Estate plans can prevent guardianship proceedings because if you've done powers of attorney, those are called least restrictive alternatives, and the court will honor them and not have a filing for a guardianship. That is a better option for your family or other people you appoint rather than going through the cost of the probate proceeding for guardianship.
If you start a small business, there are a couple of business entities that you can select that would give you limited liability. Limited liability companies, corporations, give you limited liability. If you operate as a proprietor or a partnership, you have personal liability.
J.C. DeBoard & Co., L.P.A. has offices in Worthington, Ohio and Heathrow, Florida (near Orlando). Our attorneys practice in the areas of Estate and Elder Planning, Business Succession, Business Formation and Acquisition, Contracts, Real Estate, Probate, Personal Injury and Business Litigation.
A living trust is not a necessary document in estate planning, but it is a highly advisable document. A fully-funded living trust avoids the necessity of probate, and I think you and your family would be very grateful for that benefit.
Wills
Estate planning is the process whereby you make a will, powers of attorney, living wills, if you choose. It's a process by which you decide where all your assets are going to go in the event of your death or if you didn't die, who gets to make those decisions for you. It's an important process and one everyone should take seriously, and should reach out to an attorney who's familiar in the area so that they can give you the best advice on what documents you need or you may want.
Trusts
We get the question a lot, are assets in their revocable trust accountable assets for Medicaid purposes? The answer is yes. Until you give something away, either making it an irrevocable trust, you don't start that countdown for Medicaid.
Power of Attorney
Yes, a durable power of attorney would still be useful even with joint ownership because joint ownership does not give you the flexibility that a separately written durable power of attorney offers to you for all the events that could occur during your lifetime.