Estate Planning

Estate Planning Attorney

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Most of us believe that estate planning is something that we have plenty of time to consider. However, the fact is that life is unpredictable and anything can happen in the blink of an eye that changes everything. Debilitating illnesses, physical limitations, and even an accident can mean you no longer have the ability to handle many of your daily tasks on your own. If you haven't put a plan in place, your money might not be accessible to pay your bills, you might not have anyone helping make healthcare decisions for you (or it might be the wrong person!), and it could take months or years to deal with the fallout.

 

Worse yet, if you are involved in an accident, or suffer a fatal illness, your family will have lost control over your finances and property and could suffer financially waiting for your estate to be resolved.

 

Only assets which are owned jointly would be available to your family if you were to suddenly lose your life. Any personally owned assets - bank accounts, investments, real estate, etc. - would be essentially frozen and unavailable to your family. Your assets can be accessible and distributed to your family through the probate process, but that is a lengthy, expensive process. Family members would be forced to accept a court’s decision based on the laws of Ohio.

 

Anyone who owns assets, regardless of the value, would do well to have an estate plan in place before something catastrophic happens. Estate plans can be changed once they are put into place if there are changes in your circumstances. Every estate plan should be customized to meet your goals and to take care of the needs of your family.

 

Parks Legal, LLC, has helped create estate plans for people all over Ohio, and we are here to help you create a plan that works for your needs and the needs of your family. Attorney Parks will meet with you personally to develop a customized plan that fits YOUR needs, not a cookie-cutter plan that might not do what you want.

 

At Parks Legal, we are focused on helping you be safe in the knowledge that you've planned ahead for the difficult times and you've provided the most important service you can - putting your family first. 


Our Estate Planning Services:

What is Estate Planning?

Estate planning is the process of arranging and implementing a written, legally binding plan for the management and disposal of a person's assets, debts, and decision making during their lifetime and after death. This written plan is made up of a collection of legal documents as well as other non-binding documents that all work together to provide a detailed set of instructions for your family and care providers to follow.

 

A person's "estate" includes all of their assets, such as real estate, personal property, investments, bank accounts, life insurance policies, and business interests. The estate can also be responsible for paying any legally valid debts the person accrued during their life. Finally, a person's estate can respond to or begin legal actions relating to events during that person's life - the estate has the same legal interests the person did.

 

The primary goals of estate planning are to ensure that:

01

Assets are distributed according to your wishes:

Through the use of legal documents such as wills and trusts, individuals can specify how they want their assets to be distributed among their heirs or beneficiaries after their death.

02

Minimization of Estate Taxes:

Proper estate planning can help minimize the amount of taxes that must be paid on an individual's estate after their death, potentially preserving more assets for beneficiaries.

03

Appointment of guardians for minor children:

For individuals with minor children, estate planning allows them to designate guardians who will take care of their children in the event of their death or incapacity.

04

Management of affairs in the event of incapacity:

Estate planning also involves preparing for the possibility of becoming incapacitated due to illness or injury. Legal documents such as powers of attorney and advance healthcare directives allow the appointment of trusted individuals to make financial and healthcare decisions on a person's behalf if they become unable to do so themselves.

Estate Planning in Ohio


Estate planning is an informal term - there is no law in Ohio called "The Law of Estate Planning". Most attorneys use the term "estate planning" as a sort of umbrella label; it's an easy way to refer to a collection of documents - last will and testament, healthcare power of attorney, financial power of attorney, living will, trust documents, and so on. This means that, in Ohio, the documents that make up an estate plan are governed by multiple different laws. Some of the key laws that govern estate planning in Ohio include:


  • Ohio Revised Code (ORC): The Ohio Revised Code contains statutes that govern various aspects of estate planning, including wills, trusts, powers of attorney, and probate proceedings. ORC Title 21 specifically addresses laws related to estates, wills, and inheritance, while ORC Chapter 1337 spells out the law controlling powers of attorney.


  • Ohio Trust Code: Ohio has its own trust code that governs the creation, administration, and termination of trusts within the state. The Ohio Trust Code provides rules and procedures for establishing trusts, appointing trustees, and managing trust assets.


  • Federal Tax Laws: Federal tax laws, including the Internal Revenue Code, play a significant role in estate planning, particularly concerning estate and gift taxes. Estate planners must be aware of federal tax thresholds, exemptions, and deductions that may impact estate planning decisions.


  • Case Law: Court decisions and interpretations of statutes, known as case law, also influence estate planning practices in Ohio. Legal precedents established by Ohio courts help clarify and refine the application of estate planning laws in specific situations.

Given the complexity and importance of estate planning, it is crucial to work closely with qualified legal professionals, such as Attorney Parks, who have a deep understanding of the relevant laws to develop comprehensive estate plans that meet their specific needs and goals.

What to Expect When you Meet with an Estate Planning Attorney

When you meet with an estate planning attorney you should expect a thorough and personalized consultation aimed at understanding your unique circumstances, goals, and concerns related to your estate and future planning. Some topics that will be covered in the meeting include:

  • Discussion of Your Goals and Concerns

    The attorney will begin by asking you about your objectives and any specific concerns you may have regarding your estate, assets, family dynamics, healthcare wishes, and charitable intentions.

  • Review of Your Assets and Liabilities

    You will be asked to provide details about your assets, including real estate, bank accounts, investments, retirement accounts, life insurance policies, business interests, and any outstanding debts or liabilities. (Don't worry, you won't be asked for account numbers!)

