General

I’ve been told I should have a Trust – what exactly is a Trust?

A Trust is a legal relationship where one person (known as the trustee) manages and distributes money and other property for the benefit of a trust beneficiary or to fulfill a trust purpose.  The trust relationship is created by agreement between the trust’s creator (known as the settlor or grantor) and the trustee regarding how the trust property will be managed and distributed for the benefit of a trust beneficiary or to fulfill a trust purpose.  A Trust is like a contract between the trust creator or settlor and the trustee that controls how trust property will be managed, used, and distributed to benefit a trust beneficiary or fulfill a trust purpose in the future.  Trusts can be used for a nearly endless variety of purposes, including general estate planning, avoiding probate, exerting post-death control over your property, tax savings, planning for a special needs beneficiary, Medicaid planning, creditor protection for trust beneficiaries, general asset protection, family farm or business succession planning, maintaining a family vacation property, providing for pets, and more.  For more information on Trusts click here.

Do Wills have to be probated in Ohio?
If there are probate assets that need to be transferred after someone dies, the deceased person’s Will must be probated. Probate assets include accounts and property the deceased person owned that do not pass to a joint owner, designated beneficiary, trustee, or surviving spouse. If there are no probate assets, a deceased person’s Will does not need to be probated. However, it may be a good idea to file the Will for record with the local probate court in case additional probate assets are discovered in the future. For more information on Probate & Estate Administration click here.
Can I protect my home from Medicaid while I still live there?

You can protect your home from Medicaid spend down during your lifetime and Medicaid Estate Recovery following your death by creating a Medicaid Asset Protection Trust (MAPT). The most common asset people choose to transfer into a MAPT Trust is their home. If you transfer your home into a MAPT Trust, you may continue living in your home rent-free. If you decide to move or downsize in the future, you may direct the trustee to sell your home and purchase an alternate residence. When you die or become a permanent long-term care resident, the value of your home will pass to your beneficiaries. However, you cannot be a beneficiary of the principal of your own MAPT Trust. This means that you will not be able to sell or borrow against the equity of your home and then use those funds to supplement your income or personal assets. For more information about Medicaid Asset Protection Trust planning click here.

Should I disinherit my Special Needs child to protect their SSI and Medicaid benefits?
Many families believe that the only way to protect and preserve eligibility for Supplemental Security Income (SSI), Medicaid, and other need-based benefit programs is to completely disinherit a family member with a disability or special needs. This myth is absolutely false! There are a number of tools available to plan and provide for special needs beneficiaries while preserving their eligibility to receive need-based government benefits. Moreover, most beneficiaries who have a disability or special needs depend on additional financial resources to provide quality of life and pay for things that benefits programs don’t cover. Qualifying trusts and STABLE accounts can be used to pay for internet service, cable television or streaming services, entertainment, uncovered dental treatment, companionship and personal services, hair care and personal grooming, hobbies, a gym membership, clothing, pet care, housekeeping, travel, housing, and more. For more information on planning for Special Needs Beneficiaries click here.
I am the sole owner of a small business – what planning do I need?
If the sole owner of a small business becomes disabled or dies, someone will need authority to continue operating or sell the business, access the business financial accounts and records, and make business-related decisions. Sole small business owners need succession planning to accomplish five key objectives: (1) formally designate a successor manager, director, or officer of the business entity if you become disabled or die; (2) provide for the interim operation of the business until it is transferred or sold; (3) lay out a plan for the sale of the business or to transfer the business to your beneficiaries; (4) avoid probate after your death; and (5) designate family members or others as the ultimate beneficiaries of the business or the proceeds from its sale. For more information on Business Succession Planning click here.
 

Pet Planning

 

What will happen to my pets when I die?
What happens to your pets is completely up to you. The law considers pets property, so you have the right to determine the ownership of your pets after you pass. You can plan in advance by providing for your pets in your Will or creating a Pet Trust. Or you can just hope that a friend or family member will step forward to claim and care for your pets. However, pets that have to rely on hope often end up homeless, in a shelter, euthanized, or worse. It's best to carefully consider all of your options and then create a plan that stipulates who will care for your pet and how, or who will make decisions for pet when you are no longer able to.
Can I leave money to my pet in my Will?
No, pets are not permitted to own money or other property. So, you can’t name a pet as a beneficiary in your Will or trust, or on your bank account or life insurance policy. You can set aside money to pay for your pet’s future expenses in your Will by leaving your pet plus money to your chosen pet caregiver. You can also set aside money for pet care in your estate planning trust or a Pet Trust. Using a trust to pay for future pet care expenses provides more protection for your pet because the trustee can’t squander the money you set aside on other things.
What is a Pet Trust?
A “Pet Trust” is a legally enforceable agreement for the care of your pets if you die or become unable to care for them. You can use a Pet Trust to designate your animal’s future caregiver and a trustee to manage and disburse money and other property for your pet’s care. The caregiver and trustee must care for your pet according to the standards and instructions you provide. A Pet Trust is unique – it is the only estate planning tool designed and intended to benefit pets rather than people. As a result, a Pet Trust is the most protective planning option available for a pet. Learn more about Pet Trusts here.
Why didn’t my last attorney ask about my pets?
There are many possible reasons why your last attorney didn’t ask about your pets or include your pets in your estate planning. One of the more likely reasons is that many attorneys lack the knowledge and experience necessary to plan for companion animals. Although Pet Planning is one of the fastest growing estate planning services, there are still many well-meaning attorneys who haven’t been taught to ask about pets or how to plan for them correctly. I am working to change that by writing legal articles, teaching continuing legal education, and striving to be a resource for other professionals who want to help pet owners plan for the future. Please feel free to share information from my Pet Planning practice area and resources pages if you prefer to continue working with your current attorney to plan for your pets.
Why do you do Pet Planning?
I believe that it is important to recognize the valuable roles animals play in our culture and our lives by including them in our estate planning. Almost 2/3 of all households in the U.S. include pets and 97% of pet owners consider their animals members of the family, friends, or valued companions. Despite these heart-warming statistics, our non-human family members are often left out of estate plans. I have seen firsthand the horrible things that can happen to pets when owners without a plan die, are hospitalized, or need nursing home care. Pets are not like other property – they are feeling, sentient beings who rely on us for daily care. We have an ethical obligation to ensure that the living animals who depend on us will be cared and provided for. I can only rescue a few animals at a time, but by promoting Pet Planning and helping pet owners plan ahead I can contribute to saving many, many more.
What is Pet Planning?

Pet Planning is estate planning for animals and the people who love them. It is the process of planning and preparing in advance to maintain your own relationship with your pets as long as possible, and to provide for and protect your animals if you are unable to continue caring for them. Planning in advance will help to ensure that someone will be available and have the means to care for your companion animals if you can’t do so yourself. Pet Planning usually involves adding pet-specific terms to routine estate planning documents such as your Will, powers of attorney, or estate planning trust, and may involve more specific or complex documents like Pet Powers of Attorney or Pet Trusts. For more information on Pet Planning click here.

 

 

 

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