KJK’s dedicated team of Estate Planning Attorneys is committed to providing comprehensive services for individuals and businesses seeking effective solutions for their wealth and succession planning needs. With convenient offices in Cleveland and Columbus, our skilled team of attorneys offer guidance on a spectrum of matters, from fundamental estate plans to intricate business succession arrangements.
Our Estate Planning Attorneys understand the significance of a well-rounded approach, and that’s why we collaborate closely with clients’ accountants, financial advisors, insurance agents, and other professional advisors. This multi-disciplinary strategy ensures a holistic perspective to achieve the client’s overarching planning objectives. Ohio families entrust us with their wealth preservation, and we deploy a range of sophisticated planning devices. These devices are designed not only to safeguard your assets but also to minimize the income, estate, gift and generation skipping transfer taxes. We work with fiduciaries to ensure they are performing their required duties relating to the entities such as trusts formed.
At KJK, our estate planning attorneys understand that every estate plan is unique. Our Estate, Wealth & Succession practice group is here to guide you through every step of the process, ensuring that your needs and objectives are met with precision and care.
What We Do
Comprehensive Estate Planning
Estate Planning revolves around guiding our clients in crafting strategies to effectively navigate and preserve their wealth, enabling them to realize their familial, professional, and philanthropic goals. At KJK, this means finding balance in the following areas:
Trust Creation and Administration
Trusts are invaluable tools, regardless of asset size. By placing assets in trust, you can delay your children’s inheritance access, protecting it from potential creditors and ensuring flexibility for future changes. Our attorneys guide you in selecting a trustworthy trustee and will work to ensure that your wishes are properly and professionally carried out.
Asset Protection
With today’s litigious society, asset protection planning is becoming more and more important. Clients in “high risk” industries – doctors, accountants and attorneys, etc. – are particularly in need of asset protection as lawsuits are not uncommon in their careers.
However, asset protection also includes tax minimization and complex planning, and is therefore not just for those “high risk” clients. Possibly the most overlooked clients in need of asset protection are business owners and those who sign personal guarantees.
Business Succession Planning
Our team is skilled at business succession planning, guiding business owners to secure the longevity of their companies beyond their own tenure. A robust succession plan is imperative, encompassing crucial elements such as:
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- LLCs and FLPs
- Business continuity
- Buy-sell agreement
- Key person insurance
- Exit strategy
We work closely with business owners to determine who will take the reins, how stock will be managed, and the protocols for day-to-day operations. Without a well-crafted succession plan, the passing of a key company figure can cast uncertainty over the future of the business. We emphasize that a business succession plan is just as indispensable as a personal estate plan, ensuring a seamless transition and continuity for the success of your enterprise.
Establishing a Family Estate Plan
Having a will in place allows you to decide where your assets will go once you are no longer here. A will enables you to name an executor to administer your estate once you pass. Likewise, you can designate specific beneficiaries to inherit your assets; these are often spouses or children.
Having a well-drafted will is paramount for people with children, especially if those children are minors. A will allows you to appoint a legal guardian to look after your children in the event of an untimely death.
Family legacy planning and descendant’s financial and estate planning are often included in the estate planning process.
While it may seem easy to draft your own will, the process is always best left to an experienced estate planning attorney who can provide sound counsel and make recommendations based on your wishes. In addition to traditional wills, if a trust is part of your estate plan the attorneys at KJK can help you draft a pour-over will that transfers any assets to an established trust. A pour-over will helps ensure your assets pass to your beneficiaries in the most private manner possible eliminating the need for a lengthy probate process.
We also assist clients with beneficiary designations for both real estate, retirement accounts including IRAs and 401ks, and other investment accounts, real property issues and transfers, and Homestead protection.
SPECIAL NEEDS PLANNING
Providing care for a loved one with special needs can present unique challenges concerning care requirements and individualized needs. In addition to daily care, decisions involving financial management and emergency support are critical to ensuring the safety and reliability of any basic care plan for your loved one. Additionally, we utilize Special Needs Trusts to ensure that any inheritance does not affect government benefits for an individual with special needs.
