essential tips for protecting your family's estate

A GUIDE FROM A LOVELAND, OHIO ESTATE PLANNING ATTORNEY

ESSENTIAL TIPS FOR PROTECTING YOUR

FAMILY’S ESTATE

PROTECTING YOUR ESTATE IS IMPORTANT TO LEAVE A

LEGACY

Whether you have a family business, a family farm, or simply

have a family home and some acquired assets, you want to be able to leave your money and property to your loved ones.

You need to take steps to protect your assets, as these assets make up your family’s estate and your

legacy.

WHAT YOU CAN DO TO PROTECT YOUR ESTATE

There are many different legal tools you can use to protect your

property and make sure it transfers seamlessly to your heirs.

Some of the following steps can help you to protect your family’s

estate.

MEDICAID PLANNING

Medicaid planning involves making sure your assets do not have to be spent down if you need to go

into a nursing home.

By creating an irrevocable trust and taking other Medicaid

planning steps at least five years before you need nursing home

care, you should be able to protect your assets.

If you need care right away, an attorney can still help you

explore ways to protect as much property as possible.

INCAPACITY PLANNING

Your assets need to be carefully managed if you become

incapacitated.

Through a power of attorney and/or a living trust, you can make sure you have named someone to be responsible for managing your assets if you cannot handle your

own financial affairs.

BUSINESS SUCCESSION

If you run a family business, you will need to create a business succession plan to ensure the

business passes smoothly to new owners without operational

interruptions.

Your attorney can help explore options, including choosing the

right business structure to facilitate an easy transfer of your

ownership interest.

ESTATE PLANNING

You’ll need a comprehensive estate plan to make sure that your

property can transfer to heirs if you pass away.

You may wish to explore ways to allow for the transfer of assets

outside of the probate process so heirs can inherit more quickly.

ESTATE TAX

If your estate exceeds $5.45 million

(as of 2016), you will need to create a plan to try to avoid

federal estate tax.

Looking for ways to transfer assets outside of probate can help you to

avoid having a portion of your estate’s value lost due to taxes.

GETTING LEGAL HELP

A Loveland, Ohio estate planning attorney can provide you with invaluable assistance on these

steps and on other ways you can protect

your family’s estate.

Contact The Zimmer Law Firm today at 513-721-1513.

Click to visit: ZimmerLawFirm.com