The estate planning and probate attorneys at FGKS Law counsel individuals and families with respect to their estates, including asset preservation and distributions through wills and trusts. FGKS Law attorneys also assist clients with developing advanced directives, including powers of attorney, healthcare powers of attorney, living wills, and other life planning needs.
Sometimes probate is a necessity. FGKS Law is experienced in assisting clients with respect to estates, guardianships, and other matters pending before probate courts.
The Importance of Estate Planning
Estate planning is crucial for ensuring that your assets are distributed according to your wishes, minimizing tax liabilities, and avoiding potential conflicts among heirs. It provides clarity and direction for your loved ones during difficult times, ensuring your legacy is preserved and your family is protected.
Key Estate Planning Documents and Their Purposes
- Will: A will, or a last will and testament, is a legal document that outlines how your probate assets will be distributed upon your death. It allows you to appoint an executor to manage your estate and a guardian for any minor children. A will ensures that your wishes are followed and can prevent disputes among heirs.
- Power of Attorney: A power of attorney is a powerful tool that allows you to designate someone to manage your financial and legal affairs. In the event you become incapacitated, having a power of attorney in place can prevent the need for the appointment of a guardian, avoiding costly fees and hassle of probate.
- Healthcare Power of Attorney and Living Will: Under a healthcare power of attorney, you can designate someone to make medical decisions on your behalf if you are unable to do so. A living will specifies your wishes regarding medical treatment if you are incapacitated and in an end-of-life situation. These documents provide instructions to healthcare providers and loved ones, ensuring your medical preferences are honored.
- Trusts: There are numerous types of trusts that can be utilized for a variety of purposes. Trusts provide more flexibility and control over asset distribution than a will or beneficiary designations. Trusts can be a tool to avoid probate, protect privacy, and manage assets during your lifetime or after your death. There are several types of trusts, including:
- Revocable Trusts: These trusts allow you to manage your assets during your lifetime and specify how they should be distributed after your death, while avoiding probate.
- Medicaid Asset Protection Trusts: These trusts allow you to shield your assets in order to qualify for Medicaid in the event you need to enter a nursing home or other long-term care facility.
- Irrevocable Trusts: These trusts provide a vehicle by which you can transfer assets out of your estate to reduce tax liability and protect assets from creditors.
- Special Needs Trusts: The trusts are established to provide for the care of a disabled beneficiary without affecting their eligibility for government benefits, such as Medicaid or SSI.
- Charitable Trusts: Enable you to support charitable causes while receiving tax benefits.
Medicaid and Nursing Home Planning
Medicaid planning is essential to ensure eligibility for Medicaid benefits without jeopardizing your financial security, and to prevent the recovery of your assets upon death to ensure you have something to leave for your loved ones. Proper planning can protect your assets from being depleted by nursing homes or other long-term care costs, ensuring that your estate is preserved for your heirs.
Advanced planning is important in order to move assets well in advance of Ohio’s 5-year lookback period, which can be done through gifting or transfers to a Medicaid Asset Protection Trust.
In the event of a nursing home crisis where advanced planning is not an option, other planning techniques are available to mitigate financial stress. Such techniques may include a strategic spenddown plan or a gift-annuity plan, which may allow you to keep a substantial amount of your assets, depending on your situation.
Estate and Probate Administration
Estate Administration is a critical legal process that involves the orderly management and settlement of a decedent’s estate. At FGKS Law, our experienced attorneys guide executors and beneficiaries through each step of estate administration, ensuring compliance with all legal requirements. This process includes probating the will, inventorying the deceased’s assets, paying outstanding debts and taxes, and distributing the remaining assets to the rightful heirs or beneficiaries as stipulated by the will or state law. Our goal is to provide compassionate, efficient service during this complex and often emotionally challenging time, striving to honor the decedent’s wishes while protecting the interests of the beneficiaries.
Guardianships and Emergency Guardianships
A guardianship is a legal process in which a court appoints a guardian to make decisions for someone who is unable to do so themselves due to incapacity. An emergency guardianship can be obtained quickly if there is an immediate need to protect the individual’s health or finances. Our attorneys guide you through the guardianship process, ensuring that the best interests of your loved ones are safeguarded.
