by Admin | Sep 15, 2017 | Uncategorized
To dispel a common misperception, estate planning is not only for the wealthy. A basic estate plan is necessary for everyone, regardless of income or assets, because we all want to minimize costs, confusion, and stress for loved ones after a death. If you do not make your own plan, your assets will pass under laws created by the State of Ohio.
At a minimum, everyone should have the following four items:
1. A current will or trust. Everyone should have a will. A revocable living trust is appropriate for some, particularly for parents with minor children or those who own property out of state. A trust can help avoid probate, which helps beneficiaries gain assets more quickly, saves time, court costs, and increases privacy by not becoming public records at the probate court.
2. A durable power of attorney. A durable power of attorney allows someone else to make financial and legal decisions if a person becomes hospitalized, disabled, or otherwise incapacitated.
3. Advanced health care directives. I recommend everyone have a health care power of attorney and living will in place. These two documents work together to allow an agent to make medical decisions if the person who creates the document is unable to communicate their own medical wishes. The living will primarily involves end of life decisions while the health care power of attorney allows the agent to obtain medical information and make medical decisions on your behalf.
4. Updated beneficiary forms. Beneficiary designation forms on life insurance policies, 401(k) accounts and other assets will generally override any conflicting provisions in a will or trust. It is essential to make sure all beneficiary designation forms are checked and regularly updated.
I can help create or update these basic items as well as provide suggestions for additional steps, if needed. Please call or email me to schedule a meeting.
by Admin | Jul 11, 2017 | Uncategorized
1. Stop. You must stay at the scene. You can move the cars to a safe place if necessary, but do not leave the area.
2. Check for injuries for you, your passengers, and other involved in the accident. If seriously injured, go straight to the emergency room.
3. Call 911 or the Police. You need a police report for insurance purposes.
4. Use your cell phone camera. Take pictures of vehicle damage, skid marks, and of the accident scene. Record possible admissions on video.
5. Exchange information. Get the other driver’s name, insurance information, license plate number, and driver’s license number.
6. Seek medical treatment. The sooner you seek treatment, the better. Insurance companies will use gaps or delays in treatment, even minor ones, against you. Some injuries are not apparent for several days. Even when the car sustains minor damage, you can be injured. Did you or the car absorb contact?
7. Do not admit fault, guilt, apologize, or accept responsibility.
8. Do not provide a recorded statement to the insurance company. They will attempt to distort your words to be used against you.
9. Have proper insurance coverage. Current minimum requirements in Ohio are $25,000 for injury/death of one person and $50,000 for injury/death of two or more people. That goes quickly. Do you have Uninsured and Underinsured Coverage? Do you need an umbrella policy? Do not go cheap with low policy limits.
10. Hire an experienced lawyer. You should contact an experienced Cincinnati car accident lawyer as soon as possible following your accident. An attorney will guide and help you think through a variety of circumstances that might otherwise be overlooked, possibly costing you a substantial amount of money.
by Admin | Apr 4, 2017 | Uncategorized
Twitter. Gmail. Facebook. Snapchat. Dropbox. Itunes. You get the idea. So much of what we do is now online. Revised Code Section 1337.571 becomes effective this week and gives fiduciary power to access digital assets. When crafting your estate plan, consideration must be given to what happens to your digital assets. This new law helps fill in some of the blanks.
The law allows a power of attorney to:
A) Have access to any catalogue of electronic communications sent or received by the principal;
B) Have access to to any other digital asset in which the principal has a right or interest;
C) Have the right to access any of the principal’s tangible personal property capable of receiving, storing, processing, or sending a digital asset;
D) Take any action concerning the asset to the extent of the account holder’s authority; and
E) Have access to the content of electronic communications sent or received by the principal.
Please contact me to help you plan for your future by drafting a plan that is right for your family.
by Admin | Mar 4, 2017 | Uncategorized
I finally watched Manchester by the Sea last night. I will spare you my poor attempt to play Roger Ebert. It is not exactly uplifting but it is definitely worth watching and I thought it was very well done. Casey Affleck (playing Lee Chander) in particular was very good. So was Kyle Chandler (Coach Taylor for you Friday Night Lights fans, playing Joe Chandler). The movie does provide some good estate planning lessons for parents. Here are some of my thoughts:
- Tip 1: Parents with minor children must, at a minimum, have a will that nominates a guardian to care for their kids. In Manchester by the Sea, Joe Chandler had a 16 year-old son, Patrick. After Joe died, Lee was nominated to care for Patrick. If you do not identify who you want to take care of your children, the courts may decide for you.
