Estate Planning Options

Wills – Based Plan

A Will-based plan is a foundational option typically for young and single individuals with less than $500,000 in combined assets.   For those with children, this plan is often coupled with guardianship provisions outlined in a Testamentary Trust.  The Will-based plan also addresses an individual’s living will, power of attorney, and beneficiary designations.  This plan offers peace-of-mind and includes:

  • Last Will & Testament
  • Living Will
  • Guardianship for Minors (if needed)
  • Durable Power of Attorney
  • Healthcare Power of Attorney
  • HIPPA Authorization.
  • Transfer of Death Affidavit (optional)

Trust – Based Plan

The Trust-based plan implements everything covered under the Will-Based plan while also proving asset protection and probate avoidance.   The size of an estate does not always dictate the need for a trust; however, individuals with $500,000-1,000,000 often implement some form of family trust.    A family trust controls how and when your assets are to be distributed while protecting those assets against future lawsuits, divorce settlements, creditors of children, and more.  Family trusts will vary, but a trust-based plan may include:

  • Pour – Over Will & Testament
  • Living Will
  • Guardianship for Minors (if needed)
  • Durable Power of Attorney
  • Healthcare Power of Attorney
  • HIPPA Authorization.
  • Revocable Living Trust
  • Trust Funding Instructions
  • Deed Preparation

Advanced Tax Planning

This trust-based plan includes estate tax strategies through advanced tax planning solutions.  It is recommended for those with a net worth of $10 million or more.  Depending on the individual’s needs, this plan may include an irrevocable trust and entity creation.  This plan is coupled with ongoing maintenance plan agreements including trust funding customized to the individual client.  The Advanced Tax Plan creates the highest degree of family wealth preservation and protection.

Cleveland, Ohio Estate Planning Attorney

If you would like to learn more about the probate process or have questions regarding a trust or will, call Baron Law LLC who can help with your estate planning needs.  Call today at 216-573-3723.  You will speak directly with an Ohio attorney who can help you craft a will, trust, power of attorney and more.  Call Dan Baron at Baron Law LLC today for a free consultation.

Last Will and Testament Picture

What’s the Difference Between a Will and Trust?

Most people have heard the terms “will” and “trust,” but not everyone knows the unique differences between the two.  Both trusts and wills are useful estate planning tools, but can serve different purposes.  Most importantly, both can work together to create a complete estate plan.

The main difference between a will and trust is that only a will passes through probate.  (Visit here for additional information on understanding probate).  Generally, probate is a process that involves the court who oversees the administration of the will and ensures the will is valid. The court will also administer the property making sure it gets distributed the way the deceased wanted.   Thus, an authenticated will will pass through probate while a trust most likely will not.  Courts do not need to oversee the distribution of a trust, which can sometimes save time and money.  In addition, many people favor a trust because they can be very private.  On the contrary, a will can sometimes become public record.

Wills and Trusts Attorney

Baron Law LLC will help you get your future in order – for yourself and for your loved ones. I provide a range of estate planning services including: drafting a will, planning for incapacity, probating an estate, obtaining the legal authority to care for someone, trusts, and more. It’s my job to make estate planning, estate administration, and transactional matters easy and less stressful.

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What Is A Credit Shelter Trust?

Cleveland, Ohio estate planning lawyer, Daniel A. Baron, of Cleveland, Ohio, offers the following information on what a Credit Shelter Trust is and should it be part of your comprehensive estate planning. If you are married and an investor, for example, consider establishing a Credit Shelter Trust. This can also be referred to as an […]

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Why Do I Need A Guardianship?

