Click the area for more information on that specific area.
- Wills
- Trusts
- Estate Planning
- Guardianships
- Decendents’ Estates
- Probate
- Medicaid & Nursing Home Planning
A will permits a person to direct who receives their wealth and possessions when they die. It also permits a person to appoint the Executor in charge of the process and a Guardian to care for young children. A will is an essential part of the estate planning process. If a person dies without a will, then state statutes determine who receives a person’s possessions. Because the state’s selection of beneficiaries may not match what a person desired, it is important to leave a will so the decedent makes certain that he controls the determination of his beneficiaries. Typically, our office can assist a person in getting a will within a few days, but in emergencies we oftentimes draft the instrument, and travel to the nursing home or hospital, to have it signed the same day the client calls us. We have set fees for basic wills. If the will is part of a plan involving trusts, then the price is determined on an hourly basis.
There are four main reasons to have a trust: 1) As part of an estate plan to reduce or eliminate federal estate taxes; 2) To empower a person, called a Trustee, to handle a person’s possessions and wealth; 3) To make wealth available, under terms selected by the trust creator, for beneficiaries who need help managing it; and 4) To make the probate process easier, especially if one owns real estate outside of his home state. Trusts are custom drafted instruments. They are the most sophisticated means to address one’s estate planning. If one needs a trust, then there is no substitute for one. If one does not need a trust, then it can be an expensive and unnecessary burden. Drafting a trust is a process that usually takes weeks, but in emergencies we can take much faster action. During the first consultation, we usually determine if a trust is appropriate and quote a price range for drafting the instrument.
This is the process in which a person anticipates the effects caused by their death and puts in place the instruments to achieve, as much as possible, the results they desire. Every person, regardless of wealth level, needs an estate plan. The instruments that are essential in this process are the will, power of attorney for financial affairs, health care power of attorney, and the living will. Sometimes, a trust is appropriate, and if one shares ownership of a business, then a buy-sell agreement, which determines the terms upon which the other owners buy out the decedent’s interest, is usually a good idea. For persons that face significant federal estate taxes, then even more sophisticated planning, involving instruments like family limited partnerships, may be appropriate. During the first consultation, we explore the client’s needs and quote a price range for preparing the necessary instruments.
A Guardianship is a proceeding in which a person handles the affairs of a minor or incapacitated adult. For adults, this arises when the person can no longer handle their money or personal decisions. For persons younger than eighteen, a Guardianship may be necessary to sell real estate, but most often comes about when the child receives $10,000 or more, typically through an inheritance or from an insurance company. Guardianships involving money are called a “Guardianship of the estate,” while a Guardian who handles a person’s non-financial affairs is called a “Guardian of the person.” Probate Courts oversee Guardianships with much scrutiny, thereby making the proceedings complex and virtually assuring that an attorney must represent the Guardian. Our office has handled Guardianships for adults and minors in several counties in Ohio.
When a person dies owning property, then someone must take action to pay the decedent’s creditors and transfer the assets to the beneficiaries. This may or may not require proceedings in Probate Court, depending upon how the decedent owned his property. The decedent’s estate may or may not need an estate tax return, depending upon the identity of the beneficiaries and how much he owned at death. The beneficiaries of a decedent’s estate may or may not face an income tax consequence, depending upon what types of assets they inherit. Handling a decedent’s affairs well takes an attorney experienced in these matters. A skilled lawyer can minimize taxes, resolve disputes, deal with the creditors, and streamline the process. Our office has the experience to assist clients in sorting through all of these issues.
“Probate” is the term that usually refers to the process of handling a decedent’s affairs in Probate Court, but a Probate Court can be involved in other types of cases, too, such as Guardianships, name changes, wrongful death, testamentary trusts, and adoptions. Our office is experienced in all of these proceedings and stands ready to help with any of these matters.
This is our fastest growing practice area. With nursing homes costing $5000 a month or more, the expense can wipe out a lifetime’s savings in a hurry. Few people have insurance to cover the expense. If a nursing home stay is unavoidable and permanent, then most folks facing this situation wish to keep the wealth in their family as much as possible instead of paying it all to the nursing home. With careful planning, in many circumstances one can obtain Medicaid benefits to pay the cost of the care, yet preserve a significant amount of assets for the family. Mr. Lovett has spoken and written on these issues dozens of times to lawyers, nursing home administrators, and families. We have the experience to address the broad range of concerns posed in these cases, such as: What happens to the spouse remaining at home? What assets can be kept? What is the consequence of making gifts? How much can I give away? Who should make the gifts? Who cannot make gifts? How should all members of the family be treated? Who can be involved in the planning and who cannot participate? Can a trust be useful? What documents should we have? If gifts are made, then what are the tax consequences? If you or a loved one face a permanent nursing home stay, or you are considering assisted living, we can help you plan for these matters, and we may be able to help your family retain some of your hard earned dollars instead of spending it all for nursing home care. Call us for an initial consultation today.