Repair The Roof - Estate Planning Podcast

Get ready to unravel the complex world of property taxes in Ohio with Attorney Ted Gudorf. This episode will leave you better informed and prepared for the ever-changing property tax landscape. Ted walks us through the recent surge in property values, breaking down what this means for you as a property owner, and how it differs from your home's resale value. 

Our host dives into the intricate details of the mass appraisal system employed by local counties and the independent appraisal process which determines a property's fair market value. Ted offers invaluable insights into how to appeal your property's value, the overall impact of property taxes on local school districts, and potential changes looming in property tax laws. All this and more in this episode of Repair The Roof!

Key Topics:

• Tax Value and Fair Market Value (02:24)
• Mass Appraisal (04:34)
• Appealing an Appraisal (06:28)
• Real Estate Tax in the State of Ohio (08:46)
• Funding School Districts (11:23)
• Challenges to Property Tax (13:18)
• Wrap-Up (17:15)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

Listen in as Attorney Ted Gudorf guides you through the complexities of funding a trust, in the latest episode of the Repair the Roof Podcast. This episode is dedicated to discussing the vital importance of fully funding your estate plan. Ted highlights the top seven items to transfer into your trust, the paperwork involved, and the legal implications. He also covers the specifics of transferring real estate into trusts, the role of title insurance, and the need for a general warranty deed in Ohio.

He continues by explaining the medallion signature guarantee process required for transferring stocks, bonds, mutual funds, annuities, and other investments into your trust. He also discusses creating an investment LLC to protect your assets from creditors. Wrapping up the conversation, Ted emphasizes the urgency of starting your estate planning now and provides valuable insight to begin. So, listen in as our host demystifies the often overwhelming process of estate planning, providing practical advice and clear guidance every step of the way.

Key Topics:

• The One Item That Cannot Be Put Into Your Trust (1:19)
• Real Estate in Your Trust (1:53)
• Transferring Property into a Trust (7:08)
• Vehicles in Your Trust (10:48)
• Getting All Our Accounts Titled Into the Same Name as the Trust (18:24)
• Change Both the Owner and Beneficiary to Trust (22:30)
• Properly Forming an LLC Company (23:20)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

Our host, Attorney Ted Gudorf unravels the intricacies of trust types and estate planning. He starts by examining the key distinctions between the types of trusts frequently created at Gudorf Law Group, and how these different trusts can protect your assets from lawsuits, creditors, bankruptcy, and divorces, and even provide a shield against Medicaid, federal, and state estate tax.

Ted focuses on irrevocable trusts for Medicaid asset protection, emphasizing the role of a third-party trustee and why the trust maker cannot be a beneficiary. He also touches on the importance of having a limited power of appointment to change beneficiaries.

Lastly, Ted delves into the federal estate tax and how it relates to trusts and how a married couple can transfer up to $26 million during their lifetime or upon death, tax-free, and how the rollback of this exemption amount in 2026 could impact your estate planning. He also discusses the benefits of transferring assets into an irrevocable trust and the need for a professional service trustee. This and much more in this episode of Repair The Roof, from Gudorf Law Group.

Key Topics:

• Intro to the Types of Trusts (00:28)
• Revocable Trusts (01:56)
• Irrevocable Trusts (06:55)
• Medicaid Asset Protection Trust MAPT (09:31)
• Longterm Care Insurance (18:04)
• Revocable Irrevocable Trust (20:09)
• Estate Tax Trust (22:43)
• Irrevocable Life Insurance Trust (30:10)
• Wrap-up (32:39)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

Are you prepared for the future of your estate? Our host, Attorney Ted Gudorf is here to help you avoid the five major estate planning blunders that could impact your family. In this episode, he tackles the skyrocketing cost of long-term care, as 10,000 individuals turn 65 every day and the probability of needing such care increases. Discover Gudorf Law Group’s preferred method of addressing long-term care, asset-based long-term care, and why it's essential for your future.

