Legal-Ease: What to do when you win the lottery

Lee’s worked with a few lottery winners in his career, and he has a few steps to consider for anyone who wins the lottery. 

First, protect the lottery ticket. Second, take a picture of the ticket. Next, reach out to attorneys and accountants to establish rules for the money and to create structures to protect your lottery winnings. Finally, establish an advisory committee of family, friends and trusted professionals. 

Legal-Ease: Communicate first, then plan

Too little communication can be terrible for personal relationships. Lack of communication when it comes to family businesses can be similarly devastating. Sometimes assumptions are made when it comes to the family business and succession planning, and this can cause trouble. 

Legal-Ease: Extra checklist before heading south for the winter

Many people in northwest Ohio head south for the winter. In addition to the regular packing and planning, here are four more items that Lee suggests adding to your checklist before heading south. 

First, make sure that your general/financial power of attorney and healthcare power of attorney documents have been updated since May 2017. Make sure your living will is updated and that you’ve given copies to family and friends. Be sure that your will is in the hands of someone you really trust before you leave town. Finally, work with your attorney to be sure you’ve identified every bank, investment, savings, retirement and other account in your name. 

Legal-Ease: Find win-win-win: avoid taxes, probate and nursing home expenses

While some people seem to believe otherwise, it is not necessary for there to be a loser for every winner. With cooperation, both sides can often achieve success. 

As people get older, many people want to achieve three goals: avoid taxes, avoid probate administration, avoid nursing home expenses. Various estate planning structures exist to allow a win in all categories.

With the right planning, minimizing heirs’ eventual capital gains tax obligations is achievable. A properly organized trust can also help avoid probate. Nursing home tools can also be organized to avoid probate and help the family avoid capital gains tax later. 

Legal-Ease: When should I act to protect assets from long-term care expenses?

A common concern for Americans is the cost of long-term care. Monthly costs can be more than $7,000, and nursing home expenses over the course of a few years or decades can easily wipe out an individual’s savings. 

Determining what to do to be prepared for long-term care is only one step in the process. It’s also important to determine when to take certain steps in the long-term care planning process.