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Posts tagged "Estate Planning"

Using a power of attorney

Multiple tools are often needed to plan for end-of-life care and distributing assets in an estate. One such tool is the power of attorney. It's important for estate owners in Ohio to understand how powers of attorney work.

The fundamentals of estate planning

Ohio residents are sometimes reluctant to address estate planning issues because it can be difficult for them to contemplate their death. Another issue is the dizzying array of documents involved. Dealing with wills, trusts and powers of attorney can seem daunting to those unfamiliar with legal documents, but tackling these issues head-on ensures that loved ones will be provided for and can provide peace of mind.

The benefits of financial powers of attorney

Those who become incapacitated for any reason may not be able to manage their finances. However, Ohio residents and others can create a financial power of attorney to resolve this problem. A financial power of attorney is a person or entity who is allowed to conduct various transactions on an incapacitated person's behalf. Without such a document, family members may need to go to court to get permission to manage that individual's money.

How to include online accounts in an estate plan

People in Ohio thinking about the future may want to do their best to ensure that their loved ones are cared for after they are gone. To that end, they may make out a will and develop an estate plan. While people often think about real estate, bank accounts and other tangible or financial items when planning for the future, they may pay less attention to digital assets like email accounts, social media profiles, online subscriptions or even cryptocurrency wallets. People are spending more time and money online than ever before, but making an estate plan for these digital assets is often overlooked.

Debunking estate planning myths

Many people have misconceptions about estate planning, but an argument can be made that estate planning is part of a comprehensive financial plan. Ohio residents might like to know about some of the myths that often make things complicated when it comes to estate planning.

About revocable trusts

Ohio residents who are developing an estate plan should strongly consider including a revocable trust. In addition to allowing an estate to avoid the expense and time of the probate process after the grantor dies, there are several other reasons to create a revocable trust.

Estate planning for people without children or close relatives

Ohio parents often distribute their assets to children through their estate plans, but everyone, including childless or single people, has much to gain from making these final arrangements. All people have a right to declare formally how their money and possessions will be treated upon their death. People without close relatives who do not prepare a will or shift assets into a trust could likely have their estates distributed by a probate court under the state law of intestacy to distant relatives who they might not even know.

How foreign laws impact estate planning

Individuals in Ohio and throughout the country may have some of their assets held outside of the United States. However, they should still be accounted for in a person's overall estate plan. Generally speaking, it is a good idea to consider how an asset can be included in a plan before buying it. If a person does have a home, olive grove or other assets outside of the United States, it is critical that it be revealed to an estate planner.

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Kroener Hale Law Firm
101 N. Riverside Dr.
Batavia, OH 45103

Phone: 513-716-5940
Phone: 513-828-7510
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9078 Union Centre Blvd
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West Chester, OH 45069

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Cincinnati, OH 45202

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With offices in Batavia, Cincinnati and West Chester, Ohio we serve clients throughout Clermont and Hamilton Counties