It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about the prevalence of unexpected deaths and an example of what can happen without planning. Planning for the Unexpected … [Read more...] about Planning for the Unexpected
Each of us will die eventually. This article looks at how planning can make our passing easier for our loved ones. Specifically, this article looks at how planning can maintain privacy for your loved ones. Many Reasons to Plan … [Read more...] about Many Reasons to Plan
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about a heart-breaking story of someone who didn’t plan and the consequences. Planning is Critical … [Read more...] about Planning is Critical
A surprising percentage of people are going through life without an estate plan. Different studies are conducted at different times, but if you include adults of all ages it is safe to say that those who are fully prepared are a minority. This is a curious phenomenon because perhaps the only thing we know with 100% certainty is that each and every one of us will pass away at some point in time. The above having been stated, if you do put the procrastination behind you and start to think … [Read more...] about You Have Stated Your Wishes—Who Carries Them Out?
Life insurance plays a significant role in estate planning, and we frequently examine the ways that it is used by those who are looking ahead toward the future. In this post we will take a look at some of the questions that people who are the beneficiaries of life insurance policies often pose. I am aware of the fact that I will be receiving a significant influx of money when my mother dies because she has made me the beneficiary of a large insurance policy. Does this mean that I will have to … [Read more...] about Providing Clarity to Life Insurance Beneficiaries
It is important to go forward with the benefit of accurate information when you are planning your estate. If you harbor misconceptions you may make errors of commission or omission that can negatively impact your family members. With the above in mind let's take a look at three of the most common estate planning misconceptions. 1.) I am too young to worry about estate planning. This is a very commonly held notion, but in truth every self-supporting adult should have an estate plan in place. … [Read more...] about Three Common Estate Planning Misconceptions
People have some misconceptions about trusts. There are multiple different types of trusts, and they do not all accomplish the same things. With this in mind we would like to pass along three things that you should know about revocable living trusts. Medicaid Eligibility Some individuals have the idea that you are surrendering personal control of property that you place into any trust. They assume that they can convey resources into a revocable living trust as a way to reduce assets as they … [Read more...] about Three Things to Know About Revocable Living Trusts
Many people harbor misconceptions about some of the nuances of estate planning. When you hear the word "trust" mentioned you may immediately tune out of the conversation because you are under the impression that these instruments are only useful for the very wealthy. Wealthy people have to concern themselves with the estate tax. They also may have asset protection concerns. Revocable living trusts are one of the most commonly utilized estate planning devices, and in fact these trusts do nothing … [Read more...] about Why Use a Revocable Living Trust?
There are do-it-yourself estate planning downloads and worksheets that are offered by certain websites. They suggest that it is a snap to draw up your own last will or living trust and that you can simply plan your estate without legal assistance. In fact, you may well be making a mistake if you try to go it alone. There are many different reasons why you would do well to engage the assistance of a licensed estate planning lawyer when you are executing a last will or a living trust. The … [Read more...] about Discuss Estate Administration With Your Attorney
Our firm makes a concerted effort to provide the greater Cleveland community with reliable information about all aspects of estate planning and elder law. To this end we have developed a library of informative special reports, and at the current time we are offering our report on the probate process for free download. Probate is the legal process that your estate must pass through if you choose to use a last will to direct asset transfers after your passing. Each jurisdiction has different … [Read more...] about Get Your Free Report on the Probate Process