Cleveland, Ohio, Estate Planning and elder law attorney, Daniel A. Baron, offers the following information on creating a Children’s Testamentary Trust for your loved ones. Is it the best option for you when creating your estate plan? Most people understand and realize that they should name a Legal Guardian for their minor children. However, many […]

Veteran Benefits

Long Term Care – What Is Available To Veterans

Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers information on Long Term Care assistance for those who have served in our military and including this as part of your Estate Planning: For those of you who have served in any of our armed forces, Thank You! Because of your bravery and sacrifice, we still […]

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Why Every Parent Should Establish A Guardianship Within Their Estate Plan

Cleveland, Ohio estate planning lawyer, Daniel A. Baron, offers information on why every parent should establish a guardianship for their minor children within their estate plan:   When is a guardianship necessary? It is customary for the parents of minor children to make any and all legal decisions that are necessary to keep their children […]

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The Importance of an Elder Law Attorney

Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers information on the importance of having an Elder Law Attorney to help plan for your future: Elder law attorneys are sometimes considered “authorities” as, although they can handle a wide range of other legal issues, they primarily focus on the needs of older adults and also […]

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When Should You Start Planning For Long Term Care?

Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers information on when you should start planning for Long Term Care and including this as part of your Estate Planning:   When should you start planning for Long Term Care? If you are under 50, the answer is – “there is no time like the present”.  […]

AN AB Trust – What are the benefits for your estate?

Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers information on an AB Trust and the benefits realized from including this as part of your Tax and Estate Planning: For Tax and Estate Planning purposes, as a married couple, maximize the use of your Federal Estate Tax Exemptions through the utilization of an AB Trust. […]

Cleveland Elder Care Attorney Daniel Baron

Applying for Medicaid? Here’s What You Need to Know About Activities of Daily Living vs. Instrumental Activities of Daily Living

Cleveland, Ohio estate planning and elder law attorney, Daniel A. Baron, offers the following information on the definition of ADL’s and IADL’s and how to plan on Long Term Care as part of your Estate and Medicaid Plan: As we are all well aware, there is only one alternative to aging. If you are fortunate […]

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The Definition and Role of an Executor of an Estate

Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers the following information on the Definition and Role of an Executor of your Estate.   Being named and then carrying out the duties of an executor can be one of life’s most frightening tasks however; keep in mind that this is also an honor. Being named […]

Cleveland, Ohio estate planning attorney

Grantor vs Non-Grantor Trusts

Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers information on the differences between and Grantor and a Non-Grantor Trusts and further considerations to as part of your Tax and Estate Plan: Understanding tax benefits and pitfalls of a trust and putting together a trust which is most beneficial for your personal situation is best […]

Cleveland Estate Planning Attorney

What is a Trust Protector?

Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers information on a Trust Protector and their Role and benefits realized as part of your Comprehensive Estate Plan: Who is a Trust Protector? As it sounds, a Trust Protector is appointed to oversee the assets in the trust and to protect against the trustees so that […]

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What Recourse Do I Have if My Power of Attorney is Stealing From Me?

Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers the following helpful answers to Powers of Attorney: Can the Power of Attorney be used by the agent to take my money or property without my permission? Unfortunately, you can run the risk that the agent you choose to give your Power of Attorney could abuse […]

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What’s the Difference Between a Living Will and Last Will and Testament?

Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers the following helpful answers to your questions about the difference between a Living Will and a Last Will and Testament. Confusing these terms happens quite frequently as there are those that think that these are one in the same, however, they are entirely two distinct legal […]

Living Will

Do I need a Living Will?

Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers the following regarding living wills: Before you can answer this question you must first understand what a Living will is and what purpose it serves. A Living Will is one form of Advance Directive which clearly defines your wishes for medical care should the following occur: […]

Estate Planning Attorney

What Is a Power of Attorney and Do I Need One?

Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers the following helpful answers to Powers of Attorney: What is a Power of Attorney? A Power of Attorney is a legal document you use allowing another designated person, of your choosing, to act on your behalf. It is a legal relationship in which you are the […]

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Estate Planning Tools

There are numerous estate planning tools that can help you protect you and your family.  To learn more and to speak with a Cleveland, Ohio estate planning attorney, contact Baron Law LLC at 216-573-3723. Estate planning is about planning for you and your loved ones.  There are numerous estate planning tools to help you plan […]

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Revocable Living Trusts

Cleveland Estate Planning and Trust Attorney Dan A. Baron Offers the Following on Revocable Living Trusts: Revocable living trusts are used to control assets left to beneficiaries after the death of the creator.  Unlike testamentary trusts which are funded after the death of the testator, revocable living trusts are funded during the trustmaker’s lifetime.   Because […]

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Testamentary Trusts

Cleveland, Ohio Estate Planning Attorney Dan A. Baron offers the following on Testamentary Trusts. Testamentary trusts are a great way to plan and safeguard your assets for minor children.  In other uses testamentary trusts can be used for beneficiaries with addictions or disabilities.   Unlike most trusts, testamentary trusts are incorporated into your last will and […]

What is Estate Planning?

What is estate planning?  Estate planning concepts have changed over recent years because today, more Americans fear outliving their retirement than death itself.  In fact, from 1980 to 2010 Americans are now living on average 8 years longer than before.   This extended life expectancy requires on average an additional $422,000 to live ‘comfortably.’  People have […]

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Utilizing “QTIP” Trusts for Families in Second Marriages

Utilizing “QTIP” Trusts for Families in Second Marriages Estate planning in second marriages can be especially complicated when trying to secure the well-being of loved ones from a previous marriage. Much of the complexity arises from rights granted to a surviving spouse. In Ohio, spouses (male or female) are entitled to dower and elective share […]

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How Will Trump’s Presidency Affect Your Trust?

How will Trump’s Presidency Affect Your Trust? With the impending inauguration of Donald Trump as our nation’s president, we would all be wise to prepare for a more conservative economic landscape that will likely include the elimination of some gift and estate taxes, lower overall rates, and new deductions. Particularly, if Trump moves forward to […]

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Advantages of Establishing a Trust

There are many estate planning tools out there.  But simply put, a trust is an estate planning tool that allows you to plan in advance.  A trust allows you to control your assets even after your death and may allow for certain tax advantages as well as privacy and the avoidance of probate. There are […]

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What is a Trust?

Cleveland, Ohio Trust Attorney What is a trust?  What is the difference between a revocable trust and an irrevocable trust?  Why might my estate plan include either one? Simply put, a trust helps manage your assets and provides clarity for the future.  A trust is a tool that may be used to achieve your financial […]

Bypass Trusts

Ohio Bypass Trusts – Cleveland, Ohio Attorney

Cleveland, Ohio Trust Attorney Ohio Bypass Trusts Bypass trusts, or “credit shelter” trusts, have historically been an important estate planning tool that shields probate assets against estate taxes.  Most often, a bypass trust is found in your spouse’s will.  Each spouse directs that if you are the first spouse to die, then your solely owned […]

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Living Trusts vs. Testamentary Trust

Living Trusts vs. Testamentary Trusts Cleveland, Ohio Estate Planning Attorney Dan Baron: If you’re planning for your Ohio estate plan, then you’re probably lost among the many estate planning terminologies. However, there are numerous estate planning methods to provide safety and security for your family.  There are many ways to achieve this including living trusts, […]

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What is a Charitable Remainder Trust?

Unique Estate Planning Methods to Secure a Lifetime of Income, Save Taxes, & Benefit the Community Most people planning for their retirement have a misconception that charitable giving is only for the wealthy.  However, there are several estate planning tools that can benefit your favorite charity while also earning you steady stream of income.  One […]

Last Will and Testament Picture

What is the Difference Between a Trust and a Will?

This blog will help you understand some of the core differences between a will and trust, but it is not intended to provide legal advice.  If you’re planning for your estate, contact Dan Baron at Baron Law LLC. Call and speak directly with an attorney at 216-573-3723. Most people have heard the terms “will” and […]