Estate Planning – Zukowsky Law LLC

Estate Planning Attorneys Serving Cleveland, Ohio

Shockingly, only one in three Americans has created an estate plan. Life is full of unexpected surprises, and it is important to have a plan in place to protect your loved ones and the legacy you will leave behind.

Our compassionate estate planning attorneys always listen to the goals and needs of our client in order to craft a comprehensive estate plan that optimizes their finances, safeguards their assets and property, and ensures that their wishes are followed regarding their children’s care. Through our dedicated attention, our legal team can ensure that Ohio families remain in control of their estates, even after death or in the event of incapacitation.

To begin the process of planning for your future, consider contacting an experienced Ohio estate planning attorney at Zukowsky Law today. We would be honored to help you and your family ensure that your legacy is protected.

What Is a Comprehensive Estate Plan?

No two estate plans are alike, and it is important to tailor your estate plan to fit your specific needs and concerns. Many people assume that creating a Last Will and Testament (Will) is sufficient for protecting their estate, but this is not the case. A comprehensive estate plan is designed to address all key aspects of your future, from medical care to financial longevity. A comprehensive estate plan should accomplish the following:

Provide detailed instructions for your medical care and financial affairs if you become unable to make these decisions due to incapacitation
Name the individuals who will receive inheritance from your estate
Establish how the ownership of your business will be transferred, if applicable
Safeguard the inheritance of beneficiaries who are too young or require additional protections from potential creditors or due to financial irresponsibility
Minimize taxes and court costs associated with distributing your estate
Identify a trusted guardian for any minor children
Provide assistance for loved ones with special needs without disqualifying them from necessary government benefits
Include arrangements for long-term health care in the event of extended illness or injury

It is important to note that your estate plan is a living document, meaning it should be consistently reviewed and amended when necessary. Life circumstances change and it is important to ensure that your estate plan accurately reflects your situation and wishes at all phases of life. Whether you are looking to establish an estate plan or change an existing plan, speaking with a knowledgeable Ohio estate planning attorney can help you navigate the process more efficiently and expeditiously.

Your Estate Planning Toolkit

There are a range of legal tools available to individuals who wish to form an estate plan that most effectively benefits their loved ones, personal affairs, and financial situation. At Zukowsky Law, our compassionate estate planning attorneys work closely with individuals and families to create airtight, high-quality comprehensive estate plans to protect their assets and preserve their legacies. Some of the estate planning tools that we use to safeguard our clients include:

Wills: Wills are legal documents that specify how your assets and property will be divided and distributed after you pass away. Without a valid will in place, your estate will be distributed according to Section 2105.06 of the Ohio Revised Code, which prioritizes familial relationships rather than your wishes. As our client, we will work closely with you to understand your goals and create a legally enforceable Will that ensures the preservation of your legacy according to your wishes.

Powers of attorney: Powers of attorney are used to specify how healthcare and financial decisions will be made in the event of your incapacitation. It is extremely important to consider the inclusion of durable power of attorney documents in your estate plan. A health care power of attorney allows you to name the person who will make medical decisions on your behalf if you are unable to voice those decisions yourself. Similarly, a financial power of attorney is used to appoint an individual to pay bills, oversee investments, collect benefits, and handle any other relevant financial matters for you if you become incapacitated in any way.

Revocable living trusts: A trust is a three-way agreement between you (who provides the assets), the trustee (who manages the assets), and the beneficiary (who receives the inheritance). Living trusts, which become valid and enforceable the moment they are created, are typically used to protect the assets from probate, allowing them to go directly to the beneficiary. These trusts can be modified at any point during the person’s lifetime.

Irrevocable trusts: Revocable trusts differ from irrevocable trusts as they are unable to be changed without a court order and/or approval from all parties. While this makes them much less flexible than revocable trusts, they also provide greater protection from taxes and certain creditors.

The specific tools and strategies that you utilize in your estate plan will depend on a variety of factors, including the type of assets and property you own, your familial dynamics, and the presence of potential creditors. The legal team at Zukowsky Law would welcome the opportunity to visit with you and your family to help you determine which planning tools may benefit your estate, and your legacy.

How Can the Estate Planning Attorneys at Zukowsky Law Help?

An estate plan is a constantly evolving legal strategy to protect your loved ones and preserve your legacy. Creating an estate plan that reflects wishes and accomplishes your goals is a difficult process, and to ensure their legal and financial rights are protected, many people seek legal guidance from experienced Ohio estate planning attorneys. At Zukowsky Law, we provide tailored legal strategies and solutions to most effectively benefit you, your family, your estate and your legacy. To learn more about how we can help, consider contacting our Cleveland office at (216) 800-5529 today.