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Estate Planning

Estate planning is the process of arranging for the management and distribution of your assets in the event of your incapacity and/or after your death. It involves making key decisions about your assets, beneficiaries, and healthcare. Making such decisions proactively while you still have capacity to do so results in your wishes being carried out according to your preferences when you’re no longer able to manage them yourself.

Understanding Ohio Estate Planning

Understanding Ohio Estate Planning

Whether young adults just beginning to dream of the future or older adults who know they have many more years in their past than in their future, few people are comfortable thinking about their death. However, most people do feel more comfortable knowing that their loved ones will be taken care of after they are gone, and they also want to have control over which individuals get their assets after they are gone. Estate planning allows individuals to ensure that everything they have worked so hard for over their lifetime goes to the specific individuals or entities they choose. But it also does so much more than that. At Rhodium Law, we understand the difficult decisions that must be made during estate planning, and we are here to guide you through the process with dignity and kindness while ensuring that your estate plan meets all of Ohio’s legal requirements.

What is Estate Planning?

For many, estate planning is seen as writing a will and perhaps having a life insurance policy. There are many more options for taking care of loved ones than just a will and life insurance. What may be more important to understand is that an estate plan is more than just a collection of documents that direct assets to certain individuals. An estate plan is a living entity. A plan will change as the plan’s owner buys and sells assets, as their family grows and changes, and when there are other significant changes in their lives, such as employment or relocations.
Estate plans do more than just plan for the individual’s death. They also indicate the individual’s wishes in the event that they become incapacitated through injury, illness, or disease. To do so, an estate plan must also contain documents such as powers of attorney and advance directives.
Many individuals can feel overwhelmed when attempting to understand and create an estate plan. Wills, living trusts, living wills, beneficiaries, letters of intent, guardianship designations, and powers of attorney are some of the documents that can make up an estate plan. Individuals may not need all of these documents, but in order to create a comprehensive estate plan that protects their estate both before and after their death, they should understand each document’s purpose and make an informed decision about its necessity.

Our Services Include:

Wills

A Last Will and Testament is a legal document that outlines your final wishes and instructions regarding the distribution of your assets after your death.

Living Trusts

A living trust is a versatile and powerful legal instrument used in estate planning to manage and protect assets for the benefit of designated beneficiaries.

Power of Attorney

A power of attorney is a vital legal document that grants one person the authority to act on behalf of another person in financial or healthcare matters.

Advanced Directives

Advanced directives are legal documents that allow individuals to outline their preferences for medical care and treatment in the event they become unable to communicate or make decisions for themselves.

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Getting Started With Estate Planning

Getting Started With Estate Planning

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Assess Your Assets and Liabilities

Compile a list of your assets, including bank accounts, investments, real estate, and personal property, as well as any debts or liabilities.

Define Your Objectives

Consider your goals for estate planning, whether it’s providing for your family, minimizing taxes, or supporting charitable causes.

Consult with Professionals

Estate planning can be complex, so seek guidance from qualified professionals such as estate planning attorneys, financial advisors, and tax experts who can help you navigate the process and ensure your plan aligns with your goals.

Develop A Strategic Plan

Under the guidance of a qualified professional, create a draft plan that meets your unique goals and objectives.

Finalize Your Plan and Funding

Follow any applicable legal requirements to finalize your plan, and make sure to fund any trusts that you have established.

Review and Update Regularly

Life circumstances and laws change over time, so it’s essential to review and update your estate plan regularly to reflect any major life events or legislative changes.

How it Works

Our Process

Whether you've been referred to us by a satisfied client, a trusted professional, or discovered our firm online, taking that first step is crucial. We understand the hesitation, and are here to help put you at ease. Here's an overview of our process for estate planning clients:
1
Contact Us
2
Initial Consultation
3
Vision Meeting
4
Engagement Letter
5
Artboard 69
Design Meeting
6
Drafting & Review
7
Signing
8
Final Steps

Get Counsel from an Ohio Estate Planning Attorney

At Rhodium Law, we know that estate planning can be difficult. That is why we do all that we can to make the process as smooth and simple as possible while also ensuring that each individual’s estate plan is carefully crafted to meet their specific needs and desires. This begins with a consultation to discuss the individual’s needs and which components of an estate plan they may already have in place.

Key Estate Planning Documents

A comprehensive estate plan has several components. Some are specifically related to what happens after the individual has died, while others document their wishes while they are still alive but may be unable to express them. Individuals will want to ensure they understand the purpose of each document before deciding whether to include it.