Taxes and probate can be confusing and overwhelming, but they don't have to be. Ted reveals critical insights on how to address estate planning, tax issues, and the importance of avoiding probate. Learn about living probate and death probate, and why working with the right law firm is crucial for your estate's future.

Life is unpredictable, but your estate plan doesn't have to be. Gudorf Law Group aims to give you clarity and confidence as you move forward with your estate plan, and to help you avoid pitfalls along the way.

Key Topics:

• Major Estate Planning Blunders (0:44)
• Blunder #1: Not Addressing Longterm Care (0:55)
• Blunder #2: Not Addressing Taxes (13:06)
• Blunder #3: Having No Plan or an Inappropriate Plan in Place to Avoiding Probate (27:50)
• Blunder #4: Working with the Wrong Law Firm (32:12)
• Blunder #5: Not Covering all of the Contingencies that could Happen (37:32)
• Wrap up (39:36)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

Discover the essentials of revocable living trusts with our host, Attorney Ted Gudorf, as he guides us through the 10 must-have provisions for success in a revocable living trust in Episode 19 of the Repair the Roof Podcast. Learn how to create a solid trust that not only protects your estate but also simplifies matters for your loved ones in case you become incapacitated or pass away.

Ted addresses the importance of identifying the individuals involved, the significance of a spendthrift clause, and the crucial no-contest clause. Additionally, he’ll cover often-overlooked provisions regarding incapacity determination and trust asset utilization. Don't miss this opportunity to gain valuable insights on how to ensure your revocable living trust runs smoothly and effectively.

Key Topics:

• Avoiding the Probate Court Process Through Trusts (00:45)
• 10 Must-Have Provisions for a Successful Revocable Trust (01:15)
• Must State that Trust is Revocable (01:18)
• Identify the Individuals Who Are Involved in The Trust (01:40)
• Who Are The Income Beneficiaries & Beneficiaries of Trust Principal (04:00)
• Name of Trust (04:55)
• Spendthrift Clause (06:10)
• Include a No Contest Clause (07:07)
• How to Determine Whether Trust Maker Has Capacity or Not to Be Trustee (09:00)
• How Trust Assets Can Be Used While Trust Maker is Incapacitated (10:42)
• Name a Trust Advisor or Making Provisions for Someone to Make an Appointment of a Trust Advisor(11:50)
• Create a Certification of Trust (13:40)
• Wrap-up (15:05)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

Have you ever wondered what happens to your debts when you pass away? How can you protect your estate and your loved ones from being burdened by these debts?

In this eye-opening episode of the Repair the Roof Podcast, our host Attorney Ted Gudorf dives into the inheritance dilemma and discusses the different types of debt that can impact heirs when someone passes away. He breaks down the difference between secured and unsecured debt, and explains how Ohio law handles estate debts. You'll also learn how to protect your estate from creditor claims and discover the responsibilities of the executor, administrator, and heirs when it comes to paying off debts.

Ted explores the unique provisions of Ohio law regarding estate debt, such as the six-month rule for creditors to make a claim and how assets held in a trust can pass free of probate and unsecured debt. Discover the importance of understanding the order of priority for bills that need to be paid out of an estate, and how to handle paying unsecured debts, such as credit card debt. Ted also discusses the importance of estate planning and how to arrange your affairs to be free of potential claims from creditors. Don't miss this informative episode that will help you better understand inheritance debt and provide valuable information for your estate planning.

Key Topics:

• Debt In An Estate (00:42)
• Debtor-Creditor Law in Ohio (06:13)
• Avoiding Payment of Unsecured Debt (09:43)
• The Order of Claims (13:38)
• Wrap-up (22:00)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

Have you yet found yourselves discussing estate planning and elder law basics as a couple? It's time to get serious about these critical topics, and Attorney Ted Gudorf is here to guide you through it all. He covers everything from having a conversation about your estate plan goals, to sharing information about assets, income, and debt, and even deciding whether to own assets separately or jointly. He also dives into planning for incapacity, long-term care insurance, and the many options available to couples looking to protect themselves and their assets.

