PRESERVING YOUR WEALTH IN OHIO
Serving Dayton, Miami Valley, and Western Ohio
HAVE YOU PROTECTED YOUR ASSETS? WHAT WILL HAPPEN TO YOUR WEALTH AND YOUR FAMILY WHEN YOU DIE?
If you don’t have a good answer to these questions, then it is time you do.
As a Board Certified Specialist by the Ohio State Bar Association in estate planning, trusts, and probate law, we see many Dayton and surrounding area residents, helping clients from Springfield to Centerville to Vandalia. Many people don’t know what an estate is or think it is something with which they need not be concerned. We are here to tell you that an estate plan is for everyone—and that means you.
Your estate is the total property that you own, both real and personal. Real property refers to real estate, and personal property refers to everything else—cars, family heirlooms, and bank accounts, to name a few.
Whether or not you have real property, we all have personal property. We all like to take care of these things. One day, however, we will not be here to do so, and we will have to pass on that responsibility.
This is why everyone needs estate planning.
The Purpose of Estate Planning in Ohio
The purpose of estate planning is to distribute your real and personal property to the heirs of your choosing. After all, these are your possessions. You should have the power to choose exactly what happens to them when you are no longer here to take care of them.
Without an estate plan, you will have no control over your estate after your death. That means you will have no say in your heirs, how much your heirs will receive, or how much is paid to the government in taxes.
It is our objective to keep all Dayton residents on top of their affairs so that no one is left surprised by the inevitable: death.
Good estate planning includes nursing home planning.
If a parent or a loved one is facing a temporary or a long-term nursing home stay in Tipp City, Dayton, or the surrounding areas, your health care decisions are critical. Nursing homes can quickly drain entire life savings if you do not plan carefully. Knowing the answers to the following questions, among others, can mean the difference between preserving your family’s wealth and losing it all:
- What is the difference between Medicare and Medicaid?
- How do you qualify for Medicaid when Medicare benefits end?
- Do I need to set up a “Medicaid trust”?
- Will my parents’ assets be used to pay for nursing home costs?
- Should I gift or will I be penalized for gifting?
You can find the answers to these questions and more in our articles:
Good estate planning is multi-faceted.
It’s hard to know what is necessary and what is not for your situation. You may be young and wanting to get an early start on your future planning. You may have kids to whom you wish to leave all your wealth and possessions. You may have high value assets that need particular care. Regardless of your situation, an experienced and trusted estate planning lawyer can help you to tailor your estate plan to your specific needs and answer the following questions:
- Do I need a will or a trust?
- What is a living trust and is it something for me?
- Do I need a financial affairs power of attorney? A health care power of attorney?
- Do I need a living will?
- What is the probate process in Ohio and how can I avoid it?
- Are you facing high federal estate taxes? If you have a high net worth, you may need a family limited partnership or an Irrevocable Life Insurance Trust (ILIT).
- Do you share ownership of a business in Ohio? If so, a buy-sell agreement may be necessary.
Take a look at our informative videos to learn a bit more about us. There you will find the answers to these questions and many more. If you need the help of an experienced estates and trusts attorney, please, do not hesitate to reach out to us.
Talking About and Preparing for Death
Many of our Dayton clients get uncomfortable when talking about death. To them, it is morbid thinking. We, on the other hand, believe that as a culture we do not talk enough about death and dying. It is almost as if we have turned it into a taboo subject—one that will manifest itself if talked about.
By not talking about death, we give it power over us. It becomes this looming, terrible, scary thing that we all dread. Only by talking about death can we prepare for it and come to accept it—after all, there is no sense in fighting something that is going to happen whether we like it or not.
By talking about it, we eventually find that we are more comfortable with the idea of dying and it softens the pain that often comes with it. This is one of the reasons we are attracted to this area of law: estates and trusts. We like being able to help bring some peace of mind and a certain level of comfort to our clients through the estate planning process.
The Experience You Need
Whether you are planning for yourself, a spouse, or a parent in the Miami Valley, the experienced Dayton estate planning lawyers at Lovett & House Co., LPA will sit down with you and help you figure out what is best for your situation. We will guide you through every step of the process, answer all your questions to the best of our ability, and maybe, if we are lucky, listen to a story or two that you have to tell along the way.
If the Wright brothers had let fears of dying control them, they never would have taken us to the sky. Don’t let your fears of death control your life. Plan for it, plan for the future, and then sit back, relax, and enjoy the show with the comfort of knowing that you and your affairs will be taken care of when the time comes to say goodbye.
So please, get in touch. We are eager to hear from you and to help answer the questions that are worrying you. While important, these things should not be a source of concern. Let us take care of them and get them off of your worry list, so that you can move forward with the joys of life.
What Our Clients Are Saying
“At first I thought everything was in order, until I started to get things together. I realized I needed better organization. The Estate Trust planning was easy to do with the Lovett Law Office. George H. Lovett and William H. House were very knowledgeable and helpful.”