  • Evaluation of Family and Beneficiary Dynamics

    The attorney will inquire about your family members, beneficiaries, and any unique circumstances that may affect your estate plan, such as special needs beneficiaries, blended families, or concerns about creditor protection.

  • Discussion of Estate Planning Tools and Strategies

    Based on your goals and circumstances, the attorney will explain various estate planning tools and strategies available to you, such as wills, trusts, powers of attorney, advance healthcare directives, and beneficiary designations.

  • Analysis of Tax Implications

    If applicable, the attorney will discuss the potential tax implications of your estate plan, including estate taxes, gift taxes, and income taxes, and explore strategies to minimize tax liabilities while achieving your objectives.



  • Consideration of Incapacity Planning

    Estate planning involves preparing for the possibility of incapacity due to illness or injury. The attorney will discuss options for appointing trusted individuals to make financial and healthcare decisions on your behalf through powers of attorney and advance directives.

  • Explanation of Probate and Non-Probate Assets

    The attorney will explain the probate process in Ohio and discuss strategies to minimize the time and costs associated with probate administration. They will also review how various types of assets are transferred upon death, including probate assets and non-probate assets.

  • Customization of Your Estate Plan

    Based on your goals and preferences, the attorney will work with you to design a customized estate plan that addresses your unique needs and provides protection for your loved ones and assets.

  • Documentation and Implementation

    Once your estate plan is finalized, the attorney will prepare the necessary legal documents, such as wills, trusts, and powers of attorney, and guide you through the process of signing and executing these documents in accordance with Ohio law.

  • Review and Updates

    Estate planning is not a one-time event; it requires periodic review and updates to ensure that your plan remains current and effective in light of changes in your life circumstances, laws, and tax regulations.

Overall, meeting with an estate planning attorney is an opportunity to gain valuable insights into your options for protecting your assets, providing for your loved ones, and achieving your long-term goals with confidence and peace of mind.

To Trust or Not to Trust...

A question often asked is when is a trust needed instead of just writing a will. It is too easy and simple to just answer that question with "people with lots of wealth need trusts and people who aren't "rich" just need a will". That answer is neither true nor helpful as a guide.

 

The real answer is "it depends…".

 

It depends on not just your wealth, but also your family makeup, your goals, your comfort level, and even on how often you move to new states for work. It is actually more helpful to ask "what are the differences between a will and a trust?"

The choice between a standalone will vs. a trust with a companion will depends on an individual's specific goals, assets, family dynamics, and estate planning objectives. Many individuals use a combination of wills and trusts to achieve a comprehensive estate plan that meets their needs and provides protection and asset-control for their loved ones. However, trusts are not always the right choice, and a good estate planning attorney will tell you as much rather than just selling everyone on a trust. It is important to consult with an experienced estate planning attorney, such as Attorney Parks, to determine the most appropriate estate planning strategies for your unique circumstances.


Wills vs. Trusts

  • Probate

    One of the most significant differences between a will and a trust is how they handle the distribution of assets after death. A will goes through the probate process, which is a court-supervised procedure for validating the will, paying debts and taxes, and distributing assets to beneficiaries. In contrast, assets held in a trust typically pass to beneficiaries outside of probate, avoiding the time, costs, and public disclosure associated with probate administration.

  • Privacy

    Wills are public documents once they are admitted to probate, which means that the terms of the will and the assets passing through probate become matters of public record. In contrast, trusts are private documents and generally do not become part of the public record, providing greater confidentiality and privacy regarding the distribution of assets.

  • Incapacity Planning

    While both wills and trusts can include provisions for incapacity planning, trusts offer more comprehensive mechanisms for managing assets in the event of incapacity. A revocable living trust, for example, allows individuals to appoint a successor trustee to manage trust assets if they become incapacitated, avoiding the need for court intervention through guardianship or conservatorship proceedings.

  • Control and Flexibility

    Trusts offer greater flexibility and control over the distribution of assets compared to wills. With a trust, individuals can specify detailed instructions for asset distribution, including staggered distributions, conditions on inheritance, and special provisions for beneficiaries with unique needs. Wills, on the other hand, provide a more straightforward method for asset distribution but may be subject to challenges and disputes during probate.

  • Asset Protection

    Certain types of trusts, such as irrevocable trusts, can provide asset protection benefits by removing assets from the grantor's taxable estate and shielding them from creditors, lawsuits, and potential Medicaid eligibility considerations. Wills do not offer the same level of asset protection, as assets passing through probate are generally subject to claims from creditors.

  • Cost and Complexity

    Setting up a trust may involve more upfront costs and complexity compared to creating a will. Trusts typically require the transfer of assets into the trust, ongoing management, and periodic reviews to ensure alignment with changing circumstances. Wills, while simpler to create, may result in higher costs and delays during probate administration.

Putting your Family First

At Parks Legal, we understand that every person, every family, is unique. We also understand that it can be daunting to think about, much less discuss with a someone you've never met, the possibility of you are a loved one being seriously injured, diagnosed with a chronic illness, or to consider the eventuality of death. Many people go through life avoiding thinking, and planning, for these events. But, just like these future events can and will be life-defining moments for you and your family, having a plan for how to deal with them can be every bit as important as the event itself. Creating a robust estate plan written by a professional who can also guide you and your family through implementing can be the difference between tragedy on top of tragedy vs. a family that is ready to stick together through the tough times and come out together on the other side.

 

If you are like us, your family is the most important thing in your life. Ultimately, an estate plan is not just for you - it's for them. When you put your family first, you can rest easy knowing you will be taking care of them no matter what.

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