In the latter half of the discussion, Ted uncovers the often-overlooked topic of tangible personal property and its sentimental value. Did you know that family disputes over these items are often more intense than those over money? Ted shares tips on having a plan for these items, avoiding family disputes, and making important decisions about beneficiaries, trusts, and end-of-life care.

Our host reminds us of the importance of having an estate plan in place sooner rather than later, and shares resources to get started with the process. After all, the time to repair the roof is when the sun is shining!

Key Topics:

• Having the Estate Planning Conversation with Your Partner (1:17)
• “How do we want to own assets?" (3:52)
• How to Handle Incapacity (4:13)
• The Conversation Around Long-term Care (6:54)
• How to Handle Your Personal Property after Passing (8:55)
• Assigning Beneficiaries (11:18)
• Charitable Contributions Upon Death (16:59)
• Wrap-up (17:36)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

Our host, Attorney Ted Gudorf explains the importance of a General Power of Attorney in your estate planning journey, as he breaks down the differences between general and healthcare powers of attorney and explores the pros and cons of using a springing power of attorney. Get clear on Ohio's Uniform Power of Attorney Act, designed to bring clarity to the formation of general powers of attorney, and understand why these documents must be in writing, signed by the person granting it, and witnessed and notarized as appropriate.

Learn how to effectively use the Ohio Revised Code to create a comprehensive General Power of Attorney, as Ted highlights the critical role of Hot Powers in your document, and how authorizing your agent with the ability to make gifts, alter beneficiary designations, and exercise powers of appointment can make a significant difference. Our host also discusses the potential pitfalls of Self-Dealing and the possibility of requiring a guardianship if your power of attorney is not accepted by a financial institution. Don't miss out on this essential episode packed with insightful information on the power of attorney and estate planning.

Key Topics:

• Power of Attorney & Estate Planning (00:41)
• Powers of Attorney & Hot Powers (11:56)
• What Hot Powers Entail (15:20)
• Guardianship Details (18:25)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

Is it better to create a limited liability company or establish a corporation? Each has its own pros and cons depending on whether you are an independent contractor, a small business, or a real estate investor. In part 1 of this two-part discussion, Attorney Ted Gudorf explains the key differences between LLCs and S-Corps.

Members make up a limited liability company, or LLC. Any entity or individual can be a member of an LLC, with some notable exceptions being banks or insurance companies. The operating agreement, commonly overlooked, is every LLC’s governing document, listing members and their percentage ownership, as well as capital contributions.

Corporation owners, however, are referred to as “shareholders,” not “members.” For the most part, rigid formalities must be followed in order to enjoy the benefits of the corporation. The bylaws of a corporation are those that provide for shareholders, directors, and officers. In some states, professionals have to use a corporation and not an LLC.

In part 2 of this discussion, Ted will delve into a number of complex issues in designing the limited liability company operating agreement or the S corporation bylaws.

Key Topics:

• What is an LLC? (1:20)
• How LLCs are taxed (6:56)
• What is a corporation? (15:55)
• How corporations are taxed (17:28)
• Choosing between an LLC and a corporation (22:00)
• How about a sole proprietorship or general partnership? (29:24)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

1035 Exchanges, or Rollovers, are an underutilized provision of the Internal Revenue Code which allows owners of annuities or life insurance policies to roll them over on a tax-free basis for brand-new policies with added features and benefits.

Listen in as Ted dives deep into how to take advantage of yet another powerful tool to avoid having to pay a penny more in taxes than you need, and build more wealth all the while!

Offering actual examples of transferring one annuity or life insurance policy for another, Ted demonstrates that a 1035 Tax-Free Exchange is one of the best options out there to help navigate the rising costs of long-term care, even if you’re already at retirement age!

