Special Needs Trust

Typically, a physical or mental disability may qualify a person for government benefit programs, such as Social Security or Medicaid. Since these programs are administered only to those who financially qualify, gifts or inheritances must be planned very carefully so they will not interfere with the disabled beneficiary’s eligibility for government benefits. Setting up a special needs trust is one way to help pay for the challenges associated with raising a disabled child, while still preserving government benefits.

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Revocable And Irrevocable Trusts

Understanding The Difference Between Revocable And Irrevocable Trusts

A trust creates a legal entity designed to protect, grow, and distribute estate assets. There is a common misconception that trusts are only useful for wealthy people. However, there are different reasons for setting up a trust even if you do not have a lot of wealth. Some of the more popular reasons for creating a trust are for providing for the care of minor children and avoiding probate upon death. Before determining if a trust is necessary for your estate plan, it is important to understand who are the parties involved with a trust and the difference between revocable and irrevocable trusts.

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Checking Accounts and Estate Planning | Hesch Law

For purposes of the probate court, there are two different types of property. The first is “non-probate” property, which includes assets like life insurance policies, 401(k) plans, joint deeds of trust, and other assets with named beneficiaries or automatic survivorship rights. The unique feature about this non-probate property is that it passes to a beneficiary outside the court system when the owner of the asset passes away. All other property is considered “probate” property. Probate property must pass through the probate court upon death of the owner. It is important to understand that property as simple as a checking account can end up as either type of property, depending on the structure of the account.

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Young Couples Estate Planning

Most people view estate planning as a process only involving elderly wealthy people. However, estate planning can have the same effect on younger couples as it does with older couples. Many younger couples either neglect or postpone any type of estate planning because they feel as though they haven’t accumulated enough wealth for a plan to be necessary. However, young married couples, especially those with children, should have a plan to help ensure that their loved ones are cared for in case of an emergency.

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Elder Law Attorney

When many people retire, they assume that their finances are in order and that they will live out their retirement comfortably in their homes. Unfortunately, as retirees age, the chances of suffering long-term illness or a serious injury tends to increase. Sadly, and much too often, families are not prepared for the changes that can occur when an older family member suffers an injury or illness that may require that person to spend the rest of his or her days in an assisted living facility or nursing home. An elder law, estate planning, and Medicaid planning attorney can help mitigate some of these problems and give families peace of mind by utilizing different tools and strategies to help families plan ahead for these situations.

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Small Business Succession Plans

Over time, business owners spend a lot of blood, sweat, and tears crafting a good business plan, finding an appropriate corporate structure, and seeking the best possible financing options for their businesses. However, the one part of their businesses which is often overlooked is succession planning. Nobody is going to be able to run a business forever, so all small business owners should have a plan in place for what will happen to their company upon their death, disability, incompetence, bankruptcy, or retirement.

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Bill-Hesch-WCPO | Hesch Law

Bill Hesch will be interveiwed by Jenell Walton on the WCPO Channel 9 News show “The List”!

Bill Hesch will be interviewed by Jenell Walton on the WCPO Channel 9 News magazine show “The List”! The show airs weekdays at 7. Bill will talk about the 3 best ways to spend your Tax Refunds and it is scheduled to air one evening next week. “The List” brings viewers the hottest topics of the day in one-of-a-kind list form and features stories from right here in the Tri-State, mixed with national and global trends.

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Medicaid Planning

Many people wonder how to protect their assets lawfully, while still remaining eligible for benefits like long-term care. The whole notion of transferring assets, in anticipation of a nursing home or assisted living facility, is so that the cost of long-term care (sometimes running upwards of $80,000 annually) can be covered by Medicaid.

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