One of the most daunting tasks for some people in their estate planning is choosing the right person to handle power of attorney responsibilities. When you designate power of attorney, you are granting another individual to act on your behalf for personal, legal and professional reasons. You can see how granting someone with this type of authority can be a risk.
As you approach your retirement years, it is vital for you to review your estate plans more often. Though you may be more concerned about where your possessions will go after you die, you must not overlook concerns that may arise while you are still living. Many Ohio area seniors find themselves struggling to pay for their end of life expenses because they did not include contingencies to protect their assets from Medicaid.
Small business owners in Ohio would be well advised to take a look at the benefits of estate planning for transferring one's share or its value to their heirs at death. This will usually involve a mix of legal instruments drawn from both estate planning and business law agreements to make the transition easier and ultimately more lucrative for one's heirs. The complicated tax issues that may arise in this context are best determined and planned in consultation with an estate planning attorney and a tax expert or qualified financial planner.