Tax Minimization & Complex Planning
We assist our clients with the integration of their philanthropic objectives in their overall estate plan while achieving the maximum income, gift and estate tax benefits through the use of direct charitable gifts, charitable gift annuities, bargain sales and charitable lead and remainder trusts. Those with high-net-worth have a lot at stake when it comes to estate planning. Not only do they need to plan for the care of their family in the future, they also need to consider the tax implications they face. There are many factors involved in crafting an estate plan that allow the clients and their family to personally maintain as much of their wealth as possible. The members of our wealth planning group are able to apply a variety of sophisticated planning devices designed to preserve and protect a family’s assets while minimizing the income, estate, gift and generation skipping transfer taxes associated with the lifetime and/or testamentary wealth transfer. Our experienced attorneys can employ advanced tax minimizing techniques such as installment sales to intentionally defective grantor trusts, grantor retained annuity trusts (GRATs), irrevocable life insurance trusts (ILITs), qualified personal residence trusts (QPRTs), limited partnerships and limited liability companies.
Medicaid Asset Protection Trusts
Medicaid Assets Protections Trusts are an effective estate planning tool to protect assets from Medicaid’s reach.
Rising long-term care costs and longer life spans have made it critical to proactively plan for asset preservation. The most effective way to shield assets related to long term care costs from the government’s reach is through a Medicaid Asset Protection Trust. These trusts allow individuals to protect assets and still qualify for Medicaid benefits.
Because there is a government imposed five-year look-back period for all asset transfers, the grantor’s goal is to make the transfer to the trust at least five years prior to needing long-term care. If the Medicaid Asset Protection Trust contains assets for at least five years prior to applying for Medicaid benefits, the transferred assets are protected and the government cannot force the grantor to spend down those assets on long-term care.
Estate Planning Services
- Asset Protection
- Tax Minimization and Complex Planning
- Business Succession Planning
- • Limited Liability Company (LLC)
• Family Limited Partnership (FLP)
• Tax Efficient Estate Planning
• Life Insurance
- • Limited Liability Company (LLC)
- Charitable Gift Structures
- Bargain Sales
- Charitable Gift Annuities
- Charitable Lead and Remainder Trusts
- Direct Charitable Gifts
- Elder Law
- Guardianship
- Medicaid Asset Protection Trusts
- Nursing Home Contract Review & Negotiation
- Estate & Trust Administration
- Family Office Services
- Wealth Transfer
- Estate, Trust & Probate Litigation
- Private Foundation Formation & Management
- Probate
- Probate & Estate Administration both testate and intestate
- Guardianship
- Probate Litigation
- Probate Mediation
- Will Contests
- Special Needs Planning
- Special Needs Trust
- Considerations for special needs care givers
- Wills & Trusts
- Will Creation
- Trust Creation including revocable living trusts and irrevocable trusts
- Blended Family Considerations
- Will & Trust Administration
- Asset Preservation
- Tax-efficient planning
- Estate Tax Planning
- Generation Skipping Tax Planning (GST)
- General Durable Power of Attorney (POA) and Healthcare Power of Attorney (POA); Living Will
- Advance Healthcare Directives including Healthcare POA and Living Will
- Financial Power of Attorney
More than just a law firm:
Family Office Services
High-net-worth individuals need extra protection when planning their estate, as they are often the targets of creditor claims and lawsuits. We offer personalized family office services for such clients to help them shield as much of their wealth as possible while minimizing income, estate, gift and generation-skipping transfer taxes.
Complimentary Service:
Annual Estate Plan Review
KJK understands that change happens, including when it comes to your assets, needs and goals. We provide our clients with a complimentary estate plan review every year to assess your current plan and ensure you’re securing your legacy for the future.
Things to Consider:
Power Of Attorney
A power of attorney (POA) allows you to appoint an individual to managing your affairs should you become incapacitated. A power of attorney operates during your lifetime. We can assist you in preparing the following documents:
Durable General Power of Attorney
A durable power of attorney allows you to designate an individual to handle your financial, business and legal matters if you are unable to do so yourself. This type of power of attorney is generally applied when a person is mentally or physically incapacitated and cannot manage their own affairs. A general power of attorney allows the specified individual to pay bills, manage assets and investments, and file tax returns, among other financial matters. Most importantly, a durable power of attorney eliminates the need for a guardianship.