Key Topics:

• Transferring your annuity or life insurance into a new policy (2:24)
• Why you can’t roll an annuity into a life insurance policy (3:37)
• An example of exchanging one annuity for a better one (05:52)
• Benefitting from rolling over an existing deferred annuity at the age of 65 and up (12:10)
• Adding your spouse as a joint insured to the annuity or long-term care policy (15:28)
• An example of exchanging one whole life policy for another with a rider (16:10)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

Two of the best options for realizing a substantial gain and eliminating capital gains tax on the sale of an investment property are through the sale of your personal residence or an installment sale.

A third option to help you save on taxes and grow your wealth is to take advantage of 1031 exchanges, or rollovers.

Listen in as Attorney Ted Gudorf breaks down the seven essential must-knows around like-kind exchanges set forth in Section 1031 of the Internal Revenue Code.

Key Topics:

• Personal residence (0:48)
• Installment sale (2:12)
• Eliminating capital gains tax using a 1031 rollover (3:55)
• The property must be like-kind (04:51)
• The 45-day rule (06:31)
• The 180-day purchase requirement (08:01)
• Use a qualified intermediary (08:48)
• The title must be mirrored in both transactions (10:05)
• Reinvest an equal or greater amount than the gain achieved in the original sale (11:32)
• Reverse exchanges (12:51)
• The long-term benefits of a 1031 rollover (14:04)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

There’s often a lot of confusion between the different types of irrevocable trusts, even as more and more people are forming them today.

A trust is a relationship between a trust-maker and a trustee, and there are specific terms that the trustee is expected to follow. As a general rule, a trust can either be revocable or irrevocable.

A revocable trust is one in which the trust can be revoked within the lifetime of the trust-maker. An irrevocable trust is one that cannot be revoked, which means the trust-maker cannot directly take back the assets that they placed in the trust.

In this episode of Repair the Roof, Attorney Ted Gudorf explores the three types of irrevocable trusts: estate tax irrevocable trusts, asset protection trusts, and Medicaid asset protection trusts.

Key Topics:

• What is a “trust”? (0:29)
• Similarities between revocable trusts and irrevocable trusts (2:19)
• Differences between revocable trusts and irrevocable trusts (4:17)
• Grantor trusts (04:43)
• Type 1: Estate tax irrevocable trust (06:37)
• Type 2: Asset protection trust (08:21)
• Type 3: Medicaid asset protection trust (11:32)
• Removing trustees through a trust protector/advisor (15:37)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

In 2018, the federal government collected over $170 billion in capital gains taxes. With all the economic turbulence we continue to experience in 2023, it’s more important than ever to understand the key concepts of capital gains tax to be better equipped to preserve our wealth.

In this episode of Repair the Roof, Attorney Ted Gudorf defines the term “capital asset,” when and how it is taxed, and what strategies we can employ in our estate planning to avoid the payment of capital gains tax in a legal and lawful manner.

Key Topics:

• “What is a capital asset?” (0:48)
• The difference between long-term and short-term capital gains (3:49)
• Breaking down the four long-term capital gains tax rates (4:46)
• How to report capital gains and minimize the amount you have to pay (07:30)
• Tax-loss harvesting (13:25)
• Eliminating capital gains tax by taking a highly-appreciated asset (14:50)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

If you give gifts on an annual basis, it’s important to know the rules to avoid ending up crossways with the Internal Revenue Service. 

For those with large estates, there is an exciting opportunity to do some planning prior to the sunset provisions kicking in on January 1, 2026, which will substantially change the laws.

While today’s discussion focuses on federal law, it’s important to know what applies to you on the state level.

Each of our 50 states can, if they wish, impose their own estate tax, inheritance tax, or gift tax. In 2023, there are 12 states with an estate tax. This means when a person dies, the government levies a percentage tax on the assets that are owned at death.

Six states have an inheritance tax, which taxes the person receiving the inheritance rather than the actual estate. The good is that there is only one state, Connecticut, which has a gift tax.

