Key Steps Involved in Inheritance Planning
Inheritance planning involves taking steps to make sure the people you leave an inheritance for are able to effectively manage that inheritance and benefit from it. You also want to make sure you have protected the assets that you hope to leave behind as a legacy for your heirs. Taking the rights steps to create a comprehensive plan will allow you to bless those you care about with the gift of money, property, and possessions you have worked your life to acquire.
Because creating an inheritance plan can be complicated, it is best to get professional legal assistance to guide you through the process. The Montgomery Ohio inheritance planning lawyers at Zimmer Law Firm provide comprehensive assistance to people of all ages and with all different size estates. Our goal is to help you to ensure you have done everything you need to in order to take the best care of your heirs possible.
Steps in Inheritance Planning
Inheritance planning involves providing protection for your assets and protection for your heirs. The specifics of the inheritance planning process will vary because every person has unique needs and has a family situation which is different from others. Getting personalized legal advice with the process is essential to creating a comprehensive inheritance plan. The steps that may be a part of your plan should include:
- Defining your goals: The first step in creating any effective inheritance plan is to ensure that your know what your goals are. When you have decided what you want your legacy to be, you can move forward with a plan to make it happen. For example, perhaps you want to give money to charity while also providing for those you love, or perhaps you want to make sure a family business survives long after you are gone. Make a list of goals and discuss them with your estate planning attorney so you are on the same page as far as what needs to be done to achieve your dreams.
- Developing a plan to protect assets: You cannot leave an inheritance if your assets are lost. You should create a plan to ensure that unexpected adversity does not cause your money and property to be squandered. It is especially important to have a plan in place to pay for long-term care costs, because a stay in a nursing home even for a brief period could quickly result in your assets being spent down.
- Determining how assets will be managed in case of incapacity: A key part of protecting your assets is ensuring they are carefully managed and kept safe even if you become incapacitated and unable to manage them on your own. You can create a power of attorney to name an agent to act for you or you can create a living trust with a backup trustee who will be able to take charge of asset management in the event that you become incapacitated.
- Evaluating the special needs of your heirs: In many cases, just creating a will and leaving heirs money could actually end up causing those who inherit to experience problems with money management or could put heirs at risk of loss. When your heirs tend to spend carelessly or there is a risk of divorce or bankruptcy, you may wish to use a trust to protect the assets you leave. If you have a disabled relative, a special needs trust can allow you to leave property to care for the disabled person without jeopardizing access to government benefits.
- Creating a comprehensive estate plan to ensure the gifts you leave behind are never a burden. With the right combination of trusts and other estate planning tools, you can ensure your loved ones benefit from a carefully managed and well-protected inheritance.
Zimmer Law Firm has extensive experience providing assistance to clients at all phases of inheritance planning. We will work with you to make sure that your heirs are protected and that the money and property you have worked for is handed down to enrich your loved ones through the generations.
How a Montgomery Ohio Inheritance Planning Lawyer Can Help You
When it comes to inheritance planning, you cannot afford to make mistakes that it will be too late to correct. You need to ensure that you have carefully considered your goals for asset protection and that you have made a plan to provide for your heirs after you are gone.
The Montgomery Ohio inheritance planning lawyers at Zimmer Law Firm can help you at every phase of the inheritance planning process. To learn more about the legal assistance we provide, give us a call at 513.721.1513. You can also find out more information about inheritance planning and estate planning by joining us for a free seminar.