What An Estate Planning Lawyer Does
What Does An Estate Planning Attorney Do?
An estate planning lawyer does much more than just prepare a Will. A lawyer specializing in estate planning can also create living trusts, create a strategy to avoid or mitigate estate taxes, and develop a plan to ensure that your assets are protected from your beneficiaries’ creditors upon your death.
Estate Planning Lawyers Help With Important Documents
These lawyers can prepare a Power of Attorney, Healthcare Power of Attorney and Living Will, which will arrange for someone to take manage your affairs if you ever become incapacitated. An estate planning lawyer can help prevent unwanted guardianship and conservatorship problems. He or she can draft documents that will protect your assets against lawsuits, and can draft documents to address healthcare planning issues.
Extensive knowledge of state and federal tax laws is a necessary part of an estate planning lawyer’s preparation. These laws change frequently, so often these legal documents must be updated in accordance with those revisions in state and federal policy. When Ohio voted to remove its estate tax, thousands of estate-related documents needed to be reconsidered – and often reconfigured.
An estate planning attorney can prepare the two most important documents regarding planning for incapacity: Durable Power of Attorney and the Living Will. These documents are tremendously important and consequential, and definitely require the assistance of an estate planning professional.
Assistance With Living Wills
The Living Will is a particularly interesting and thought-provoking document. It centers around being able to decide what medical steps should be taken on your behalf, in case you cannot speak for yourself. If you want to institute a “DNR” (“Do Not Resuscitate”) plan regarding emergency medical care, you can do that. If you never want to have a feeding tube inserted, in the event that you lack the ability to feed yourself, you can specify that. Having full understanding of your preferences regarding medical care, and implementing those preferences, can take a great deal of stress and heartache away from your loved ones, in the event that those decisions must be made.
One of the more important functions of an estate planning lawyer is to prepare trusts. You can request one of several types of trusts, depending on your desired result. For example, a trust can provide an income for a surviving spouse. A trust can provide care for special needs child. Nearly any condition that requires planning and protection of assets can be provided for in a trust.
When you implement a trust, your assets can care for loved ones after your demise, in the way that you feel is appropriate. Assets are protected, and the bank or other financial institution distributes those assets only as you see fit. These agreements can cover investment accounts, real estate, business holdings, or just about anything else.
Protection of assets upon your death — or when you are incapacitated — is one of the most important tasks you can initiate. So much legal wrangling can be prevented if probate can be avoided. Family members who understand that you have already decided critical decisions about assets are far less likely to become embroiled in matters upon your death.
One of the most important functions of an estate planning lawyer is to provide you with peace of mind, knowing that your assets will be protected and your taxes will be minimized. Most importantly, your loved ones will be protected from adverse financial issues.
Cincinnati Estate Planning Attorneys
If you are looking for information about Estate Planning in the Cincinnati area, call Donnellon, Donnellon and Miller at 513.891.7087 today or use our online contact form.