Importance of Estate Planning Columbus Ohio for Seniors
Many seniors think there is no need to hire a lawyer to do Estate Planning Columbus Ohio. This can be a serious mistake. When seniors die witEstate Planning Columbus Ohiohout doing any planning, there are often significant tax ramifications. There may be other ramifications as well. Although this will not affect the seniors directly, they will have a negative impact on how much heirs will ultimately inherit. Even though the federal estate tax is low, there are still many ways to lose a significant part of the value of asset to the government. That is why estate planning is so important.
One issue that many seniors ignore is planning for a nursing home stay paid by the federal Medicaid program. Most seniors can qualify with a bit of financial planning. However, the government will try to get reimbursement of funds spent for nursing home care from the estate of the senior getting nursing home care. This includes real estate such as the family house. As soon as the the seniors pass away, the house will have a lien that is placed by the state Medicaid program. The Medicaid program will need to be compensated with cash or via the sale of the home. Those that can plan for Medicaid will be able to shelter most or all of the assets.
Another issue that senior citizens need to look with a lawyer doing Estate Planning Columbus Ohio is to pass down other assets. Without a good will, there may be litigation between family members on who gets what. Those who feel they did not get a fair share of the inheritance may try to spend time and money fighting a will that was not drafted well. Many wills found on the Internet have lots of problems when used in some states. That is why it is much better for seniors to have a lawyer draft a custom will. A will drafted by a good estate planning lawyer in Columbus Ohio will be solid enough to withstand any legal challenges in the future. Remember, it is not illegal to give somebody nothing. However, it is important to make sure that the will is solid.