests in the event of death or divorce. However, Ohio is in the minority in that Ohio has historically not allowed postnuptial agreements, which are agreements entered into between spouses after they are married. I wrote a blog article on postnuptial agreements on December 31, 2011. Click here to read it.

There are a couple of exceptions to this rule. Ohio Revised Code Section 3103.06 states that a husband and wife cannot, by any contract with … Read More... “Postnuptial Agreements in Ohio – What is the Current Status?”

LEGAL ALERT: The New SECURE Act – A Boon for Seniors But Not so Much for Their Heirs

Is The New Secure Act Too Good To Be True? Eligible Designated Beneficiaries Not Affected By New Law Signing

The president recently signed into law the Secure Act, which goes into effect on January 1, 2020, and which is an acronym for Setting Every Community Up for Retirement Enhancement Act. As the name suggests, the focus of the secure act is on retirement planning, but has several provisions. These provisions include raising the age for required minimum distributions of IRAs and 401Ks from 70 ½ to 72; allowing working individuals to make contributions to IRAs after age 70 ½; allowing small businesses to join group 401K plans; allowing 401K plans to include annuities; and allowing 529 plans to repay up to $10,000 in student loans.

The biggest positive changes are that you now no longer have to start taking minimum distribution from an IRA at age 70 ½, but can wait until you reach age 72 and also that if you are still working, you can continue to make contributions into an IRA after age 70 ½. These changes are meant to address the reality that the general population is living longer than ever before and working into … Read More... “LEGAL ALERT: The New SECURE Act – A Boon for Seniors But Not so Much for Their Heirs”

Estate Planning and Digital Assets in Ohio

Who Can Access Your Digital Assets In The Event Of incapacitation or Death? RUFADAA In Ohio Explained.

Whether it be on-line bank accounts, social media accounts, e-mail accounts, etc., most people today have digital assets. When one becomes incapacitated or deceased, how does a fiduciary gain access to this information? First, one must become familiar with the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA).

Ohio, like a number of states has adopted RUFADAA. To read ORC Section 2137.01, click here. RUFADAA defines “digital asset” as an electronic asset to which a person has a right or interest. The extent to which a fiduciary has access to this information is determined under RUFADAA as follows:

First – The account custodian may have an on-line tool through which the user has provided direction as to the extent digital assets can be revealed to third parties.

Second – If number one does not apply, the owner can designate in estate planning documents (POA, Will, Trust) who can access this information and to what extent.

Third – If neither one nor two apply, the account custodian’s terms of service apply.

Fourth – If the terms of service do not address

NEW YEAR’S RESOLUTION: MAKE A WILL!

estate planning will new years resolutions

Estate planning does not necessarily have to be complicated or confusing!

Most Adults Have No Estate Plan, Nor A Simple Will According To Study

It’s that time of year when best intentions are set forth and New Year’s resolutions are made. However, according to U.S. News and World Report, by February over eighty percent of those new year’s resolutions have been broken. For many, it is time to make a very important resolution that is easy to keep and will provide benefits for years to come. Make a will.

Many of us have heard or read lately of some of the celebrities who have died with large estates and no estate planning, creating headaches and confusion for their loved ones-celebrities such as Prince, Aretha Franklin and Michael Jackson, to name a few.

However, even those with more modest estates need estate plans to ensure that their savings are passed on to those that they intend. Surprisingly, or maybe not surprisingly, most adults have no estate plan whatsoever, not even a simple will.

Only 40 Percent Of Adults Have A Will Or Trust

According to AARP, citing a study by Caring.com, only 40 percent of adults have a … Read More... “NEW YEAR’S RESOLUTION: MAKE A WILL!”

The Guardianship Versus the Power of Attorney Conundrum in Ohio

An Inexpensive General Power Of Attorney Document May Be All That You Need Instead Of A Guardianship

Many times, I have been contacted by a client or potential client who requests to initiate a guardianship application for a family member because a doctor has diagnosed the family member with dementia and suggested that a guardianship was necessary. However, this is not always the case and additional questions need to be asked and additional options need to be explored before reaching such a conclusion.

I always look at a situation such as this as reaching a fork in the road with two potential routes to take.

GUARDIANSHIP OPTION:

One route is a guardianship. This is a legal proceeding involving the probate court in which a judicial determination must be made that the ward is not competent to handle his or her personal affairs. There is a guardian of the person to take care of the individual and his or her own personal needs and a guardian of the estate to take care of the wards assets. A guardianship should be the option of last resort. It involves court costs and significant attorney fees, a background check of the applicant, bonding by … Read More... “The Guardianship Versus the Power of Attorney Conundrum in Ohio”

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