Articles

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Protecting your Beneficiaries
Sept. 07, 2017 / Posted by Richard Chamberlain

You may have noticed that we use the phrase “Protecting Those You Love and Preserving What You Have” to describe our services. This phrase really describes our approach to our work and sums up what makes us different.

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Special Needs Planning
Aug 31, 2017 / Posted by Richard Chamberlain

If you have a child or other loved one (whether a minor or an adult) with special needs, such as mental or physical disabilities, you know that caring for them requires special care and planning.

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Standalone Retirement Trusts
Aug 24, 2017 / Posted by Richard Chamberlain

These days, it's become more important than ever to make the right plans for your IRAs and to have them integrated into your estate planning. With the right planning, you can maximize the benefit to your beneficiaries, while also providing significant protection from creditors, bankruptcy, or divorce.

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Why Avoid Probate?
Aug 17, 2017 / Posted by Richard Chamberlain

Almost everyone we meet with for estate planning comes to us wanting to avoid Probate. Some of those people have been through the process with the estate of a loved one. Their experience in the Probate process gave them the background to understand that they want to keep their own estate out of Probate.

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Don't Lose Control of your LLC
July 31, 2017 / Posted by Richard Chamberlain

Often, business owners will come to me with questions or concerns about their Limited Liability Company (LLC). When I ask for a copy of their Operating Agreement, I'm often met with a blank stare or an embarrassed “We don't have one of those.”

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Forming an Ohio LLC
July 24, 2017 / Posted by Richard Chamberlain

A Limited Liability Company (LLC) is a powerful and effective entity choice for forming a business. The LLC entity provides all of the liability protection business owners need – the same protection achieved with a corporation, but it is easier and less expensive to maintain over time.

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Business Succession Planning
July 17, 2017 / Posted by Richard Chamberlain

If you own a business, you know how important it is to make plans for the future. Whether you're a sole proprietor or have other co-owners who work with you, the need to plan includes the eventual transition of your business when you are ready to move on. When you leave your business, either because you've decided to retire, or because you become disabled or pass away, you need to make sure that:

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Buy-Sell Agreements
July 10, 2017 / Posted by Richard Chamberlain

Although a good Operating Agreement is a very important document for an LLC because it sets out in a binding written agreement important rights and obligations of the owners, such as who the members are, the percentage of the Membership Interests in the LLC each member owns, how the LLC is controlled, whether a member is obligated to contribute money or property to the company,...

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Avoiding a Guardianship of the Estate
July 03, 2017 / Posted by Richard Chamberlain

In this article, we take a look at a Guardianship of the Estate and how it may not be what you would want for your children. We'll look at the problems associated with a Guardianship of the Estate, as well as how you can use trusts solve those problems.

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Why Create a Trust for your Minor Children?
June 27, 2017 / Posted by Richard Chamberlain

You have a minor child or children, and you want to make an estate plan. Why is it important to create a trust for them? Go through this quick exercise to answer this question based on your own circumstances...

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Why Use an Irrevocable Trust?
June 20, 2017 / Posted by Richard Chamberlain

When we are speaking with our clients about how to protect their financial legacy, we will often recommend that property be gifted into an Irrevocable Trust. Invariably, the client will ask whether they can just gift property to the children instead. After all, wouldn't that be simpler and less expensive?

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Paying for Long Term Care
June 13, 2017 / Posted by Richard Chamberlain

As we get older, each of us must begin to contemplate the possibility of needing long term care (LTC) at home, in assisted living, in a nursing home, or some other setting. The options for how to pay for that care are often confusing and can involve difficult discussions.

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Medicaid Qualification
June 6, 2017 / Posted by Richard Chamberlain

As we discussed in our article “Paying for Long Term Care,” there are multiple options for how to pay for the cost of Long Term Care (LTC). One of those options involves qualifying for Medicaid benefits, which is based on an individual's assets and monthly income.

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How Should You Handle Personal Property in an Estate Plan?
Nov 07, 2016 / Posted by Richard Chamberlain

Too often the handling of personal property in an estate is overlooked, and too often, it is the biggest source of contention and fighting among beneficiaries. Make sure that you address your personal property in your planning.

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Four things you Must Do when You've Inherited a House
Aug 27, 2016 / Posted by Richard Chamberlain

I recently read a very good article written by a mortgage loan originator in Tennessee. The article is entitled "3 Things You Must Do after Inheriting a Home." The article states that after a home is inherited, there can be a feeling of "acquired wealth," but you still need to...

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Prince Died Without a Will
Apr 25, 2016 / Posted by Richard Chamberlain

The unexpected death of iconic singer/songwriter Prince last week has been dominating the headlines ever since it happened. It's yet another example of someone taken too young without warning. While the repercussions will continue to reverberate throughout the media for weeks or months to come, ...

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Dave Ramsey is Wrong About Living Trusts
Apr 14, 2016 / Posted by Richard Chamberlain

Dave Ramsey gets a lot of good things done, and he helps a lot of people with debt and getting their financial houses in order. He's very knowledgeable about a lot of things relating to debt and finances, but he apparently doesn't know a lot about living trusts. I have a lot of respect for Dave...

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"What Should we Share with our Family About our Estate Plan?"
Mar 27, 2016 / Posted by Richard Chamberlain

This is a question that comes up often, in one of many forms. Usually about midway through our Delivery Meeting, our client will ask something along the lines of either “should we give our kids a copy of this?” or “what should we tell our kids about this plan?” Our answer is always the same: wha...

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Who Should You Name as Your Successor Trustee?
Mar 03, 2016 / Posted by Richard Chamberlain

If you are looking into creating a Revocable Living Trust, you probably want to name yourself as the initial Trustee (or you and your spouse would be named as Co-Trustees) so you can continue to have control of your assets and your financial affairs. However, you will also need to name Successor ...