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Experienced Sidney, Ohio Estate Planning Lawyer
Between the 1840s to 1913, canal boats carried Sidney products—along with other Shelby County products—to Cincinnati or Toledo. Prior to the time railways came to Sidney, most transportation was provided via the canal since the roads were unpaved, which were often unusable during inclement weather conditions. The land that is now Sidney was originally a 70-acre parcel of land located on the west side of the Great Miami River and donated by Charles Starrett to be Shelby County’s county seat. Areas surrounding Sidney were once deeply forested hunting grounds of the Shawnee and Miami Indian nations. However, over time, the fertile areas became agricultural lands.
Today’s Sidney covers about 12 square miles and is located about 40 miles north of Dayton and 100 miles south of Toledo. Sidney’s historic downtown remains the centerpiece of the city, featuring the famed Louis Sullivan-designed People’s Savings & Loan building, the Shelby County Courthouse (which occupies a city block and was recently named one of the “Great American Public Places), and the Monumental Building, erected as a memorial to county residents who died in the Civil War.
The Tawawa Park, consisting of 220 wooded acres and two lakes, was deeded to the City of Sidney in 1956. In the 1920s, the Kah family owned the land—there was considerable speculation regarding whether the land would end up as a housing development. Shortly after World War II ended, the land was put up for sale by the Kah family for $15,000. Bill Milligan found fifteen people who could spare $1,000, then purchased the land—all fifteen of those who helped buy the land now have areas named for them. The President of Monarch Machine Tool Company took the unprecedented step of writing a check for the entire $15,000 in order to allow Milligan to get the project started until he could collect from the fifteen benefactors.
Serving the Estate Planning Needs of Sidney, Ohio Residents
The law firm of Lovett & House has been serving the legal needs of the residents of Sidney and surrounding areas for many years. We understand that estate planning services are not limited to the super-wealthy—virtually every adult who owns anything at all can benefit from an estate plan. A comprehensive estate plan ensures your wishes will be carried out in the event of your death or incapacitation. Attorney George Lovett has thousands of hours of experience in estate planning, trust, and probate law. Combined with his extensive knowledge of Ohio’s elder laws and probate laws, Lovett & House can help develop a comprehensive estate plan that will meet all your needs.
What Is Involved in Sidney, Ohio Estate Planning?
Virtually every adult will accumulate some level of assets or even just family heirlooms over the course of a lifetime. You, like most adults, probably have a clear idea of how you would want those assets distributed upon your death. Estate planning takes care of the questions and uncertainties associated with distributing your assets after you are gone, as well as designating someone to be a guardian for your minor children. The process involved in estate planning in the state of Ohio includes:
- Creating an inventory of everything you own, and everything you owe—assets and debts. You will also need the names of those who will be a part of your estate plan.
- Developing a contingency plan—you are able to control what will happen to your assets if you were to unexpectedly die or become incapacitated—a strategy that will answer many questions for your loved ones.
- Providing for the future needs of your children and other dependents, including naming a guardian for children under the age of 18, or adult children who have a disability.
- Protecting your assets via minimizing expenses and covering estate taxes, while still being able to meet your goals.
- Documenting your wishes in the event you were to become incapacitated.
- Designating someone to act on your behalf—an executor for your will, a legal guardian for your dependents, a trustee for your assets, or a personal representative or power of attorney should you become incapacitated.
What Does a Comprehensive Estate Plan Include?
Your estate plan will depend on your specific circumstances and level of assets. However, it could include any of the following:
- A Will
- A Trust
- A Financial Power of Attorney
- A Health Care Power of Attorney
- A Living Will
- Long-Term Care Planning, including Nursing Home and Medicaid Planning
- Desired Funeral Preparations
- A Buy-Sell Agreement for Those with an Ownership in a business
- A Family Limited Partnership for Those with Significant Federal Estate Taxes
What are the Benefits of Estate Planning?
There are many benefits to estate planning—and virtually no downside to having a well-prepared estate plan. The benefits include:
- Ensuring your family is provided for after your death or following an incapacitation
- Ensuring your property goes to the people you want to have it
- Minimizing the expenses and taxes your loved ones will be responsible for
- Supporting your cause or charity
- Planning for an incapacitation
- Reducing estate taxes
- Establishing trustees for your trust or an executor for your will
- Providing for an adult child with a disability, or for the future of your children or grandchildren
- Ensuring your business will continue with a well-thought-out succession plan
What are the Implications and Effects of Failing to Engage in Estate Planning?
Just as there are solid reasons to have an Ohio estate plan, there are also implications and negative consequences associated with failing to have an estate plan, including:
- The state of Ohio will make decisions for you—decisions you might now be the least bit happy with. Intestate laws will determine who will inherit your estate, and how much each person will inherit. Certain family members, friends, or charities may receive nothing, even if you would have wanted them to be taken care of.
- The state could appoint a conservator or guardian to act on your behalf, making decisions for you in the event you become incapacitated. If you do not have a Power of Attorney, a Living Will, a Health Care Directive, or other similar estate planning documents, someone you would not choose could be appointed to make very personal decisions for you, your health, your finances, and your assets.
- If you have minor children, the court could choose a guardian for them that you would not choose if you were alive to do so. Court-appointed guardians will make decisions regarding how and where your children are raised and will manage their inheritance.
- Your heirs could find themselves on the hook for more taxes than they would otherwise have owed. By utilizing certain trusts, you can avoid probate, protecting your assets from creditors and excessive taxes.
- Your children could receive their entire inheritance at the age of 18—something that could potentially be overwhelming, not to mention detrimental to their future.
How a Sidney, Ohio Estate Planning Attorney from Lovett & House Can Help
No matter your age or situation, chances are you could benefit from an estate plan, prepared by Lovett & House attorneys. Founding partner George Lovett is certified as a specialist in estate planning, trust, and probate law by the Ohio State Bar Association. We will ensure that every Sidney, Ohio client that comes to us for estate planning help will end up with an estate plan in place that achieves the desired results. Contact an experienced estate planning attorney from Lovett & House today! Call us at 937-667-8805.