Serving Our Seniors Magazine Oct-Dec 2023

DON'T LET YOUR LIFE SAVINGS BE DIMINISHED BY THE HIGH COST OF PROBATE OR DESTROYED FROM THE EVER INCREASING COST OF LONG-TERM CARE . BRUMBAUGH LAW FIRM CAN HELP YOU PROTECT YOUR LEGACY . We handle a great deal of probate cases in my office. In fact, if someone has passed away in your family, we can probably help you. However, when I work on these cases, I often wonder why so many people allow their assets to go through probate. Did they not know there were so many other choices? Did they not know how expensive probate can be? I am often saddened when I see a person's Will that leaves assets equally to all the children, but the assets pass outside the Will and do not follow the person's wishes. Below, I will address some of the common misconceptions many people have. FALSE BELIEF #1: I HAVE A WILL SO MY ASSETS WILL AVOID PROBATE. TRUTH: If an asset passes through the Will, the assets will go through probate. You should think of your Will as a fancy letter to the probate judge giving instructions to the judge on who you want the court to appoint to be in charge (your executor) and who you want your assets to go to once the debts are paid. FALSE BELIEF #2: MY WILL CONTROLS WHERE ALL MY ASSETS PASS UPON MY DEATH. TRUTH: Your Will only controls those assets in your name at death where you have not named a beneficiary or where there is no surviving co-owner who has survivorship rights. If you put a child on an account or on real estate, it is generally as joint owner with survivorship rights. This means even though your Will says your assets are to be divided equally between your children, this isn't what happens. Instead, your bank account or real accounts or real estate, you have now potentially made your assets part of your child's divorce case. You have also put your assets at risk if a child gets in a car wreck and gets sued. In addition, when you add a child to real estate, you have made a gift for Medicaid purposes and caused unintended tax consequences through partial or total loss of a stepped up tax basis, upon death. Going through probate is expensive and generally not necessary. A house worth $100,000 going through probate can create fees between $4,000 and $8,000. In order to avoid probate while maintaining a plan that gets your assets where you truly want them to go without risking your assets to your child's creditors or to divorce proceedings or to unexpected tax consequences takes a bit of planning. However, this planning doesn't have to be complicated. Please call us to schedule a CONSULTATION to discuss ways to avoid probate. If you want to go further than just avoiding probate, we can discuss ways to protect your assets from the high cost of long term care. CALLNOWTOSCHEDULE ACONSULTATION! Are you worried about future nursing home costs? Get our FREE BOOK ... on protecting your assets from the nursing home. It's not too late! Get your FREE copy at: ProtectYourFamilyErie.com BRUMBAUGH LAW FIRM - 310 E BOALT STREET SUITE E - SANDUSKY, OHIO 44870 419-504-6116 7