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February 2017 Archives

Planning now could prevent abuse by guardian in later years

Ohio residents often avoid thinking about what could happen if they become physically or mentally vulnerable in old age. If a person has not set up a durable power of attorney and medical power of attorney during healthy times, then an abusive agent might step in and become a guardian or conservator who uses an elder's finances for personal gain.

Most adults don't have a will

Most Ohio adults don't want to think about the possibility of dying, and that may be one of the reasons why so many people don't write a will. According to a survey that was taken by Caring.com, almost 6 out of 10 adults in the United States haven't created a will or a living trust.

How to gift to children responsibly

Parents in Ohio and throughout the nation may want to gift assets to their children. However, it is generally a good idea to be strategic about how and when such gifts are made. For instance, it may be better for a parent to wait until he or she passes away to gift shares of stock or other appreciated assets to a child. This is because the child gets a step-up in basis.

Preparations for managing an elder's assets and health

People with elderly relatives in Ohio might need to step in and manage their assets and make decisions at some point. Some legal paperwork done before an aging parent becomes incapacitated will limit disruptions and the need to go to court to have the parent declared incompetent in order to obtain guardianship.

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