Estate Planning

Most of us spend decades building a nest egg that will give us financial security in our senior years. We invest in our 401k, secure extra savings accounts, and make moderate spending decisions in our youth. We don’t splurge for the expensive car because we want to save money for our children to go to a good Ohio college. We use coupons, make budgets, and live comfortably, not lavishly. However, just as important as building this financial stability is keeping it, and not just while you are alive. You want to ensure that the stability you’ve devoted yourself to building will be there for your family when they need it. How do you make sure your assets you’ve spent a lifetime to build don’t go to waste after you are gone?

To do this, you need a well designed estate plan.

In Ohio, an estate plan is a ultimately a strategy to preserve and protect your wealth. At Cooper, Adel & Associates, we acknowledge that each family is different and has peculiarities that will also make your estate plan unique. Your plan should be customized based on your family situation and your wishes. This is why we start with a comprehensive analysis of your family, health, and financial situation. Then, we can make the estate plan that fits your needs. Many try to make their own estate plans. While there are a myriad of books, guides, and lessons on how to do so, it can get complicated. Some commonly made mistakes are

  • Gifting the wrong way – Transferring assets without knowing the implications could cause you to lose nursing home benefits and to lose control.
  • Thinking it is too late to plan – Even if you are in a healthcare crisis including a current nursing home stay, it is possible to retain as much as half of your remaining assets.
  • Listening to the advice of others – What worked for your neighbor, relative or hairdresser may not work for you. Each and every case is unique.
  • Misunderstanding your legal documents – While some trusts can protect your assets from nursing home costs, most types of trusts and all pre-nuptial agreements do not.
  • Failing to use specialists – Not planning with qualified professionals who understand the intricacies of senior planning could cause you to become ineligible for nursing home benefits. In some cases, you could even unknowingly open yourself to the risk of being charged with fraud for failing to properly disclose assets.

Estate planning is for everyone, whether your estate is $5,000 or $5,000,000.

Regardless of the size of your estate, everyone needs to have a plan to preserve and protect their wealth. Your estate plan may be a very simple plan involving the use of basic documents or it may be complex. By working with an attorney that is experienced with creating Ohio estate plans, you can rest assured that your assets are in good hands. At Cooper, Adel & Associates, we strive to help you from start to finish. Estate planning is a meticulous process and we want to spend the proper time making sure your plan is right for you. To avoid losing your assets and failing to make a solid estate plan be sure to contact Cooper, Adel & Associates for a free consultation. It’s time for you to get your Ohio estate plan figured out and get your ducks in a row.