By Brittany Pace
No one wants their loved ones to worry about how to take care of their assets when they pass away. The task of administering an estate is stressful and time-consuming, especially for someone who has no prior experience with Ohio probate lawyers and the probate system. Even more stressful is determining what to do with someone else’s estate assets if that person has not set up a plan for where they want those assets to ultimately end up.
Estate planning is an easy and helpful way to avoid this hassle for your loved ones. An effective estate plan provides your loved ones with answers while simultaneously protecting your assets from the three big bad wolves—probate, taxes, and long-term healthcare costs. An effective estate plan will address your personal goals and safeguard your assets in order to maximize the amount you can pass on to your family and friends.
Every adult, regardless of age, should have an effective estate plan to make sure that your intentions are finalized during your lifetime. Even if you have had estate planning done in the past, it is important that your documents are kept up to date with current laws and your current wishes. The recent death of actor Philip Seymour Hoffman shows the problems with using outdated documents. Hoffman’s documents did not sufficiently take care of his assets, and his long-time companion will pay tens of millions in unnecessary estate taxes. According to MSN, part of the problem might have been that Hoffman’s lawyer did not focus primarily in the trust and estates practice.
From baby boomer estate planning to Generation Y estate planning, your Ohio estate planning lawyers are here to help. AlerStallings recommends the following estate planning tools, depending on your personal situation: a living will, a healthcare power of attorney, a durable financial power of attorney, a traditional will, Medicaid planning, and potentially some type of trust.
If you’d like to discuss estate planning with Central Ohio’s top-rated family law firm, give AlerStallings a call today at 877-912-3464.