estate planning attorney

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 for the future while protecting your assets.  First, for even the smallest of estates, every person should have a last will and testament.  A will is your way to declare to the world who is to receive your assets after you’re gone.  Without a will, it’s possible for your assets to end up in unclaimed funds with the State.

Nationwide, insurance companies owe $7.4 billion, so far, in life insurance. That’s what major life insurance companies have agreed to pay in unclaimed benefits, according to the Florida Office of Insurance Regulation. Of that, $5 billion will go directly to beneficiaries they find. And $2.4 billion will go to states, whose unclaimed property departments will work at searching for and paying beneficiaries

A will is often coupled with a durable power of attorney and healthcare power of attorney.  If you ever become temporarily incapacitated and need others to make financial and healthcare decisions for you, a power of attorney can do just that.  Ohio laws have recently changed and if you haven’t had your power of attorney updated within the last five years, it’s likely that your power of attorney does not contain the necessary language giving power to your designated agent.

Beneficiary designations are another powerful way to transfer your assets and avoid probate.  It’s important to remember to update your beneficiary designations with life changing events such as a new child or divorce.  Oftentimes people forget to change their beneficiary designations after a divorce and it leads to a great debate in court; moreover, the likely intended beneficiaries feeling forgotten and unloved.

Trusts are a powerful tool to make your wishes known, avoid probate, protect assets, and save money on taxes.  There are many different trust options.  The most common trusts are revocable and irrevocable trusts.  A revocable living trust is funded while the creator is living.  After death the trust becomes irrevocable and the property placed in the trust is then safeguarded from creditors and litigation.  Irrevocable trusts during the creator’s lifetime are protected against creditors and litigation if properly created and funded.  To learn more about the benefits of trusts, click on one of these links: Dynasty Trusts, Revocable Living Trusts, Ohio Legacy Trusts, QTIP Trusts.

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.