Wills

A Last Will and Testament, more commonly referred to as a will, is a document that allows the will-writer, or testator, to direct their assets to specific individuals or entities (such as charities or other organizations that are meaningful to the individual) after their death. A will ensures that an individual’s estate is distributed according to their wishes. Without a will, the individual’s estate will be distributed according to Ohio state law, which may not align with what the individual would have wanted.

Living Trusts

A living trust is a legal document that allows the individual to give ownership of their assets to a trust. The trust is overseen by a trustee, who may be the individual or someone else they trust, and the individual often retains control over the assets. The terms of the trust are provided in the legal document, allowing the individual to stipulate what can be done with the assets, who may benefit from the assets, and if the assets are used to create an income, how that income is distributed.

Powers of Attorney

Powers of attorney are documents that grant another person the authority to handle certain matters for the principal (the person who gave them power of attorney). Ohio recognizes limited, general, durable, medical, and springing powers of attorney. With these documents, the individual allows another person to handle their finances, medical decisions, or other important decisions in the event that the individual is unable to deal with those matters themselves. This inability may be due to incapacity or it may be other issues. Giving someone power of attorney requires a clear understanding of the authority the individual is being given, under what circumstances they have that authority, and that the correct power of attorney is given.

Living Wills

The use of the word “will” in a living will often confuses people into thinking this is a form of Last Will and Testament, but it is not. In fact, a living will is an advanced directive. This is a document that allows an individual to detail their wishes for what kind of care they want to receive if they are terminally ill or permanently unconscious and can no longer communicate their wishes. This document allows them to indicate how they wish to live and die under these circumstances.

Beneficiaries

Many, if not most, of an individual’s assets are financial. Life insurance, bank accounts, retirement accounts, investment accounts, and other assets allow the owner to indicate a beneficiary who receives the money from the asset when the owner dies. Beneficiaries do not have to go through probate before collecting the money from the policy or account. These are often used to provide specific loved ones with the money they may need quickly or for specific purposes. By designating beneficiaries for these policies and accounts, they are protected from creditors and in some cases, can also help to provide more equitable inheritances.

Letters of Intent

Letters of intent, also known as letters of instruction, are non-legal documents. This means that legally if the estate owner leaves specific instructions in the letter, they do not have to be followed. However, letters of intent allow the estate owner to spell out their intentions with their decisions. The individual can reduce uncertainty or confusion by explaining the context behind their decisions. This may cut down on disputes. They can also clarify their intentions, such as explaining what certain terms mean, and provide guidance with an explanation of their financial legacy and how they would like to see their loved ones manage or use their assets.

Guardianship Designations

For individuals with minor children or who have disabled adult dependents, individuals may use guardianship designations to inform the court who should have custody of their children or dependents when they die. These designations may also be used to designate a guardian for the estate owner if they become incapacitated. However, the court may not appoint the guardian designated in the estate plan. There are many factors that are considered in this decision. By having a guardian designated in the estate plan, the individual increases the chances that the court will appoint the guardian they have chosen.

Estate Plans And Probate

Estate plans will not necessarily avoid probate. However, they can make the probate process easier as everything is already spelled out clearly. Additionally, some components of an estate plan, such as trusts and assets with beneficiary designations, do bypass probate, which not only means faster distribution of those assets but also more privacy for both the estate grantor and the heirs.

A well-crafted estate plan also benefits probate because it defines all of the individual’s assets. When the executor manages the estate and pays creditors, distributes assets, and otherwise carries out the deceased’s wishes, the estate plan helps them know exactly what the estate has and what the deceased’s intentions were, so they can make a logical plan to pay creditors without unnecessarily selling assets that might otherwise go to the deceased’s heirs.

Estate Planning Lawyer for Ohio Residents

Even if you already have some or all of these documents in place, the terms can become outdated quickly. With life events come the necessity to update your estate plan, and Rhodium Law can carefully review your current plan and address any changes you wish to make to ensure your estate plan reflects your current wishes and life circumstances. Connect with an Ohio estate planning lawyer today!

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Peace Of Mind For Those You Love

Peace Of Mind For Those You Love

Perhaps the most important aspect of creating a comprehensive estate plan is the peace of mind it provides for the individual and their loved ones. Estate plans should be reviewed every three to five years to ensure everything is still accurate, including the names of heirs, beneficiaries, and guardians as well as the addition or deletion of any assets bought or sold. However, once created, both the individual and their loved ones can relax, knowing that whatever comes in the future, a plan is in place and the individual’s wishes are documented.

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Rhodium Law, LLC is an estate plannning and elder law firm serving clients in Greater Cleveland and throughout the State of Ohio. We assist individuals and families to STRATEGIZE, SECURE their legacy, and help their golden years SHINE bright.
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