What happens to her if something happens to you?

What happens to her if something happens to you?

All, Child Custody, Probate & Estate, Wills

It sounds simple; You just want to give your assets to the people you love in a way that provides for those that can’t provide for themselves and avoids fighting so the family stays strong.

Should I download a Will template or should I meet with a lawyer?

Family structures have gotten pretty complex in the last few decades. With many couples electing to not marry and live together with or without having children, with divorce rates over 60%, and remarriages extending core families, there are lots of horror stories stemming from Wills that weren’t written properly. Loopholes and estate plan ambiguity can provoke your loved ones to contest your Will and file lawsuits to claim what is “rightfully theirs”. Ohio inheritance laws update frequently. Uncle Sam may (but not often) want a piece, how can you minimize the tax? An estate lawyer can be extremely helpful.

What is actually yours to give?

If you’re married, divorced with children, or have contracts (i.e. prenuptial agreements and/or certain trusts), you may have restrictions.

What should your Will include?

Here are a few basics:

Beneficiaries are people you choose to receive real property or personal property in the form of cash or assets. It’s common to name your spouse, children, friends, charities, or other family members.

Executor is the individual who will carry out what’s written in your Will. You can choose whomever you like, but most people choose a responsible friend or family member. If you don’t name an executor, often this job falls into the hands of an administrator who has to pay for a bond.

Parental guardian: If you are caring for young children, it’s important to name the person(s) you want to raise your children should you pass away. Since this is a major life endeavor for the person or people you name, list a few individuals in case one or two of them are not in a position to take on this role at the time of your death.

What should be left out of your Will?

Conditional gifts: You are not allowed to leave conditional gifts, such as bequeathing money to a beneficiary on the condition that they get married, get divorced or make some other life change. Although it may make for a good movie plot, in real life, it’s just not legal.

Final arrangements instructions: Your Will is typically not read until after the funeral, so your requests may not be carried out.

Allocate property to pets: Pets cannot legally inherit any assets. This kind of thing happens more often than you would think! Create a Pet Trust and leave assets in the care of a Trustee for the benefit of your pets.

Should I include a personal note?

You can attach a personal note to your Will as a way to say goodbye to loved ones. It’s a good way to personalize a somewhat sterile document. Some people leave a video.

Your Will may not be the only part of an estate plan. Various trusts can be of enormous help and may have advantages over a Will. You also can leave assets to transfer at death outside of Probate Court. The most important thing is to make sure your Will is as clear as possible so that your wishes are fulfilled correctly.

Contact Estate Planning Attorney Chuck Bendig to get started.

How do I make a home safer for my elderly parents?

How do I make a home safer for my elderly parents?

All

If you have an elderly loved one, making adjustments to their home to make it more accessible is important for safety and independence, even if they don’t live alone. Can you imagine how frustrating it must be to not be able to navigate your own home; how a simple obstruction can keep you from getting in the front door? Below are 7 ways that you can help make a life a little easier and more independent.

1.Ramp

  • a wheelchair ramp should be one of the very first things on your list

2.Lighting

  • Install brighter blubs everywhere. New LED bulbs also reduce power consumption while making it easier to see.

3.Doorways

  • walkers, wheelchairs or mobility scooters don’t always fit through standard-sized doorways; consider widening doorways and entrances
  • replace doorknobs with lever handles.

4.Stairs

  • Unless you move your loved one’s bedroom downstairs and eliminate any need to access the second floor of the house, you will need a stairway lift or at least, carpeted stairs or non-slip treads.
  • strong railings at every staircase

5.Floors

  • remove throw rugs
  • apply non-slip wax to vinyl & wood floors.

6.Bathroom;

  • textured, no-slip strips in the bathtub and shower
  • grab bars near the toilets and in the tub/shower
  • a waterproof seat or chair in the shower
  • a high-profile toilet
  • a pedestal or wall-mounted sink that a wheelchair or walker can fit beneath.

7.Kitchen

  • replace knob-style kitchen faucet with lever style
  • move the contents of the top shelves
  • down to lower shelves to reduce the reach
  • remove obstructions that can trip (trash cans, bar stools, decorations, etc)

Encourage your parents to update or complete their estate plans. There are really 5 basic estate planning documents:

  1. Will
  2. Durable Power of Attorney
  3. Healthcare Power of Attorney
  4. Living Will
  5. Revocable Trust

It is a great gift for a parent to have everything in order when they pass. It can keep your family strong and minimize taxes. Their savings and possessions can help the people that they love.

It starts with a conversation. Call estate planning attorney Chuck Bendig @ 614.878.7777 or visit our website for answers to frequently asked questions and details.

Setting the record straight: Myths of the Living Trust

Setting the record straight: Myths of the Living Trust

Probate & Estate, Wills

If you’re reading this, chances are you have already thought about setting up a living trust.

First, let’s define the benefits of a living trust.

