What is Portability in Estate Planning?
Estate planning is all about protecting your family’s financial future. One important tool that helps married couples reduce estate taxes is portability. But what is portability in estate planning, and how can it help you and your loved ones? Gudorf Law Group, LLC has years of experience helping Ohio families take advantage of portability and other key estate planning strategies to secure their legacies.
What Does Portability Mean in Estate Planning?
Portability in estate planning refers to the ability of a surviving spouse to use their deceased spouse’s unused federal estate tax exemption. This means if one spouse passes away without using their full exemption amount, the surviving spouse can apply the remaining portion to their own estate. This can significantly reduce or even eliminate federal estate taxes for a couple, allowing them to leave more of their assets to their heirs. Gudorf Law Group regularly helps clients understand how portability appli… Read More
Can Stepchildren Contest a Will?
When a loved one passes away, the probate process can be complicated and emotionally taxing, especially for families with blended dynamics. If you’re a stepchild wondering whether you have the right to contest a will, you’re not alone. This situation can be tricky, but at Gudorf Law Group, we’re here to offer clear answers, guidance, and compassionate support throughout the process.
Do Stepchildren Have Legal Rights to Inherit?
In Ohio, stepchildren don’t automatically inherit from their stepparents unless they’ve been legally adopted. This means that even if you had a close relationship with your stepparent, you might not have any legal right to their estate unless they specifically named you in their will. If your stepparent didn’t include you as a beneficiary, and you weren’t adopted, you typically won’t be considered an heir.
At Gudorf Law Group, LLC, we understand how important clarity is when it comes to matters of inheritance. We know that family dynamics can be complicated, and we’re here to guide you through the legal process with the care and attention you deserve. Our team will he… Read More
What to Know About the Medicaid 5-Year Look Back Period
If you or a loved one in Dayton, Ohio, needs long-term care, you might be wondering how the 5-year Medicaid look back period could impact your financial planning. The Medicaid look back is a rule that checks whether assets were transferred in the last five years before you apply for Medicaid. Understanding this rule is critical because it could affect your eligibility for Medicaid assistance with long-term care.
What is the Medicaid Look Back Period?
The Medicaid look back period refers to the rule that reviews any assets you may have transferred during the past 60 months (five years) before applying for Medicaid. If Medicaid finds that you gave away assets during this time, you could face penalties, which may delay your ability to receive Medicaid benefits. The purpose of this rule is to ensure that Medicaid is available to people who truly need help paying for long-term care, rather than those who can afford it on their own.
How Does the Look Back Period Work?
During the look back period, Medicaid reviews whether you transferred assets, such as your home or fina… Read More
About OhioProbateLawyer.com
The tasks involved in probating an estate can be daunting, especially for those who have never been through it before. We are committed to relieving anxiety around the probate process and to helping Ohioans through an often-challenging time in their lives.
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