Joseph D. Carney & Associates, LLC
Building Long-Term Relationships With Businesses And Investors

Committed To Effective Estate Planning Strategies

As a complement of our business law practice, Joseph D. Carney & Associates, LLC, offers strategic estate planning services to clients in Cleveland and throughout Ohio. Anyone with assets or minor children will need an experienced estate planning attorney to help them develop a flexible, legally sound estate plan to ensure that their assets are distributed according to their wishes with maximum tax efficiency. This is especially true for individuals with complex portfolios, including business ownership, property, stocks or securities.

Comprehensive Estate Planning Now And As Life Changes

Our estate planning services at Joseph D. Carney & Associates, LLC, encompass the drafting, review and implementation of flexible estate plans that can adapt to changing life circumstances yet effectively dispose of your assets, including:

  • Wills — A will is a legal document detailing what is to be done with your assets after death, as well as designating who will care for any minor children.
  • Living wills — A living will, or "advanced directive," specifies what medical treatment you would or would not want performed at the end of your life should you become incapacitated and unable to express your wishes directly. It prevents your family from having to choose whether or not to authorize extraordinary or heroic treatment on your behalf.
  • Durable powers of attorney for health care — A durable power of attorney for health care more generally gives a designated person the right to make any health care decision on your behalf if you are unable to express your wishes. They are also referred to as "health care directives" or "health care proxies."
  • Durable powers of attorney — A general or limited durable power of attorney allows a designated individual to make financial decisions in your stead. This type of power of attorney allows a designated person to "stand in your shoes" and act as your agent in all circumstances (general) or particular circumstances (limited).
  • Trusts — Protecting assets in a family, charitable remainder or another kind of trust will avoid probate by passing assets directly to beneficiaries. Trusts can be irrevocable or changeable depending upon individual needs.
  • Business succession planning — Including business succession plans, taxation, property agreements and the effects of divorce on married partners.
  • Ohio probate — Probate is the legal process of recognizing your will and distributing your assets. When disputes arise with family members, the government or others during probate, an estate lawyer from our offices can assist in the negotiation or litigation of a timely, cost-effective resolution.
  • Life settlements — Also called "viaticals." A life settlement is an increasingly popular option for individuals seeking to increase their financial liquidity by selling an existing life insurance policy to another institution or investor group. A life settlement or viatical is a financial strategy designed to maximize the assets of individuals who have amassed substantial cash value in their life insurance policy and are seeking to sell it to obtain immediate funds or reinvest in an improved insurance product.

An insurance policy can be considered a security with a value often greater than the accrued surrender value. Once a life settlement takes place, in many cases a more efficient insurance policy can be purchased with the proceeds with additional money left over for medical care or investment.

Contact Us For A Complimentary Consultation

Our attorneys work closely and personally with each client to ensure the development of a comprehensive, legally sound, and tax-efficient estate plans. Contact Joseph D. Carney & Associates, LLC, today for a complimentary consultation and review of your immediate and ongoing needs.

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