Timely Topics

Category: Estate Planning

More Mistakes to Avoid When Planning Your Estate

More Mistakes to Avoid When Planning Your Estate

Posted By Richard A. Myers, Jr.
April 21, 2021 Category: Estate Planning

Estate planning can seem like a big job, with lots of documents and moving parts. But it is so important to have one put together! We have a few blogs on our website about the most common estate planning mistakes, but here are a few

Top Mistakes of Estate Planning

Top Mistakes of Estate Planning

Posted By Richard A. Myers, Jr.
April 13, 2021 Category: Estate Planning

There are many mistakes that can be made when planning an estate, but the biggest mistake is not having a plan!

Trust-Based Estate Planning

Trust Based Estate Planning

Posted By Richard A. Myers, Jr.
December 17, 2020 Category: Estate Planning

In one of our last videos, we talked about the difference between a will-based plan and a trust-based plan as part of estate planning. In this video, we wanted to go into a little bit more detail about trusts and how they can help protect your

Common Mistakes of Estate Planning

Common Mistakes of Estate Planning

Posted By Richard A. Myers, Jr.
September 11, 2020 Category: Estate Planning

Estate planning is an important part of everyone's life. Not everyone thinks that they need an estate plan, or they try to create their plan alone and miss a lot of important details. That is why having a professional estate planning attorney help you create your plan is

Guardianship and Probate Attorney in Cleveland, Ohio

Guardianship and Probate Attorney in Cleveland, Ohio

Posted By Richard A. Myers, Jr.
September 02, 2020 Category: Estate Planning

A common question when it comes to estate planning is what is the difference between guardianship and death probate, and how can we prepare for

Estate Planning in Cleveland, Ohio

Estate Planning in Cleveland, Ohio

Posted By Richard A. Myers, Jr.
August 07, 2020 Category: Estate Planning

When it comes to estate planning, wills and trusts can seem confusing. At Richard A. Myers Jr. and Associates, we can help make it simple and put you on the right path for the best estate plan for

The Top 10 Estate Planning Mistakes

The Top 10 Estate Planning Mistakes

Posted By Richard A. Myers
December 27, 2018 Category: Estate Planning

Not getting around to it. Not putting your plan in writing is always a bad idea. Believing the myth that estate planning is only for the wealthy: This is a fallacy. Estate planning is important for everyone who is concerned about where their assets will end up during disability and upon their demise. Often, when taking the value of a home into account, people are surprised to find that their “estates” are larger than they thought. Leaving the Living Trust Unfunded: A living trust is merely a vehicle that allows you to pass your assets outside of probate. However, if there are no assets in the trust, nothing has been accomplished. There is no point in drafting a living trust if the assets are not re-titled into the name of the trust. Leaving Assets as Joint-Tenancy: Titling assets as joint-tenancy with-right-of-survivorship (JT/WROS) does avoid probate because the assets pass automatically upon the first death, however, they are exposed to the lifetime creditors of the co-owner. Leaving Assets Outright to Beneficiaries: Assets that are left outright to heirs and beneficiaries are exposed to creditors, predators and divorcing spouses. It is much better to leave assets in trust for their benefit. Assets left in trust have potential asset protection. The beneficiaries still have access to the funds but creditors, lawsuits and divorcing spouses normally cannot touch the assets inside the trust. Little or no Mental Disability Planning: If no or inadequate planning ha

The Fundamental Questions to Ask Before Estate Planning

The Fundamental Questions to Ask Before Estate Planning

Posted By Richard A Myers
December 27, 2018 Category: Estate Planning

Because estate planning is not just about reducing taxes but more about making sure your assets are utilized for my care and the care of my loved ones during an illness or disability and then distributed as you wish after you are gone, you need to consider four questions before you begin estate planning. WHO DO I TRUST TO CARRY OUT MY ESTATE PLAN? This is the first critical question to answer because you will not be available to oversee the plan. Carefully selecting your fiduciary and the alternate fiduciaries is the first step to the success of your personalized estate plan. The fiduciary will continue to carry out your estate plan during your illness, short or long term and then your wishes after you are gone. WHO SHOULD INHERIT MY ASSETS? If you are married, before you can decide who should inherit your assets, you must consider marital rights. Ohio has specific laws designed to protect surviving spouses. If you die without a will or a living trust, state law may dictate how much of your estate passes to your spouse. Even with a will, if you provide less for you spouse that Ohio law deems appropriate, the law will allow the survivor to elect to receive a greater amount. If your spouse is not the natural parent of your children, Ohio law may also allocate a majority of your estate to your natural children and not to your spouse. Once you considered your spouse’s rights, ask yourself these questions: Should your children share equally in your estate? Do you wi

The Basic Testamentary Estate Planning Documents

The Basic Testamentary Estate Planning Documents

Posted By Richard A. Myers
December 27, 2018 Category: Estate Planning

Once a decision has been made to engage in a formal estate plan, as opposed to letting the courts sort out who receives your property at your death, the decision essentially boils down to the following choices: Will-based Estate Plans: A Will-based estate plan uses a Will to contain all of the instructions that the client wants to apply to their property at their death. In effect, a Will is dormant until death occurs, then its terms spring into being and a court supervised procedure, called probate, begins and ensures that the decedent’s last wishes are carried out. The terms of a Will progress though naming guardians for minor children, payment of last expenses, distribution of any specific bequests, the disposition of the decedent’s property, including changing the title of the property from the decedent to the beneficiaries and the power and responsibilities of the personal representative. Trust-based Estate Plans: A trust based estate plan uses a revocable living trust to contain all of the instructions that the client wants to apply to their property during their lifetimes, their disability or illness and at their death. Unlike a Will, a living trust springs into life upon signing. It is an independent legal entity with rights and responsibilities of its own. The operations of a Trust are carried out by the Trustees for the sole benefit of the beneficiaries, both lifetime and after death. Unlike a Will, property is transferred from the Trust creator to the

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