A living trust allows you to retain control over the trust property until death. Then, the trust is turned over to the successor trustee, chosen by you, to distribute the trust property according to your wishes. This helps to avoid probate, resulting in a faster and easier distribution to your beneficiaries without the additional costs that are often associated with probate. It also maintains your privacy since its provisions stay confidential, compared to a last will and testament, which becomes a matter of public record.

You can update a revocable trust at any time during your lifetime. Revocable living trusts are used to protect your property until your beneficiary is mature enough to make wise decisions about their inheritance.

Next, let’s delve into some common myths about a living trust.

Myth #1: Living trusts are only for the wealthy.
While it is true that many wealthy people set up trusts, it doesn’t mean that this option is only for the rich. In fact, many people with average incomes find living trusts to be extremely beneficial; especially those with children or dependents.

Myth #2: Living trusts only benefit beneficiaries, not the people making the trusts and not you, the grantor.
In fact, a trust allows for easier handling of your affairs if you become incapacitated, and makes things much less stressful for your loved ones that are left to care for your affairs when you’re unable to do so.

Myth #3: You can’t access funds once they’re in a living trust.
This ignores the “living” part of the living trust. All funds and assets can be made as accessible as you wish, to you or to whomever you choose. You can structure the trust so that everything is accessible to you and you alone until your death.

Myth #4: Creating a living trust is expensive and complicated.
Setting up a trust may cost a bit more up front than a last will and testament, but the cost savings later can make up for these expenses in the long run.

Myth #5: A will can do the same things a trust can do.
A living trust adds flexibility. For one, it allows you to give your hard-earned money and property to those you care about while still protecting it for them. For example, if you have beneficiaries who you feel are not able to handle large sums of money on their own yet. Maybe your potential beneficiary is struggling with debt or an unstable marriage; a living trust may be the perfect instrument for you.

Have a discussion with estate planning attorney Chuck Bendig. Call 614.878.7777

The Estate Planning Challenge of Blended Families

The Estate Planning Challenge of Blended Families

Probate & Estate

According to statistics from the Pew Research Center, a staggering 42 percent of Americans are in a “step” relationship. This means that you or someone you know is probably one of the 95.5 million people who are part of a blended family.

Estate planning that is needed to secure a financial future for the millions of Americans who are divorced, remarried and widowed is available, but it can be tricky. There are numerous ways in which your plan can go wrong. The stakes get even higher if you want your estate left to your current spouse and family versus your former spouse.
The problem? Spouses and families, current and former, aren’t always able to come to an amicable agreement on vital issues.

Let’s take a look at some of the vital questions that may loom in a blended family estate plan:

  • How would you like your assets handled when you die?
  • Who do you want to make decisions for yourself if you were unable to make them for yourself?
  • How will you balance the needs of children from the first spouse with the needs of the second spouse?
  • Would you like your surviving family to have a significant amount of decision-making power over your estate?

You might want to establish a trust to lay everything out in detail.

With a better idea of what you want to happen in the case of your untimely demise, you should discuss your plans with a qualified estate planning attorney, who can formalize them and add legal structure. Leaving open-ended questions may provoke “slighted” family members to sue causing delays and legal fees.

“An ounce of prevention is worth a pound of cure.” Ben Franklin

Using legal documents (Living Will, Trusts, and Power of Attorneys), we can ensure that everyone receives the inheritance that you want.

Contact estate planning attorney Chuck Bendig to get started.

Let insurance pay for my medical bills or file a personal injury suit?

Let insurance pay for my medical bills or file a personal injury suit?

Personal Injury

Medical bills are the most common reason people begin a personal injury case. It is not unreasonable that if a person or business causes injury to someone, that person or business should at least be liable for paying all medical bills resulting from the injury.

“But what if my own health insurance company has already paid for my medical bills? Does it make sense to sue the person or business that was responsible for my injury?”

Consider this example of a hypothetical man named Tom.

Tom is walking down the street when he is struck by a piece of machinery being operated by a construction worker hanging a new sign on a storefront. Tom is rushed to the hospital. His left shoulder requires immediate surgery. Over the course of several months, he also visits a physical therapist to strengthen his repaired shoulder. The treatments total $40,000 and Tom’s health insurance pays for everything, except the deductible, pain and suffering, and lost wages.

Needing reimbursement & compensation, Tom hires an attorney who files a lawsuit against a construction company involved in the project. Tom’s health insurance company files a lien against that lawsuit. By filing the lien, the insurance company is arguing, “Tom is the one who was injured, therefore it’s his prerogative to sue. However, we paid $40,000 for his medical care so his favorable judgment should reimburse us also.”

In most states, the health insurance company’s lien would be valid. Let’s assume that Tom goes to court and he is awarded $90,000 for medical costs, pain and suffering, and lost wages.

After reimbursing his health insurance company and paying his legal fees, Tom would receive approximately $20,300. That can greatly help to cover his bills and inconvenience.

—

If you or someone you know has been injured due to negligence, call (614) 878-7777 to discuss your case with attorney Chuck Bendig. The call is completely free and with no obligation.