Five Types of Trusts To Consider During Estate Planning


If you believe trust agreements are only used by individuals who are wealthy, you are mistaken. Trust agreements are flexible estate planning tools that offer several advantages to a wide variety of individuals during their lifetime and after their death.

A trust agreement can be used to place conditions on how assets are distributed from the trust; avoid or reduce estate and gift taxes; shelter assets from creditors and lawsuits; protect vulnerable beneficiaries who receive governmental benefits or suffer from a gambling, drinking, drug abuse, or mental health issue; avoid the probate process; and provide income for your loved ones.

Depending on what you want to accomplish, you can choose from several different types of trust agreements. Each type has advantages and disadvantages that you must consider. Our estate planning attorneys can advise you on which type of trust agreement you should use based on your objectives and goals. Below are five of the most common types of trust agreements used by individuals in Ohio. [Read more…]

The Problem With Online Estate Planning

Online_Estate_PlanningYou can find instructions to do almost anything online. “DIY” or “Do-It-Yourself” projects are popular ways to save money. You can find websites that tell you how to plan your wedding, fix a faucet, or change the brakes on your car. Unfortunately, there are some things that we should not attempt to do ourselves.

A trend we have seen in the past couple of decades is the increasing number of websites offering legal forms or document preparation services. These websites offer a low-cost “solution” for consumers who want to address their legal needs without the necessity of paying attorney’s fees. Unfortunately, the “solution” often results in a problem that costs more to resolve than to prevent, if the problem can be resolved at all. This is the case with online estate planning websites. This type of estate planning is dangerous for several reasons. [Read more…]

Steps to Take to Insure Your Family and Assets are Protected

Steps to Take to Insure Your Family and Assets are ProtectedPowers of Attorney

Powers of attorney allow you to appoint an agent to act on your behalf. You can choose from several types of powers of attorney, including limited powers of attorney that allow the agent to perform a specific financial transaction (i.e. a real estate closing) and general powers of attorney that allow your agent to transact any financial business that you could legal perform yourself.

Executing a power of attorney is one of the two documents you need to consider when planning for a future disability. A durable general power of attorney gives someone the authority to act on your behalf to manage your financial affairs in the event you become incapacitated or otherwise unable to manage your own finances.

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Prevent long-term health care from hurting your retirement. Troy, Ohio, seminar shows you how.

beach-vacation-relaxation-holidaysAccording to the Pew Research Center, 10,000 baby boomers will retire every day for the next 15 years. Unfortunately, an Insured Retirement Institute survey from 2015 reported that only 27 percent of boomers are confident their savings will last, and only 19 percent feel they will be able to cover any long-term care needs.

According to the same survey, more than half of boomers expect to budget more income for travel and leisure activities, but only 19 percent have $250,000 or more saved for retirement. This raises the following question:

Are long-term health care costs going to eat away at any savings you have set aside for the leisurely retirement pursuits?

Fortunately, for those who have asked the right questions, there are some steps that can be taken to protect your estate, assets, and retirement savings from the high costs of long-term health care.

We have discussed many of these steps in other blogs and resources on this website, such as “Medicaid and Nursing Homes: Planning Techniques” and “Long-Term Care in Dayton, Ohio.”

We have pulled all of our valuable resources together into a two-hour information-packed and FREE seminar.

[Read more…]

End of Summer Fun Near Dayton, Ohio

image2-4Just because the summer is winding down doesn’t mean the fun should, too. Here at Lovett & Lovett Co., L.P.A., we love a good festival. Take a break from the back-to-school shopping to spend a little time with your family at one of the many fairs and festivals around the Dayton, Ohio, area. Chow down on a funnel cake, take a spin on the ferris wheel, and make the most of the end of summer!

Below are a few of our recommendations for local fairs, festivals, and family fun.

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Why is the estate of Robin Williams being delayed?

Why is the estate of Robin Williams being delayed?On August 11, 2015, the body of Robin Williams was found in his Tiburon, California, home where he took his own life by hanging himself. The actor and comedian was 63 years old and survived by his wife, Susan Schneider Williams, and three children from a previous marriage, Zachary, Zelda, and Cody. The children and Susan Schneider Williams have hired separate attorneys to represent them as they probate the late actor’s estate.

The bulk of the estate was left to the actor’s three children; however, he left the marital home to his wife. He also stated in his will that his wife should receive enough money to maintain the home during her lifetime. Schneider Williams filed documents with the court claiming that the personal items in the home should be excluded from the items left to the children. The actor’s children dispute that allegation. Williams’ widow and his children have divided some of his property; however, in March, over 1,200 personal items remained in dispute.

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The Sound of Summer: Music Festivals in Dayton

The Sound of Summer- Music Festivals in DaytonSummer is upon us here in the Miami Valley, and for many of us that comes hand-in-hand with the sounds of a sizzling grill, kids playing in the sprinklers, and birds chirping in the trees. In Dayton, though, there are even more sounds of summer to enjoy: the Downtown Summer Music Series, which is coordinated by the Department of Recreation and Youth Services, will be bringing free music to downtown Dayton.

The Downtown Summer Music Series this year features four different concerts—one each in the months of June, July, August, and September. Food and merchandise vendors will set up at Dave Hall Plaza Park, making each festival a great day-long event for both families and individuals to enjoy.

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Family Fun in Huber Heights at the Rose Music Center

Family Fun in Huber Heights at the Rose Music CenterMay marks an exciting time at the Rose Music Center in Huber Heights, Ohio. Several musical and community events will ring in summer the right way, and the whole community is invited to join in the fun.

At Lovett & Lovett CO., LPA, we love seeing our community come together, have fun, and get involved. With a motto like “America’s largest community of brick homes,” we know that the city of Huber Heights is a strong one. There’s no better proof of a tight-knit, strong community than an event where everyone can get together and enjoy the area and each other. We found an event that will do just that, and we hope that Huber Heights residents have the opportunity to attend. [Read more…]

Is a 529 College Savings Plans a Part of Your Estate Plan?

Is a 529 College Savings Plans a Part of Your Estate PlanBack in January, President Obama proposed a change to the 529 college savings plan that would end a tax benefit that many parents have come to rely on over the years. An article in the Wall Street Journal outlined this tax change and what it would mean for college saving strategies.

According to the proposal, all earnings on new contributions to 529 plans would no longer be withdrawn on a tax-free basis. That would mean that every time parents withdraw money from their 529 plans to pay for college tuition or any other school-related fees, they would be taxed on that withdrawal. This same change would also be true for Coverdell education savings accounts, which can be used for school costs that begin in kindergarten and carry on through high school.

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What Happens to Social Media Accounts When You Die?

Social Media AccountsWhile the universal question has always been where we end up after we die, surpassing this age-old debate is this more socially relevant question: what happens to our social media accounts when we die?

A Complex Issue

It’s definitely a hot topic, according to a tech journalist at Mashable who covered this dilemma in 2014. It appears to be a somewhat complicated issue since it involves issues around identity and personal data as well as questions about who owns the data on our social media sites.

Another challenge is that no social media account handles the death of a member in the same way. As Mashable noted, while Twitter will delete inactive accounts after six months, other social media platforms just let your account live on unless a family member or law enforcement agency contacts them to shut it down.

[Read more…]