We have recently moved into our new law office located in Monroe, Ohio. I thought I would take the chance to discover Monroe and report back to those visiting our office or the area.
The City of Monroe, Ohio was founded in 1817 and named after the then current President, James Monroe. It is still today a “small town” with that small town feel. The 2000 census placed only 7,133 residents in Monroe. However, Monroe is strategically located South of Dayton and North of Cincinnati, with Highway 75 running straight through Monroe to connect the two larger cities. This position has allowed the small town to attract big town businesses.
Most notably, it has one of the largest outlet malls in Ohio, the Cincinnati Premier Outlets. If you are looking for a more hometown shopping vibe, Monroe is the home of Traders World, a fascinating flea market with literally hundreds of vendors. Being home to such large shopping venues, Monroe has all the usual chain restaurants, but just a few minutes from these venues Monroe maintains its unique small town nature with the notable Bradywine Inn. Constructed in 1850 the Inn provides fine dining, with the countryside feel.
So if your passing through or stopping by our office, take a few extra hours to shop, eat, enjoy, and explore the town we are very proud to be apart of, Monroe, Ohio.
One of the most common situations I encounter in Estate Administration is an empty trust. An empty trust is a trust that never ends up actually holding any property or assets. Attorneys that do not specialize in Elder Law often provide clients with a trust printed on very nice paper and put into a fancy binder but leave the task of transferring assets to that trust squarely upon the client. As a result, the trust is never used to its full potential. When the client passes away, assets end up in probate, adding delay and expense to an already difficult time for their families. Similarly, estate tax savings provisions in the trust go unused, leaving the family to pay death tax they otherwise may have avoided.
If you have a trust, your assets should be clearly titled in the name of that trust. You should also be familiar with the goals and purposes of the trust and what you need to do to take full advantage of its provisions. If you think you may be suffering from an empty trust or do not fully understand how your trust works, the New Year is a prime opportunity to meet with an Elder Law Attorney at Cooper, Adel & Associates. 2012 should be the year that you can finally get your ducks in a row!
In a recent press release the Ohio Lieutenant Governor and the Department of Insurance Director ,Mary Taylor, are encouraging Ohioans to check insurance coverage and policies related to winter weather. Taylor reminded Ohioans the winterizing homes and cars will likely save time and money.
Taylor stated “It is important for all of us to check our vehicles and property for winter.” She encourages everyone to review their insurance policies. To better understand coverage options and the claims process, contact the Ohio Department of Insurance, Consumer Services Division.
Director Taylor suggests Ohioans review insurance policies and communicate with their insurance agents. Ohio Department of Insurance representatives are available to answer questions and explain the claims process by calling toll free 1-800-686-1526. For more detailed list of tips check out www.insurance.ohio.gov
Now, while you are in the mood to check on things, why not take time to check on what plans you have made to protect and preserve your assets.
Check your health care Powers of Attorney to make sure they are HIPAA friendly.
Check your business or general Power of Attorney to make sure it is adequate.
Check with other family members or close friends to make sure someone knows if you have a Living Will.
Check to see if your home and other assets can be protected from the cost related to a long term stay in a nursing home, assisted living facility or home health care.
Call our office today to schedule a time for a review. 1-800-798-5297.
On December 30, 2011, while most people were preparing for their new year’s eve celebrations and making sure that they had their resolutions outlined, I was interviewed by WDTN NBC 2 in Dayton “News on your side”, to discuss financial and estate planning new years resolutions. During the interview we reviewed the importance of planning specific to 2012, specifically the changes to the estate tax rules. We further discussed the importance of creating strong legal documents, such as a Health Care Power of Attorney or a Living Will and taking time to address those difficult end of life decisions. To see an excerpt of that news program, please review the video below.
Have questions? Give us a call at Cooper, Adel & Associates.
Pam Elliot: We’re “On Your Side” now with ways to set financial goals especially for seniors. Joining us now is attorney Mitch Adel from Cooper, Adel & Associates.
Mitch Adel: Thank you and, yes, Cooper, Adel & Associates works with clients statewide and has offices in Centerburg, Monroe, Sidney and Wilmington.
