Dayton, Springfield and Greenville, Ohio Estate Planning and Probate Attorneys
Strategies for protecting your assets and your family
Estate plans are not just for the wealthy. If you have a home or own real estate, if you have a family-owned or closely-held business, if you have stocks or bonds, a money market account, a life insurance policy, a retirement plan or a savings or checking account, you have assets that need to be protected from excessive taxation. At the law firm of Fox & Associates Co., L.P.A. in Dayton, Ohio, we have helped hundreds of individuals, families and businesses protect what they have worked so hard to build.
Step one is a well-drafted will
A will is the most basic instrument of an estate plan. Your will is a legal document that lets you decide how and to whom you will distribute your property, choose a guardian for your minor children, and name an executor — the person who will be responsible for the distribution of your assets after you die. Our attorneys have vast experience in advising clients and drafting clearly worded wills and, when changes in life situations require it, modifying wills.
Using trusts to provide for children and other loved ones
Trusts come in many shapes and sizes. Choosing to create a trust can provide protection for your children, spouse or loved ones with special needs. Trusts can also help you:
- Protect your privacy
- Minimize friction when you are in a second marriage and you or your new spouse have children from a previous relationship
- Provide for a favorite charity (Charitable Trust)
- Ensure that your heirs’ inheritance is protected from Medicaid issues
There are also revocable trusts (inter vivos trusts) that can be changed or terminated as needed, and irrevocable trusts, which are generally set in stone and often used to avoid estate taxes. These can include AB Trusts and ABC Trusts. As your legal advisor, your Fox & Associates Co., L.P.A. lawyer discusses your options with you to help you make informed choices to protect your assets and preserve your wealth.
Ohio advance directives
A living will is not the same thing as a will. A living will is an advance directive that dictates whether you want life support should you become terminally ill or permanently unconscious. You can authorize your doctor to withhold life support measures if you so desire. Other types of advance directives include:
- Durable power of attorney for health care
- Do not resuscitate orders (DNR)
- Anatomical gift order
Advance directives are an important part of your estate plan that take the burden off your family members should you become too ill or disabled to express your choices on your own. At Fox & Associates Co., L.P.A., we provide effective yet compassionate counsel regarding advance directives.
Power of attorney
Like an advance directive, with a power of attorney you assign an individual to manage your financial affairs in the event you become unable to do so. This gives the party the ability and the authority to manage your assets, pay your bills, administer any trusts you may have set up, and deal with the IRS and Ohio Department of Taxation. Our lawyers can discuss the importance of designating a power of attorney and how to make it part of your overall estate plan.
After the death of a spouse, parent or other loved one, probate is the last thing surviving family members want to think about. As experienced probate attorneys, we can help. Whether a simple probate, in which you may need legal counsel and guidance to avoid pitfalls along the way, or a formal probate process, in which the probate court supervises distribution of assets, we provide insight, experience and representation, particularly in cases where a will is being contested or no will exists.
Contact us for a consultation
Your legal challenge deserves the individual attention and benefit of experience that the attorneys at Fox & Associates Co., L.P.A. offer. We provide aggressive representation and compassionate counsel to clients in Dayton and throughout Ohio’s Miami Valley. To schedule a consultation, please contact us online or call our office at 937-258-3668. For your convenience, we have locations in Dayton and Huber Heights.