With all that in mind, how can you navigate the often-confusing federal gift tax laws, particularly when it comes to the “annual exclusion gift” and the “lifetime exemption amount?” Finally, what planning opportunity can you take advantage of between now and December 31, 2025? Listen in and find out!

Key Topics:

• State laws concerning estate, inheritance, and gift taxes (0:58)
• Federal law, the “annual exclusion gift,” and the “lifetime exemption amount” (3:34)
• What to expect when the sunset provisions kick in on January 1, 2026 (8:11)
• A planning opportunity to consider prior to December 31, 2025 (9:59)
• Which assets can be transferred into a trust? (12:43)
• Transferring an unlimited amount of money for medical expenses or for tuition (16:40)
• Fair market value determines your gift amount (19:43)
• Closing thoughts (21:03)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

With the number of baby boomers rising, more men and women are struggling to find appropriate ways to provide for long-term care.

In Dayton, Ohio, it’s not unusual in 2023 to see assisted living care costs go as high as $8500 per month, and it’s not unusual to see nursing home costs exceed $12000 per month.

With a medical inflation rate that is above the already-high regular inflation rate, the cost of care is clearly going to double in as little as ten years.

In this episode of Repair the Roof, Attorney Ted Gudorf discusses everything you need to know about a little-known, but powerful option to navigate the rising cost of care.

It’s called asset-based long-term care, and it utilizes either a whole life insurance policy, a universal life insurance policy, or an annuity as its foundation.

Our goal at Gudorf Law Group is to have your asset-based long-term care policy pay for at least 50% of the cost of care.

How exactly can you make this unique option work for you? Listen in and find out!

Key Topics:

• The rising baby boomer population coupled with rising long-term care costs (3:09)
• The limitations of Medicaid and other government healthcare programs (5:10)
• Deciding where you want care to be provided (7:44)
• An introduction to asset-based long-term care (10:18)
• At what age should you consider asset-based long-term care? (14:50)
• How does asset-based long-term care work? (16:08)
• How to get your own asset-based long-term care policy (23:42)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

In this episode of Repair the Roof, Attorney Ted Gudorf offers his best advice on navigating the rising costs of long-term custodial care by laying out the basics of crisis Medicaid planning.

Many of us across the country have had family members in need of long-term care. Over the last several years, there has been a rising cost for this care, whether it is at home, in assisted living, or at a nursing home.

Certain steps have been taken to expand Medicaid coverage in certain states, whereas other states are trying to restrict coverage.

Listen in as Ted talks about the basics of crisis Medicaid planning so that, if you find yourself in a crisis with respect to a family member, you will be able to protect assets while qualifying your loved one for payment through the Medicaid program.

Key Topics:

• The issue of rising care costs (1:28)
• The difference between preplanning and crisis planning (6:50)
• Creating a Medicaid Asset Protection Trust (9:31)
• The Assisted Living Waiver Program (ALWP) (12:15)
• The basics of crisis Medicaid planning for long-term care for single individuals (14:47)
• Which assets are counted (18:09)
• The basics of crisis Medicaid planning for long-term care for married individuals (20:16)
• Creating a pooled trust in Ohio (25:15)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

In this episode of Repair the Roof, Attorney Ted Gudorf discusses four basic yet essential steps to protecting your assets.

It is becoming increasingly popular for estate planning clients to want to protect their assets from potential creditor claims, whether from lawsuits or other creditor-type actions including bankruptcy and nursing homes.

How lawyers advertise today is drastically different from how they advertised half a century ago. In 1977, the United States Supreme Court determined that lawyers should have the right to advertise—commercial speech—by virtue of the First Amendment. Since that time, the number of lawsuits filed in this country has significantly increased.

All of this has led to the so-called “lawsuit crisis.” Asset protection has become a popular strategy as a result.

