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estate planning Archives

How a living trust can help you achieve your financial goals

At King Koligian & Associates, LLC, in Ohio, we help people achieve their financial goals and objectives through sound estate planning. One of the most popular estate planning tools available to you is a living trust, also called an inter vivos trust or revocable trust.

Estate planning - objectively speaking

It is really easy to think of estate planning as something that is either far in the future or far from your economic status. Wealthy Ohio residents may easily see their need for a plan, but those who have few assets or are far from retirement may not. It is never too early to think about planning for it, however, no matter your life stage or financial status.

Consider a power of attorney to protect you from financial abuse

Like many Ohio residents, you have stayed up to date on your estate planning and you feel secure knowing that your wishes will be carried out upon your death. However, as we at King, Koligian & Associates, LLC, are aware, a portion of your estate planning should include managing your affairs during your golden years. Your mind may be sharp now, but nothing will guarantee that you don’t develop an age-related cognitive disorder or suffer from an accident or illness that leaves you incapacitated. Any of these situations may result in you being taken advantage of financially.

What are the benefits of an irrevocable living trust?

If you count yourself among the many people across Ohio who are making plans for their futures, you may be giving some thought to how you might best protect your assets and preserve them for future generations. You may, too, have heard the term “irrevocable living trust” tossed around during your estate planning process, but you may not completely understand what it is or what it can do.

Estate planning strategies beyond a will

While standard wills and trusts might work for many Ohio residents, these generic tools might not be the cheapest or most efficient way to deal with inheritance. In terms of estate planning, effort and attention to detail often pay off with lower stress, reduced probate costs and peace of mind.

Carefully drafting an effective healthcare proxy

Creating a healthcare proxy is a sensible step for many Ohio residents preparing for the possibility they may lose the capacity to make their own healthcare decisions. However, like any similar document, a health proxy should usually be drafted with care. Similarly, the choice of attorney in fact— the one who makes decisions on behalf of an incapacitated individual— typically requires significant consideration.

What should I not include in my will?

The purpose of a will is to specify who will receive your property and assets when you pass away. Many people in Ohio, however, may be surprised to learn that certain properties or holdings actually should not be or cannot be included in a will. This is because specific properties are accompanied by their own rules that govern what happens to them after the owner dies.

Why parents of the disabled should consider special needs trusts

As an Ohio parent of a disabled or special needs child, you face unique estate-planning considerations, but odds are, a primary goal is to see that your child’s needs are met once you pass on. Depending on the type and severity of your child’s disability, he or she may end up needing a lifetime of care after your passing, and one way to see that your child has everything he or she needs involves establishing a special needs trust. At King, Koligan & Associates, LLC, we understand the benefits of special needs trusts, and we have helped many parents navigate estate planning efforts on behalf of their special needs children.

Are you impacted by federal estate tax changes?

If you have an estate plan or are creating an estate plan in Ohio, you probably have heard about estate tax laws. While each state has their own laws, there are also federal laws to know and understand. Recently, a new federal estate tax law was passed, according to Forbes.

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