- Tip 2: Talk to and get the consent of the person you intend to select to serve as the guardian. Lee Chandler was shocked to learn that Joe had named him as the guardian for his son. It is generally much better to avoid blind-siding a relative or close friend in what will already be an emotional time.
- Tip 3: Tailor your estate plan to meet your needs. In the movie, Joe ensured that certain things were in place to both care for his son (such as money for Patrick’s daily expenses, providing that Patrick would inherit the house and a boat when he turned 18) and for Lee ($5,000 for moving expenses, etc.). Parents often prefer to delay distributions of larger assets until the kids are older and some choose to stagger distributions at different ages. There is no one-size fits all plan. These are truly decisions that must be made on a case-by-case basis, depending on the needs of each individual family. If your family has special or unique dynamics, take the time to establish a plan that is right for you.
- Tip 4: Everyone needs a plan. An estate plan is not just for the very wealthy or senior citizens. Proper planning provides peace of mind no matter the extent of your assets. Some people and families may need more complex plans than others, but everyone should have something in place. In the movie, Joe was not rich. But he realized the need to plan to take care of Patrick and he implemented the documents to do so. Regardless of your circumstances, it is better to take control and dictate how you want your assets distributed rather than allow someone else to make the decisions for you.
by Admin | Oct 18, 2016 | Uncategorized
The use of eminent domain to acquire commercial property impacts tenants as well as the owner/landlord of the property. Ohio uses the undivided-fee rule, which first values the property as a whole and then apportions the award to each property interest. This procedure can create tension between landlords and tenants as both parties typically want to maximize their respective compensation awards. For this reason, tenants in commercial eminent domain cases should have separate legal counsel.
To determine the tenant’s rights to recovery, the first place to look is always the lease. The terms of the lease will govern. If the lease is silent to this issue, the tenant’s measure of recovery is the market value of the use of the property for the remainder of the lease term minus the agreed rent. The tenant must essentially show that the lease has a bonus value, that is the rents payable under the lease must be shown to be less than the market rate.
Each case is different and unique. An experienced eminent domain attorney can help counsel and advise commercial tenants on the best strategy to maximize recovery. McCarthy Law Office represents clients in eminent domain cases on an hourly or contingent fee basis, depending on the facts of the case. Please contact our office with any questions.
by Admin | Jun 15, 2016 | Uncategorized
My estate planning process is typically a 3-step process. I meet with clients to assess their unique situation to create an individualized plan to specifically address their personal wants and needs.
STEP 1: CONSULTATION AND SIGN-UP
The first step is about information gathering, understanding your goals, explaining the various documents and answering your questions. I provide a client in-take form that provides details about your personal and family information. At this stage, we also discuss the people you want to appoint to important roles such as guardians for your children, trustees, and health care agents. At the end of this meeting, I should know your objectives and have a plan in mind to reach them.
STEP 2: DRAFTING THE PLAN
After we meet and decide on the form of your estate plan, I begin to draft the necessary documents. The plan I draft for you is focused on achieving your objectives, including providing for your children, getting your affairs in order, and stating your health care wishes. To craft your plan, I will use the information provided in the initial consultation as well as any follow up questions that may arise.
STEP 3: DOCUMENT REVIEW AND SIGNING
We will then meet to thoroughly discuss each document. I will explain the documents in detail and answer any questions you have. It is crucial that the plan meets your objectives and that you fully understand the role each document plays in the estate plan. I want each client to leave the final meeting confident in their understanding of the plan.
Once we have reviewed the documents, it is time to sign. I will ensure we meet the legal requirements to execute each document, including the required witnesses. I will also help with funding the plan, including properly designating beneficiaries and titling assets.
Once finalized and signed, I will provide you with the original documents in a binder. I will also provide an electronic copy upon request for easy access or sharing.