PE: Your expertise is in the area of senior planning. As we look to 2012, is it too late to do the things we should have done for 2011?
MA: I would stress to our viewers, just because people start thinking about New Year’s resolutions whether it’s about losing weight, saving money, exercising a little bit more, that they start looking at financial goals. They start looking at projecting and preserving assets. That can be done any time, but why not start this year? Make it your resolution to start planning now.
PE: When you talk about working with seniors, helping seniors, what age group are we talking about? Is it ever too late to talk about retire- ment or, on the other hand, too early?
MA: The usual client base that I see is about 55 and older, people who may be dealing with catastrophic health care costs for them- selves or their families. As children start to see their parents spend a large chunk of their savings or what they accumulated over their life- time in a few short months, they start planning a little bit earlier.
PE: What would you say is the number one goal that you would recommend for folks to look ahead into the new year?
MA: That’s a great question. A number one goal, regardless of wealth, would be getting your basic legal documents and legal affairs in or- der. I think people should be working with attorneys to obtain power of attorney documents, health care power of attorney documents and living wills. Power of attorney documents are very important because they allow you to appoint someone to make decisions for you when you can no longer make them for yourself. Unfortunately, no one knows when that will occur. In terms of a living will, I think everyone is familiar with the Terry Schiavo situation in Florida. The biggest problem is that, without a living will, the court system makes a determination as to life or death. Her family did not get to do so.
PE: Now with the internet, you can get these types of forms—they can be valid—you don’t need to go to a law office, correct?
MA: You don’t, but you should. There are a lot of other decisions including who should be your back up, what other powers or authorities you want in the documents—these are all important and you should seek professional advice before you sign anything. This is the best method to ensure you are protected.
PE: Everyone wants to save, but it’s tough these days. In terms of retirement planning, do you think people 55 and older should be putting money into stocks or something more reliable? What do you think?
MA: As far as savings, I believe what people should be looking at now is the bigger picture. One of the most critical issues to plan for in 2012, especially in this area, will be the drastic tax changes coming in 2013. The threshold for the federal estate tax, the amount that can pass to someone at death, is going to drop dramatically and families could experience 55 cents on the dollar in taxes on anything above that amount. So I think people should be taking steps to protect themselves from that standpoint this year.
PE: Thank you—we appreciate you being with us and sharing this helpful advice.
Elder law attorneys Cooper, Adel & Associates have opened their new southern Ohio office hub in Monroe at 30 Overbrook Drive, Suite D. Managing Partner Mitchell J. Adel made the announcement.
Started in Centerburg, Cooper, Adel & Associates has had a significant presence in southwest Ohio since a Lebanon office opened in 1999. It has continued to expand statewide with an office in Sidney and more recently with a new office in Wilmington in November, 2011. The Monroe office opened on January 2, 2012.
“We want to continue to serve seniors making the critical decisions necessary to protect their finances from taxes, probate and catastrophic health care costs,” said Adel. “We’ve seen so many families lose their hard-earned savings to Medicaid spend-downs or parents have their children held responsible for long-term care bills—it doesn’t have to be that way. Our role is not just estate planning—it’s life planning.”
The firm’s seven attorneys work exclusively with seniors and their families throughout the state to minimize taxes, avoid probate and protect their assets from the potentially devastating legal and financial issues we all face as we age. Preserving assets is not an accident; it is the result of conscious and systematic planning. In addition, the firm assists clients to qualify for government benefits, including helping veterans and their widows obtain benefits for which they are entitled.
“Everyone needs a comprehensive plan that protects their assets and savings from potential pitfalls,” added Adel. “Our clients sleep better knowing, whatever comes their way, that they’ll be financially secure.”
To contact the new office and set up an appointment, please call 800-798-5297.
Answer: In addition to the documents and products such as those listed in the preceding question, an estate plan may include the process of qualifying an individual to receive government benefits such as Social Security/Disability, SLMB, QMB, Passport, nursing home assistance, or Veterans Benefits. The estate plan may also include directing individuals to ancillary senior services such as those that assist with paying bills, contractors who specialize in home maintenance, repairs to accommodate special medical needs, information about durable medical equipment, assisting individuals to apply for discount drug programs or assistance with Medicare or insurance claims.