Listen in as Ted explains what “asset protection” is and what it is not, the importance of getting clear on what a debtor/creditor can and cannot do in your particular jurisdiction, and the four steps you need to take to protect your hard-earned nest egg not just for your family today but for the next generation.

Ted also offers advice on successfully utilizing an LLC for asset protection, and how to decide on a legacy trust, whether domestic or international.

Key Topics:

• The origin of the so-called “lawsuit crisis” (0:54)
• Defining “asset protection” (5:22)
• Debtor/creditor law as a function of state law (8:00)
• Step #1: Understand your state law (12:20)
• Step #2: Understand your insurance policies (16:56)
• Step #3: Create a Limited Liability Company (LLC) (23:49)
• Step #4: Put your assets into a legacy trust  (29:32)
• A recap of the four steps (38:52)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

In this episode of Repair the Roof, Attorney Ted Gudorf discusses why asset alignment, or funding, is key to having an effective estate plan.

Asset alignment revolves around making sure that the assets you own are properly titled, whether in the name of your revocable trust, your irrevocable trust, your limited liability company (LLC), or your individual name with a designated beneficiary.

Before diving into asset alignment, it is important to first identify the assets you own and in whose name each is titled—often overlooked details. Once this is done, prepare the necessary paperwork needed to retitle the assets to the proper name.

Some of the primary benefits of properly funding your estate plan include avoiding both living and death probate, protecting your assets (for example: from lawsuits, nursing home costs, etc.), and ensuring that your assets get passed onto your grandchildren.

90% of the estate plans we see are not fully funded and, in fact, most are not even partially funded. At our law firm, we believe in fully funding your revocable trust.

Key Topics:

• Identify the assets you own and how they are currently titled (1:26)
• Having a client organizer, collecting the paperwork, and creating an asset spreadsheet (3:22)
• Retitling the assets to be in the proper name (5:18)
• Avoiding both living and death probate (6:48)
• Protecting your assets (9:00)
• Ensuring your assets get passed onto your grandchildren (9:58)
• Fully funding your revocable trust (12:08)
• Retitling real estate (15:17)
• Retitling tangible personal property and banks, life insurance, and unique assets (18:05)
• A recap of today’s episode (20:49)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

In this episode of Repair the Roof, Attorney Ted Gudorf discusses the three legal documents you need to have to make sure your medical decisions are taken care of, whether you’re 18 years old and going off to college, or 95 years old and in a nursing home.

It is extremely important to be clear about whom you want to make medical decisions for you when you can’t, and also to give you some guidance about end-of-life decisions.

The first document is a HIPAA (Health Insurance Portability and Accountability Act of 1996) authorization, through which you designate other individuals to speak with your doctor for information relevant to your medical condition.

The second document is a healthcare power of attorney, through which you designate other individuals to make medical decisions for you if you cannot.

The third document is a living will, which lists your wishes with regard to end-of-life. The living will is different from a pour-over will, which lists the beneficiaries of your probate estate.

Key Topics:

• HIPAA authorization (1:12)
• Healthcare power of attorney (7:11)
• Living will (14:36)
• The difference between these three documents and a DNR (do-not-resuscitate) order (20:21)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

In this episode of Repair the Roof, Attorney Ted Gudorf discusses what to expect at your initial goals and responsibility (G&R) meeting. This is the second step in the process after you have completed and submitted the client organizer.

He unpacks the first conversation you will have with a member of our legal team: what questions you are going to be asked, what questions you should be asking, and what documentation you should bring to the meeting.

At the G&R meeting, you will go over two questions: 1) What are your goals?; 2) Who are you interested in putting in charge of your estate? As the meeting draws to a close, you will then be guided in preparing for the next two steps of this seven-step process: the design meeting and, after that, the delivery meeting.

Key Topics:

• Defining your goals (1:32)
• Income tax planning as a key component of estate planning (5:18)
• Multigenerational planning (7:46)
• Selecting your trustee (9:11)
• Preparing for the design meeting and the delivery meeting (15:23)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube