If you have not yet started an Ohio estate plan, it may be because you think that estate planning is something that only wealthy people do. Such is not the case. In fact, many middle-income families have discovered too late that the lack of a good estate plan has caused them many problems and heartaches when a loved one died.
The best way to avoid inheritance disputes in Ohio is to plan for them and try to prevent their occurrence. Clear and comprehensive estate planning makes the grieving process and disposition of your assets easier for your loved ones. Plus, a will that is well drafted greatly reduces the likelihood of it being challenged in court.
The cognitive and physical impairment many seniors face can place them at serious risk of financial exploitation if a malicious party manages to gain control over their finances. This is why it is important to establish who has medical and financial decision making power in the event you or a loved one in Ohio become too infirm to make those decisions. In some cases, you may even want to split that power among multiple individuals.
While it may be unpleasant to think about, there might come a time when you're unable to make medical decisions for yourself. A power of attorney is crucial in this case, as this person will be your advocate to medical staff and even family members, who might not agree with your wishes regarding end-of-life care. Very Well Health explains what to look for when choosing a power of attorney so you can rest assured that you made the right decision.
As cable outlets and online social media platforms ceaselessly reminded us last week, global fashion icon Karl Lagerfeld passed away at 85 after an adventurous and high-profile life.
Computers have flatly revolutionized much in our 21st-century world, including how billions of people structure and organize their personal lives.
We note on our website at the proven Dayton estate planning law firm of Gottschlich & Portune that our experienced attorneys provide knowledgeable and impassioned advocacy to families “dealing with the challenges of transition.”
An alluded to “they” in a recent business article can “make or break your estate plan.” Those individuals are obviously important people who need to be carefully considered.
We know at Gottschlich & Portune in Dayton that even well-intentioned estate planning can go awry for individuals and families in Ohio and nationally.
We spotlighted in a recent blog post some of the complexity that can attach when an adult child turns to parents for business funding, especially for an unproven entrepreneurial venture. We noted the “slippery slope” dimensions of that in our July 17 entry, especially for parents having a hard time being rigidly dispassionate about such an entreaty.