Estate and Probate Attorney in Cincinnati Ohio » Estate Planning http://www.ohioprobateanswers.com Cincinnati Probate Attorneys: Elliott Stapleton, D. Todd Rush, and John Cornetet Thu, 05 Jan 2017 20:48:57 +0000 en-US hourly 1 https://wordpress.org/?v=4.2.39 What is a Revocable Living Trust? http://www.ohioprobateanswers.com/estate-planning/what-is-a-revocable-living-trust/ http://www.ohioprobateanswers.com/estate-planning/what-is-a-revocable-living-trust/#comments Tue, 29 Mar 2011 08:27:03 +0000 http://032b5f3.netsolhost.com/wordpress/?p=44 Read more]]> There are three main purposes for using a revocable living trust as a part of your estate plan.  The purposes are:

  • Reduce or eliminate estate taxes
  • Control over the beneficiary’s inheritance
  • Probate avoidance

During life, the creator of a Revocable Living Trust (also known as the Settlor), can change the distribution plan. Upon the death of the Settlor (or both Settlors if there are more than one) the Trust then becomes irrevocable and cannot be changed.

 

]]> http://www.ohioprobateanswers.com/estate-planning/what-is-a-revocable-living-trust/feed/ 0 What is a Living Will? http://www.ohioprobateanswers.com/estate-planning/what-is-a-living-will/ http://www.ohioprobateanswers.com/estate-planning/what-is-a-living-will/#comments Tue, 29 Mar 2011 08:25:55 +0000 http://032b5f3.netsolhost.com/wordpress/?p=42 Read more]]> A living will is the legal document where you declare your wishes concerning the end of your life.  In the final stages of your life, you can indicate your desire concerning artificial life support, treatment or the termination of treatment.  The document indicates your decision on DNR orders, the removal of feeding tubes, and the removal of hydration.  This document gives instructions to your family, your doctors, and your health care agent concerning the end of your life.

]]> http://www.ohioprobateanswers.com/estate-planning/what-is-a-living-will/feed/ 0 What is a Power of Attorney for Health Care? http://www.ohioprobateanswers.com/estate-planning/what-is-a-power-of-attorney-for-health-care/ http://www.ohioprobateanswers.com/estate-planning/what-is-a-power-of-attorney-for-health-care/#comments Tue, 29 Mar 2011 08:25:24 +0000 http://032b5f3.netsolhost.com/wordpress/?p=40 Read more]]> This power of attorney is for medical and health related decisions.  You name an agent who will have the power to: give and receive medical information; hire and fire health care workers; select nursing homes; and give informed consent to treat or to operate.  You may also give the agent the power to remove life support including feeding tubes and hydration at the end of your life.

]]> http://www.ohioprobateanswers.com/estate-planning/what-is-a-power-of-attorney-for-health-care/feed/ 0 What is a Power of Attorney? http://www.ohioprobateanswers.com/estate-planning/what-is-a-power-of-attorney/ http://www.ohioprobateanswers.com/estate-planning/what-is-a-power-of-attorney/#comments Tue, 29 Mar 2011 08:23:54 +0000 http://032b5f3.netsolhost.com/wordpress/?p=38 Read more]]> A power of attorney is sometimes called a general power of attorney or a durable power of attorney.  Essentially you name a person to handle legal and financial matters for you if you cannot because of a mental or physical disability.  The agent is the person who you appoint.  They stand in your shoes having the ability to pay your bills, collect assets, sell assets, manage investment assets, file tax returns, and the like.  If you have a certificate of deposit that is coming due and you want it rolled over into a new certificate of deposit at a different bank, your agent has the power to collect the certificate at the old bank and open the new one under your name.

]]> http://www.ohioprobateanswers.com/estate-planning/what-is-a-power-of-attorney/feed/ 0 What Is a Last Will And Testament? http://www.ohioprobateanswers.com/estate-planning/what-is-a-last-will-and-testament/ http://www.ohioprobateanswers.com/estate-planning/what-is-a-last-will-and-testament/#comments Tue, 29 Mar 2011 08:23:14 +0000 http://032b5f3.netsolhost.com/wordpress/?p=36 Read more]]> A last will and testament is a legal document that identifies where your assets go once you have passed away.  There are three main questions answered in a will.  First, what happens to your assets when you die?  Second, who is the executor of your estate?  Third, who will be the legal guardians for your minor children?

In your will, you can identify where your property goes upon your passing.  You can be specific as to which assets passes to which beneficiary.  For example, “I want my house on Main Street to go to my brother, Steve”.  You can also be general as in “The remainder of my estate shall be distributed equally to my two children”.  You can create second levels of beneficiary such as “I want my Procter and Gamble stock to go to my sister, Betty if living and if not to my nephew, Tom”.

The executor named in a will is the person or entity that will conduct business on behalf of your estate.  They are appointed by the Probate Court and will have legal authority to sell you assets, pay your bills, file your taxes, and to make distributions as indicated in your will.  The executor can be a person like your spouse, child, or brother.  The executor can also be a bank or Trust company.  The executor has a fiduciary duty to follow the terms of your will and Probate Court supervises the process.

The guardian named in your will becomes responsible for your children who are under the age of 18.  The guardian exercises parental control and has the same parental power as if they were in fact the parent.  In Ohio you may name a parent, sibling, or friend not related to you or the child.  Ohio allows out of state guardians to be appointed.

]]> http://www.ohioprobateanswers.com/estate-planning/what-is-a-last-will-and-testament/feed/ 0 What Is a Basic Estate Plan? http://www.ohioprobateanswers.com/estate-planning/what-is-a-basic-estate-plan/ http://www.ohioprobateanswers.com/estate-planning/what-is-a-basic-estate-plan/#comments Tue, 29 Mar 2011 08:22:03 +0000 http://032b5f3.netsolhost.com/wordpress/?p=34 Read more]]> The term estate planning is very broad and encompasses everything from preparing a basic power of attorney to complex planning.  The process of estate planning simply means creating written legal documents to define your wishes for a period when you are unable to communicate due to incapacity or death.  Some people comment, “I don’t need an estate plan because I don’t have anything”.  But these legal documents are necessary even if you don’t have much in the way of assets.

A basic estate plan can include one or more of the following legal documents:

  • Last Will and Testament
  • Power of Attorney
  • Power of Attorney for Health Care
  • Living Will
  • Revocable Living Trust

Each of these documents is described in more detail in the next five questions.

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