OUR PHILOSOPHY
FGKS Law is dedicated to offering tailored estate planning solutions that reflect your personal values and objectives in the most efficient manner. Our approach is client-centric, focusing on understanding your specific circumstances and delivering strategic advice that fits your situation. We strive to provide peace of mind through meticulous planning and attentive service, ensuring that your wishes are honored, and your loved ones are protected.
Contact an attorney to learn more about our practice areas.
Frequently Asked Questions on Estate Planning & Probate Services
WHAT IS THE DIFFERENCE BETWEEN A PROBATE ASSET AND A NON-PROBATE ASSET?
Probate assets are those that are distributed according to a will or state intestacy laws if there is no will. These assets go through the probate process, which is supervised by the court. Examples include individually owned property, personal possessions, and bank accounts without a named beneficiary. Non-probate assets bypass the probate process and are transferred directly to beneficiaries. These include jointly owned property with rights of survivorship, accounts with designated beneficiaries (like life insurance policies and retirement accounts), and assets held in a trust.
HOW CAN I TRANSFER REAL ESTATE OUTSIDE OF PROBATE WITH A TRANSFER ON DEATH AFFIDAVIT?
A transfer on death (TOD) affidavit allows you to designate a beneficiary to receive your real estate upon your death, bypassing probate without a trust. You must file the TOD affidavit with the county recorder’s office where the property is located. This ensures a smooth and efficient transfer of property to your chosen beneficiary, reducing legal complexities and delays.
WHAT ARE THE DIFFERENCES BETWEEN REVOCABLE AND IRREVOCABLE TRUSTS?
A revocable trust, also known as a living trust, allows you to retain control over the trust assets during your lifetime. You can modify, amend, or revoke the trust at any time. Upon your death, the assets are distributed to beneficiaries according to the trust terms, bypassing probate. An irrevocable trust cannot be modified or revoked once it is established, which can provide greater asset protection and potential tax benefits. Assets in an irrevocable trust are removed from your estate, which can help reduce estate taxes and protect assets from creditors.
WHAT IS A SPENDTHRIFT TRUST AND HOW COULD IT BE UTILIZED FOR ASSET PROTECTION?
A spendthrift trust is designed to protect the trust assets from being squandered by the beneficiary or claimed by the beneficiary’s creditors. It restricts the beneficiary’s access to the trust principal, allowing them to receive distributions at the trustee’s discretion. This type of trust can be useful for beneficiaries who may not manage assets responsibly, ensuring that the assets are preserved and used for their intended purpose.
WHAT ARE THE REQUIREMENTS FOR A PROPERLY EXECUTED WILL UNDER OHIO LAW?
Under Ohio law, a will must meet the following requirements to be valid:
- The testator (person creating the will) must be at least 18 years old and of sound mind.
- The will must be in writing.
- The testator must sign the will at the end, or direct someone else to sign it in their presence and at their direction.
- The signing must be witnessed by at least two competent witnesses who saw the testator sign or acknowledge the will.
HOW CAN MEDICAID PLANNING PROTECT MY ASSETS?
Medicaid planning involves strategies to protect your assets while ensuring eligibility for Medicaid benefits. Techniques include establishing irrevocable trusts, gifting assets, and spending down assets on exempt items. Proper Medicaid planning can help you qualify for benefits without depleting your estate, protecting your assets for your heirs and reducing the risk of Medicaid recovery after your death.
WHY SHOULD I CONSIDER SETTING UP A TRUST INSTEAD OF JUST HAVING A WILL?
While a will outlines how your probate assets will be distributed upon your death, it must go through probate, which can be time-consuming and costly. A trust, on the other hand, allows your assets to be distributed directly to beneficiaries without probate. Trusts provide greater privacy, control, and flexibility in managing your assets during your lifetime and after your death. They can also offer tax benefits and protect assets from creditors.
HOW CAN A POWER OF ATTORNEY PREVENT THE NEED FOR A GUARDIANSHIP?
A power of attorney allows you to designate someone to manage your financial and legal affairs if you become incapacitated. This can prevent the need for a court-appointed guardianship, which can be more restrictive, time-consuming, and expensive. By having a power of attorney in place, you ensure that your affairs are handled according to your wishes and provide a smoother transition of responsibilities in the event of incapacity.
Our Probate & Estate Planning Attorneys