Health Care Power of Attorney and Living Will (Advanced Healthcare Directives)
A health care power of attorney allows you to name an individual to make health care decisions on your behalf, including giving and receiving medical information, hiring and firing healthcare workers, and selecting nursing homes. A healthcare power of attorney has agency over treatment options, including the ability to remove an individual from life support. Your living will allows you to delineate your healthcare wishes toward the end of your life. You can state your preferences on artificial life support and in what case to end treatment, including do not resuscitate orders (DNR) and feeding tube removal. Having a healthcare power of attorney is critical to eliminate the need for a guardianship.
Planning for the Future:
Elder Law
KJK’s attorneys skillfully assist clients and their families in navigating the intricate and challenging journey of preparing for the extended care of an elderly family member. Whether strategizing for the well-being of parents, other cherished relatives, or close friends, our dedicated team ensures comprehensive planning to address both the medical and financial requirements of your loved ones.
Our services cover the following vital elements:
- – Long-term care planning
- – Special Needs Planning
- – Conservatorship
Additional Information:
Frequently Asked Questions
About Wills & Trusts
Do I need a will?
A properly drawn will assures you that, upon your death, upon your passing, your probate assets will be allocated in accordance with your wishes. A will is also the mechanism for choosing the executor and commonly provides for the nomination of a guardian where there are minor children. A will also can dispense with the requirement of a bond, for which an executor or administrator might otherwise have to pay. If you do not make a will, your probate property will be distributed according to Ohio laws under the Ohio Statute of Descent and Distribution.
Do I need a trust?
In most cases, yes. Even a basic revocable trust provides significant advantages, such as avoiding probate costs. One key benefit is safeguarding beneficiaries, especially children, from potential risks. Without a trust, a child gains immediate control of a parent’s most valuable assets, like life insurance proceeds or a home, upon turning 18. This lack of protection can lead to irresponsible spending. A revocable trust typically allocates a controlled allowance for living expenses, determined by the trustee. As beneficiaries reach specific ages, they gain access to trust principal in stages to prevent reckless spending.
Are my retirement accounts protected from creditors?
For the most part, yes. All ERISA plans – like 401(k) and 403(b) plans, pension plans, simple Individual retirement accounts (IRAs), Simplified Employee Plans (SEP), employee stock ownership plans and profit-sharing plans – are fully protected from creditors in a bankruptcy, regardless of the dollar value. IRA accounts are protected up to $1,362,800. College savings plans, aka 529 plans, are also up to maximum allowable contributions from creditor claims. There are some exceptions to these, like divorce and child support.
If I die, how do I ensure a bad person doesn’t persuade my widow not to disinherit my children?
In its simplest form, a “QTIP” trust is designed to provide for a widow and then any remaining assets when the widow passes are supposed to go to the decedent’s children. Another thing couples can do to protect their widows and descendants from bad actors is to appoint a “trust protector” to oversee the trustee (who is usually the widow). This ensures that a bad actor doesn’t pressure the widow to spend money on the bad actor instead of the widow or descendants.
Estate, Wealth & Succession Planning
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Estate, Wealth & Succession Planning
Attorneys
Jon J. Pinney
Managing Partner
Susan L. Friedman
Partner
Maribeth Meluch
Partner
Gregory L. Williams
Partner
Samir B. Dahman
Partner In Charge Columbus
Colling J. Harrington
Associate
Christopher G. Herrel
Associate
Tim S. Wilson
Associate
Peggy S. Beistel
Senior Counsel
Ari H. Jaffe
Of Counsel
Kevin T. O’Connor
Of Counsel
Allison D. Walsh
Paralegal
Jon J. Pinney
Managing Partner
Susan L. Friedman
Partner
Maribeth Meluch
Partner
Gregory L. Williams
Partner
Samir B. Dahman
Partner In Charge Columbus
Colling J. Harrington
Associate
Christopher G. Herrel
Associate
Tim S. Wilson
Associate
Peggy S. Beistel
Senior Counsel
Ari H. Jaffe
Of Counsel
Kevin T. O’Connor
Of Counsel
Allison D. Walsh
Paralegal
Contact
CLEVELAND OFFICE
1375 East Ninth Street
One Cleveland Center, 29th Floor
Cleveland, OH 44114-1793
COLUMBUS OFFICE
10 West Broad Street
One Columbus Center, Suite 2500
Columbus, OH 43215