A question that often comes up in estate planning is how in-laws should be treated, especially daughters-in-law and sons-in-law. This should be addressed in each individual situation as there’s not an easy answer to the in-law question in estate planning. Some things to consider are whether this is the first marriage for the spouses, how long the couple has been together and if there are kids from previous relationships. Most often people do not include their in-laws in their estate planning as they prefer their family assets to stay within the family.
Category Archives: Estate Planning
Legal-Ease: Going through probate
Probate is how the law is set up to make sure that a deceased person’s bills are paid and that their remaining assets go where they were intended to go by the deceased person. When someone dies, it presents an opportunity for someone to either steal or misinterpret their intentions. A way to understand probate is to think of the two people who will represent the deceased after they die. The first person is the probate judge, who could be thought of as the person’s brain. The second person is the executor or administrator, who could be thought of as the arms and legs in actually moving ownership or possession.
Legal-Ease: Nursing home planning usually includes Medicaid planning
As Americans are living longer than ever, the need for long-term healthcare continues to grow. Within 25 years from today the cost of living in a nursing home could be as high as $200,000 per year. Many people save money to pass on to their children and grandchildren, but it’s easy for that saved money to be quickly spent on living in a nursing home or assisted living facility. Fortunately, there are some options when planning for a potential move to a nursing home.
Legal-Ease: Unmarried people without wills
Ohio law provides rules for people who die without wills. These rules are referred to as the “statute of descent and distribution.” The rules for the distribution process for people without wills is completely different depending upon the marital status of the deceased. If someone dies without a will, even if they’re in a serious relationship or engaged, the significant other will get nothing under Ohio law.
Legal-Ease: Who should I name as my agent or executor?
General powers of attorney typically are regarding finances, and a principal gives powers to an agent. In each power of attorney, one or more specific people are named as the agents. It can be incredibly difficult for people to decide upon who should be their agent, especially when adult children are involved. Hard feelings can certainly come up, and often principals try to identify their agents while keeping this potential friction in mind.
Legal-Ease: Capital gains tax and trading properties
Often when people make a purchase, over time it appreciates in value. When that item is sold, the government taxes on the increase in the value of the property. The tax that is assessed is called capital gains tax. Sometimes capital gains taxes discourage people from selling property as they don’t want to pay the capital gains tax. As a result of this, the government has a process that will sometimes allow for for capital gains taxes to be delayed.
Legal-Ease: Two principles in business succession and estate planning
Business succession and estate planning are often difficult challenges as each situation is so unique to each family and business. To help clients, Lee has created two primary principles he’d like them to consider while they undertake business and estate planning.
First, Lee believes that mom and dad are always right. Second, he believes that family businesses can remain viable for generations while still treating non-business family members fairly.
Legal-Ease: Power of attorney explained
For some, power of attorney can be confusing. The people normally named in powers of attorney are often not even lawyers. In powers of attorneys, there is a principal who grants to someone else the ability to act on his or her behalf. There is also an agent in each power of attorney, and the agent is the “attorney in fact” who acts on behalf of the principal.
Legal-Ease: Include three documents among New Year resolutions
Regardless of marital status, whether kids are in the picture, health and age, certain key documents are a key part of every adult’s moral responsibility to their family and friends. Many people think they’re too healthy or too young to worry about a will or power of attorney. However, in Lee’s opinion, every adult should have three legal document in place: general power of attorney, healthcare power of attorney and a will.
Legal-Ease: Keeping up with the Jones’ estate planning
Our neighbors can inspire and motivate us to consider investments, vacations and other improvements for our lives. In addition to discussing potential improvements and purchases, it’s great when neighbors discuss their estate planning experiences to encourage each other to properly identify their wishes for their surviving family and friends. But it’s important to keep in mind that while your neighbor may have what sounds like a great plan in place, your life may be different enough that another model would be a better choice for your estate plan. It’s important to discuss your estate planning with an attorney who can help you make sure you’ve made the right choices.