Answer: Perhaps the best way to understand what I mean by the phrase “estate planning”, is to define what estate planning is not. Estate planning is not a product or a document. For example, estate planning is not a will or living trust or a nursing home insurance policy or a power of attorney or an advanced medical directive or a Medigap insurance policy or a limited partnership or a corporation or a charitable remainder trust or a wealth replacement life insurance policy or a qualified personal residence trust or an irrevocable life insurance trust, etc. The items in the above sentence represent products or documents. They are not an estate plan. An estate plan is a strategy which may involve some, many, or none of the above documents to preserve and protect your wealth. The type of estate plan or strategy which is appropriate for you must be based on a comprehensive analysis of your family, health and financial situation by a qualified professional. If you have not been involved in such a comprehensive professional analysis, you do not have an estate plan.
Around New Year's, many Americans set goals to make a change that will improve out lives in a meaningful way. The website Visual.ly has gathered some interesting statistics about the most popular goals in the U.S. that may shed some light on why these resolutions are so popular among the masses. Happy New Year!
Saving for retirement is extremely important, even during an economic downturn. While some economists predict that brighter times are right around the corner, that doesn't change the fact that an increasing number of people are delaying their retirement plans. Just a few years ago, when the stock marked was still soaring to dizzying heights, many people become obsessed with "the number" – their individual nest-egg that would assure a comfortable retirement. Now the focus is shifting to a different, more important number: how much retirement income your savings will provide.
Have you been perplexed when you mom or grandmother saved rubber bands, pieces of string, plastic bags or boxes? Does your mom still have her old fox shawl from the 1940’s?
My grandmother would eat a little something that she hated every day, just in case she might have to eat a lot of it at some point in the future.
I just read a terrific post from Mint.com about lessons we can all learn from the generation that lived through the Great Depression. With our economy and political environment, it’s time to pay attention!
While there are many reasons for their success, there are three core principles of personal finance that we can learn from them. These principles are tried and true, and something that many of us have lost sight of.
Economic trends may come and go, but saving money never goes out of style. Let’s take a moment to rediscover three principles of personal finance that have withstood the test of time:
Ingenuity
Our grandparents were shrewd and they were frugal. While it’s easy to joke about this generation being full of “cheapskates,” ingenuity goes beyond just being resourceful: It is at the crossroads of creativity and dexterity.
How we can apply this to our lives today:
-If something breaks, try to fix it yourself.
-If a newer and “better” version of something comes out, wait to buy it until your current model no longer works.
-Put away the checkbook and try to solve problems creatively.
-Teach yourself skills that expand your practical knowledge.
Accountability
The Greatest Generation took control of their finances because they were accountable for every penny they spent. The popularity of credit cards has diminished the need to keep track of every expense, as it has created a “swipe and reconcile later” attitude. Our grandparents were attached to their money because spending it was a tangible experience.
-Analyze your spending on a daily basis. Looking at credit card statements that are 30 to 45 days old will not help you take control of your finances today.
-Only ask or accept credit when it is truly necessary; learn to live within your means.
Humility
Because The Greatest Generation lived through The Great Depression, they learned to be truly grateful for everything that they had. Experiencing disastrous financial times made them painfully aware of the potential for future hardships. Our grandparents combined their grateful attitude with an unwavering work ethic and then used those skills to gain financial security and independence.
How we can apply this to our lives today:
-Drop the self-entitlement attitude: You only deserve what you have worked hard for.
-Be thankful for what you already have.
-Carefully analyze your “wants” versus “needs”.
-Combine a grateful attitude with an unwavering work ethic.
-Pay attention to your emotional attachment to spending money. Ask yourself, “Will purchasing this item really make me happy?”
While our grandparents and great-grandparents may have been better at saving money than most of us, it’s not too late to follow in their footsteps. With a little foresight and consciousness, we can begin down the path towards financial wisdom.
Morgan is a freelance writer and blogger living in Southern California with her two daughters and flock of backyard chickens. You can read more of her at The Little Hen House.
