There are many people who postpone or neglect to create an estate plan. Failing to have an estate plan often means forgoing incapacity planning, tax benefits, asset protection, efficient legacy transfer, and more. Our Ohio estate planning attorney at Dawes Legal, LLC have provided many reasons that people in Ohio need to create an estate plan. However, these are just a few of the benefits an estate plan offers people with assets. A properly developed estate plan in Ohio entails an in-depth evaluation of your real estate, income, cash, assets, personal property, investments, bank accounts, business liability, family structure, lawsuit exposure, previous divorces, children, and several other factors. When you have questions about your estate, we urge you to contact us for an initial consultation. The following are the top three reasons to have an estate plan in Ohio.
Blended Families: The divorce rate is very high and people often have children from prior marriages. When a parent have adoptive or biological children and stepchildren, proper legacy succession planning is necessary to make certain that the kids from previous relationship receive the proper share of your estate. The issue of disposition of the family residence is a complicated legal issue for blended families. In this circumstance, you may want your spouse to have the legal right to live in the marital house until she passes, and then pass the home to your biological children rather than a stepchild. Our Ohio estate planning lawyer can assist you and make sure that you are able to distribute your legacy in accordance with your desires.
Special Needs Children: When parents have a special needs child, financial support and gifts and from loved ones can cause government benefit eligibility after financial needs testing has been completed. It is important to avoid providing gifts that can disqualify the child for Medicaid benefits and/or SSI. It is important that the special needs child receives their inheritance in such a way that they continue to receive basic needs from the government benefit programs. Our Ohio estate planning law firm is able to create a Special Needs Trust that can distribute the funds from the trust to provide supplemental expenses not covered by government programs to your child.
Intestate Succession: If you have not set up any estate plan, you could pass away without a trust or will. This means, your wishes for whom to transfer your assets may not be achieved. When someone in Ohio passes away without a will or trust, Ohio’s intestacy law will decide how the estate will be distributed to surviving family members. These Ohio’s intestacy laws are not flexible. Therefore, the distribution of your estate will likely not be distributed to your wishes.
Our Columbus estate planning attorney at Dawes Legal, LLC is here to answer your estate planning questions. We invite you to call us today 614-733-9999 or email us.