Cleveland, Ohio Elder Law Attorneys > Our Practice > Cleveland Estate Planning

Challenge #1 - Finding the Right Attorney

Estate planning in the Cleveland area offers a number of challenges. The first is finding the right attorney, one with whom you are comfortable.

On your first meeting, interview him or her on their background. Do the attorney's beliefs match your own? Do you trust him or her to act in your best interests? Does the attorney have the experience and training to provide you with what you need? These are answers you need to know.

Don't feel, however, that you must question the attorney regarding Estate Planning. His job is to explain those concepts to you. You also do not need to fear that the attorney will take control of your assets if you decide to draft an Ohio Living Trust.

These fears of the unknown prevent many people from performing the estate planning they need to do. To eliminate your fears, ask questions until you are comfortable.

Challenge #2 - Avoiding Ohio Probate

Ohio Probate is the court proceeding that concludes all of the legal and financial matters of the decedent. The final bills will be paid and title to property will be placed in the name of the beneficiaries.

Although this sounds like a simple process, it can end up being very time-consuming and costly. Attorney fees, appraisal fees, executor's fees, and court costs all must be paid from the deceased's remaining assets. This process can cost as much as 5% of the total estate. In addition, probate can last as long as one to two years, and in many cases, the heirs may have to wait to receive their share of the estate until the Probate process is concluded.

Another problem with Ohio Probate is that it is a matter of public record. Anyone can go to the court and determine how much you owed and to whom you are leaving it. They can also determine what creditors you had. Many salespeople use these files to generate leads for new business.

A necessary part of estate planning, then, is creating a plan that will avoid and/or minimize Probate. Your attorney is a key part of your Ohio Estate Planning team.

Challenge #3 - Avoiding Excessive Ohio Estate Taxes

The final challenge in Ohio Estate Planning is to avoid paying excessive Federal Estate Taxes. The current Estate Tax rate can be as high as 55% of large estates. By using an Ohio Living Trust, it is possible to double your personal exemption, which can result in substantial tax savings.

Establishing Goals & Direction

In Lewis Carroll's Alice in Wonderland, Alice came to a fork in the road and asked the Cheshire Cat which fork to take. The Cheshire Cat replied, "Where do you want to go?" Alice exclaimed, "I don't know!" "Then," the cat replied, "it doesn't matter."

If you don't have an estate plan, then it really doesn't matter what your financial status is.

If you'd like to get your financial house in order and develop a plan, one of the first considerations might be an Ohio Living Trust.

Common Estate Planning Considerations...

Recent surveys among older Americans indicate that their number one concern is for protection of their assets if they should require long-term care.

There are, however, a number of planning options that will prevent the nursing home from consuming all of a resident's assets.

For estates with larger asset value, Ohio long-term care insurance may be appropriate. For more modest estates, consultation and planning are even more important to avoid the catastrophic consequences of a long stay in a nursing home and the possible premature impoverishment of the estate or any community spouse (spouse outside the nursing home).

The use of Powers of Attorney, Reverse Mortgages, Trusts, or Annuities may also be appropriate strategies for alleviating some of the effects of nursing home care.

Consultation with an experienced Estate Planning Attorney is critical to weave you way through the complex laws that apply.

If you are planning a first or second marriage, it is important to discuss your estate plans with legal counsel. Recognized by Ohio law, the Pre-Nuptial Agreement could reduce potentially adverse consequences resulting from an untimely death or divorce.

In addition, or at times in place of, a Living Trust could be established prior to marriage to completely segregate any assets accumulated prior to marriage. This is especially useful for individuals with children from previous marriages.

Taking the First Step

When looking to secure your future, the most important step you can take is to consult with someone knowledgeable in the areas discussed above.

Everyone's situation is different, and the initial meeting with an Cleveland Elder Law Attorney can help to answer your questions, clear up any confusion, debunk common myths, and help you gain peace of mind for you and your family.