essential tips for protecting your family's estate
Post on 13-Apr-2017
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A GUIDE FROM A LOVELAND, OHIO ESTATE PLANNING ATTORNEY
ESSENTIAL TIPS FOR PROTECTING YOUR
FAMILY’S ESTATE
Whether you have a family business, a family farm, or simply
have a family home and some acquired assets, you want to be able to leave your money and property to your loved ones.
You need to take steps to protect your assets, as these assets make up your family’s estate and your
legacy.
There are many different legal tools you can use to protect your
property and make sure it transfers seamlessly to your heirs.
Some of the following steps can help you to protect your family’s
estate.
Medicaid planning involves making sure your assets do not have to be spent down if you need to go
into a nursing home.
By creating an irrevocable trust and taking other Medicaid
planning steps at least five years before you need nursing home
care, you should be able to protect your assets.
If you need care right away, an attorney can still help you
explore ways to protect as much property as possible.
Through a power of attorney and/or a living trust, you can make sure you have named someone to be responsible for managing your assets if you cannot handle your
own financial affairs.
If you run a family business, you will need to create a business succession plan to ensure the
business passes smoothly to new owners without operational
interruptions.
Your attorney can help explore options, including choosing the
right business structure to facilitate an easy transfer of your
ownership interest.
You’ll need a comprehensive estate plan to make sure that your
property can transfer to heirs if you pass away.
You may wish to explore ways to allow for the transfer of assets
outside of the probate process so heirs can inherit more quickly.
If your estate exceeds $5.45 million
(as of 2016), you will need to create a plan to try to avoid
federal estate tax.
Looking for ways to transfer assets outside of probate can help you to
avoid having a portion of your estate’s value lost due to taxes.
A Loveland, Ohio estate planning attorney can provide you with invaluable assistance on these
steps and on other ways you can protect
your family’s estate.
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