Estate planning is necessary for everyone, regardless of one’s age or net worth. Proper estate planning can minimize or avoid probate and save estate taxes.
There are seven basic documents when dealing with estate planning, including Wills and Trusts. Not everyone needs all seven documents. It depends on one’s circumstances. My services are tailored to my client's specific needs.
An area I often find neglected in the estate planning process is the appropriate beneficiary designations for one’s IRAs, CDs, life insurance, etc. Having the proper beneficiary designation is critical to one’s estate plans. I work closely with my clients to make sure these are correct.
I provide the following legal services for Executors of estates:
· Determine the ownership of all assets owned by the decedent and classify as probate or non-probate
· Obtain valuations of all assets
· Prepare and file the required paperwork with the Probate Court to open, manage and close the probate estate, if applicable
· Assist with any information or documents the client may need to liquidate or transfer probate or non-probate assets
· Categorize the debts of the estate for payment
· Assist clients with claims from the Ohio Medicaid Recovery Program
· Direct clients in the distribution of the remaining assets to the named beneficiaries
· Prepare and file all necessary income tax returns and Ohio and Federal estate tax returns