Repair The Roof - Estate Planning Podcast Ted Gudorf, Gudorf Law Group

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 GroupThe Ohio Estate Planning Guide - Free BookGudorf Law: What We Do and How We Help WebinarDon't Go Broke in Nursing Home WorkshopWhen a Loved One Dies: A Legal Guide - Free BookSubscribe 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 GroupThe Ohio Estate Planning Guide - Free BookGudorf Law: What We Do and How We Help WebinarDon't Go Broke in Nursing Home WorkshopWhen a Loved One Dies: A Legal Guide - Free BookSubscribe 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 GroupThe Ohio Estate Planning Guide - Free BookGudorf Law: What We Do and How We Help WebinarDon't Go Broke in Nursing Home WorkshopWhen a Loved One Dies: A Legal Guide - Free BookSubscribe 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 GroupThe Ohio Estate Planning Guide - Free BookGudorf Law: What We Do and How We Help WebinarDon't Go Broke in Nursing Home WorkshopWhen a Loved One Dies: A Legal Guide - Free BookSubscribe 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 GroupThe Ohio Estate Planning Guide - Free BookGudorf Law: What We Do and How We Help WebinarDon't Go Broke in Nursing Home WorkshopWhen a Loved One Dies: A Legal Guide - Free BookSubscribe 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 GroupThe Ohio Estate Planning Guide - Free BookGudorf Law: What We Do and How We Help WebinarDon't Go Broke in Nursing Home WorkshopWhen a Loved One Dies: A Legal Guide - Free BookSubscribe on YouTube