Our office works with a lot of accountants. Accountants are often on the front line of the planning issues that we handle for clients. Nine times out of ten the accountants are a tremendous help to our clients, especially to those who are business owners. However, it is always prudent to know what to expect out of your accountant to ensure that he or she is being more of a help than a hindrance to your long term planning needs.
As many of our clients already know, a comprehensive general durable power of attorney is an effective estate planning tool to authorize another person to act on one’s behalf in the event of disability or incapacity. In an effort to improve the usefulness of a power of attorney (“POA”), the laws regarding powers of attorney under the Ohio Revised Code were revised in March of 2012, in order to offer additional safeguards against abuse by the agent appointed in the POA and encourage third party acceptance.
As critical as funding your trust is, you may need to transfer your home out of your trust as a result of Estate of Atkinson v. Ohio Dept. of Job & Family Servs., 144 Ohio St.3d 70, 2015-Ohio-3397, an Ohio Supreme Court case decided August 26, 2015. This case held that your home will be a countable resource for Medicaid qualification purposes if your home is owned by your revocable living trust. Yikes!
The information in this article is news that was reported last year, but we believe that it bears repeating due to the impact that the legislation has on the hundreds of thousands of people in the military who have children with disabilities. With this legislation passed through the National Defense Authorization Act, a special needs trust can now be put in place to protect a disabled child's benefits from being discontinued due to an inheritance that the child receives from a parent.
We see a lot of dissension in our office among family members who have differing opinions about the type of long term care that mom or dad should receive and how the parent's money should be spent to pay for the care.
Not to "beat a dead horse," but many of the issues that family members fight about could have been resolved if mom and dad had made the decisions in advance by doing their estate planning and developing a long-term care plan years in advance.
Roberson Law President Nancy Roberson has received a BV Distinguished rating from Martindale-Hubbell for receiving very high ratings from her peers and clients for both Nancy's legal ability and ethical standards. This is a prestigious rating by a well respected company in the legal industry.
Estate planning and elder law attorneys in Ohio have been on pins and needles the past year to hear the decision about the fate of legislation pertaining to titling a home in the name of a Revocable Living Trust (RLT). The legislation was proposed by the Ohio State Bar Association to fix the problem of counting a house titled in the name of a RLT as a resource that would be included for determining if a person would qualify for Medicaid. This problem was created several years ago by an Ohio appellate court decision.
Many Estate Planning Attorneys, Financial Planners, and Accountants took note of the tax changes that President Obama recently proposed regarding capital gains taxes. If these changes took place, people inheriting real estate could suffer great tax consequences for the property they inherit.
We are in the business of helping people prepare and plan for the inevitable, so every year we write an article advising our clients about what not to do when it comes to death and disability planning. The mistakes we have seen people make throughout the past 30 years we have been in practice have caused a lot heartache, stress, and money for our clients to correct.
May 8, 2015, Roberson Law received the Business Supporter of the Year award by Good Shepherd Ministries. Good Shepherd Ministries Founding Director Dale Nieberding stated that Roberson Law was chosen to receive the award due to the integrity and Christian values that the firm exhibits in its business practices.