Category Archives: Estate Planning

Can I transfer my assets from my living trust?

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Answer:  Yes.  Your assets in your living trust are totally accessible by you.  You can spend them, give them away, transfer them into your own name or to other individuals, all without any restriction.

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

Can I maintain separate assets in a joint living trust?

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Answer:  Yes.  Our joint trust provides that assets may be held by either spouse individually as their separate trust property, or as joint trust property.  It is your choice when you set up your trust.

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

Is it difficult to change my living trust, and when would I want to make a change to my living trust?

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Answer:  No.  It is simple to change or amend your living trust.  Typically there are two types of changes that you might want to make to your living trust.  The first type of change would involve making a minor change to your plan, such as a specific gift, change of beneficiary, or a change of successor trustee.  Our office provides sample amendment forms as a part of your trust documents to assist you in making such amendments.  You can also make minor changes by crossing out and changing any item and then having both Settlors (i.e. creators) initial and date the same.  The second type of change involves more complex amendments where your trust would need to be amended as a result of serious health changes, family problems, dramatic change of assets, or to keep current with any changes in laws.  This type of amendment should typically be made only after seeking professional advice.  In the event of complex changes required, you should contact our office and we will be happy to review your trust and assist you in making any necessary changes.

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

The Ohio Legacy Trust Act

By Attorney Dan Vu

Screen Shot 2013-04-17 at 3.33.03 PMThe Ohio Legacy Trust Act is a new Ohio law that gives Ohioans unprecedented creditor protection. Effective just weeks ago on March 27th, 2013, the law allows Ohioans to reorganize their assets in a way that will protect their assets from a future potential creditor. Before this law, Ohioans would have to either look offshore in the Cayman Islands, Bahamas, or Switzerland. Stateside, Ohioans would have had to go to Alaska, Nevada, South Dakota, or Delaware. Now Ohio joins them as a leader in domestic asset protection. Many attorneys did not think the bill would pass. However, it was pitched as a jobs bill. The idea behind the law was to keep Ohioans and their assets in Ohio. The law may in fact attract citizens from neighboring states to bring their businesses and assets to Ohio. Contact our office if you are interested in discussing the new Ohio Legacy Trust and how you might benefit.

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

If I set up a living trust, is a will also required?

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Answer:  A traditional will is not required, but “pour over will” is highly recommended.  We prepare a pour over will as part of every set of trust documents.  The purpose of the pour over will is to capture any assets inadvertently omitted from the living trust and transfer them into the trust.  If your assets are in your trust, you will never use your pour over will.  Unlike the normal last will and testament, the pour over will simply directs your named executor to “pour over” any asset which you have failed to include in your trust, into your trust, for distribution under the terms of your living trust. However, the use of the pour over will to capture such assets requires a probate proceeding.  Our office tries to be very thorough to ensure that all assets are transferred into your living trust so that no probate is necessary.  You may wish to think of the pour over will as a safety net for any assets inadvertently left out of your trust.

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

Does my current will avoid probate?

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Answer:  No.  Funded living trusts avoid probate, wills do not.

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

Don’t Lose the Farm

By Thom Cooper & Melissa Reynard

LIEN Farm.jpgMost farmers love their farms. It is a slice of country life that most city folks can’t understand. Many times, the farm was passed down through the family and most farm families want that to continue to their children. What is unthinkable is that the farm could be lost to a catastrophic health care situation with a long nursing home stay.

Couples do not lose their homes if one of them goes into a nursing home and the State pays the bill. However, if one spouse is in the nursing home and the other is at home, the state of Ohio will place a lien against the property to pay back the state’s investment in their care. The healthier spouse is allowed to live there and is not forced to sell. Nothing happens until one of them dies. But, the rules are different if your is worth over 536k. At that point, you can be forced to sell or refinance in order to cover nursing home costs, even if you are married and still living in the home place on the farm- that can mean losing the farm.

So what does this mean for Ohio farmers? You may feel that you don’t own much. Maybe you’ve got a small emergency fund in the bank and not a lot more. However, if you own a substantial amount of acreage in your name, you may need to do some planning if you intend to keep it for your family when you are gone. You may not feel the land is worth that much, but with land prices rising, you might be surprised how valuable it is today. Come talk to us at Cooper, Adel & Associates to see how you can protect your land and keep your farm in the family.

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

How does a living trust help me to avoid probate?

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Answer:  Once you have created your living trust, you can avoid probate on all of the assets that are transferred into the trust.  By transferring your assets into the trust, your assets are then held by you as trustee of your trust and upon your death, the trust operates to provide for the distribution of those assets to your beneficiaries pursuant to your instructions to your successor trustee.

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

If I create my own trust, does a bank or trust company have to be involved?

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Answer:  Absolutely not.  Most people who create their own trusts choose to be their own trustee while they are healthy and select a child as a “successor trustee” in the event that they become incapacitated or die.  However, if you create your own trust you can also name a bank or trust company to be trustee of your trust and to manage your financial affairs in accordance with the provisions of your trust.  Normally banks charge a fee for this service as a percentage of the assets in your trust.  If you have created your own trust and do elect to have a special corporate trustee, you, or your successor trustee can also remove or select a new special corporate trustee should you or your successor trustee feel that the special corporate trustee is not acting in your best interests.  Be cautious where parties such as banks or trust companies offer to “assist you” in setting up your trust since they will normally insert the bank or trust company as a present or future trustee in such a way that you or your children cannot change.

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 

Can my successor trustee make changes to my living trust?

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 Answer:  No.  Once the individual(s) who created the trust (i.e., Settlors) have died or become incapacitated, no changes are permitted in the trust.

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DISCLAIMER – Every case is different because every case is different. This blog does not give legal advice. This blog does not create an attorney client relationship. You are not permitted to rely on anything in this blog for any reason. This blog is an entirely personal endeavor. Every person’s situation is different and requires an attorney to review the situation personally with you.
No attorney-client relationship is created by this site.

The use of the Internet, this blog or email for communication with this firm or any individual member of this firm does not establish an attorney-client relationship. Before we represent any client, the client and the attorney will sign a written retainer agreement.
If you do not have a written, signed retainer agreement with us, we are not representing you and will not be taking any action on your behalf.

 



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