Jarvis Law Office

Tips from an Ohio Elder Lawyer on Starting a Business in Retirement

Retirement opens up many opportunities for people, including the chance to start a new business. A retirement business can provide meaningful activity and the chance to maintain a lifestyle you’re suited to, while at the same time giving you some extra income to enjoy in your second half of life. But where should you begin?

First, choose a business that makes sense for you, both for your lifestyle and your finances. You don’t want to spend your retirement going right back to work, and you also do not want to spend all of your retirement savings on a business venture that is not a good fit. In order to figure out what business is right for you, there are a few factors you should consider.

Goals
What are your goals for your retirement? How well will a business fit into those goals? You should consider whether or not the business is a means to an end for your goals, such as providing more money for your retirement while requiring less time than a full-time job. You want to make sure your retirement business provides a sense of purpose, and the best way to do that is to align it with your retirement goals.

Life and Work Style
Do not trap yourself in a workstyle that will make you miserable during your retirement. If you’d rather be social and meet new people, do not choose a business that will have you cooped up in a home office all day. In addition, consider how the business will impact your retirement lifestyle. If the business requires you to work six days and 50 hours a week and you’d like to have the opportunity to travel and enjoy leisure time in your retirement, then that business may not be for you.

Cash Flow
Arguably, the most important factor is your retirement cash flow. A retirement business can be great if it provides you with extra income to enjoy your retirement, but if it ends up bankrupting you, it could put your future financial security at risk. Take the opportunity to sit down with financial professionals and a business planning lawyer to find out exactly what you need to make the business profitable and determine if that is what you want to do during your retirement.

Succession Plans

All business owners should have a succession plan, but it is even more critical for those starting a venture later in life.  You’ll want to determine how the business should continue to operate and who can make decisions in the event you are incapacitated for any length of time.  You will also want to use your estate plan to dictate who should inherit your business when you die if it’s the type that can be passed down to adult children, partners, or loved ones.

If you’d like more information about starting a retirement business, or if you’d like to review and assess your current retirement business plan or business succession plan, please contact our office at 1-877-653-3450 to schedule a complimentary initial consultation.

Ohio Elder Law Attorney: Tips for Living Within Your Means in Retirement

One unfortunate reality of retirement is that you’ll most likely be living on a fixed income, meaning you may have to make adjustments to your lifestyle. Otherwise, your retirement plan may not meet your needs, and you could be left in a desperate situation at a difficult point in your life. One way to avoid this situation is to make a retirement plan that allows you to live within your means.

“Living within your means” has a different meaning to different people, because it all depends on your unique financial and personal situation. You must take into account your lifestyle and budget and objectively determine what you need to enjoy your retirement. Pinching every penny when it’s not necessary will cause a lot of stress and put pressure on your retirement, while stretching your budget unreasonably can leave you open to hardship if disaster strikes. Setting reasonable goals within a reasonable budget is a recipe for success in your retirement. A financial professional can assist you with this planning, while an experienced Ohio Elder Law attorney can advise you on areas where you may be eligible for certain retirement or long-term care benefits.

You will also need to track your spending and measure it against your budget and retirement goals. Choose a method that works for you, either by tracking all of your spending and expenses and determining where you can cut or increase your budget, or take a less strict approach that still tracks spending but gives you a more high-level overview of your spending habits. You should take an approach that will work for you and give you the information you need to make the best retirement spending decisions. Financial planners and attorneys that specifically handle retirement planning can advise you on the best methods for tracking your expenses and may recommend checking in with them on a periodic basis to review your plan and make changes as necessary.

Overspending during retirement can lead to serious problems down the road, especially if unexpected medical issues arise and you do not have enough assets to cover your care. Consulting with a professional who is experienced with retirement and long-term care planning can provide insight on how to avoid such problems and ensure that your assets are protected for the future. If you’d like more information about retirement and long-term care planning, or if you’d like to meet with an attorney to review and assess your current plan, please contact our office at 1-877-653-3450 to schedule a complimentary initial consultation.

Ohio Elder Lawyer Explains How to Help Your Elderly Parent with Finances

Often, a senior may have difficulty managing their finances at a certain point, and it comes down to their adult children to provide assistance with these matters. It’s important to know what you’re getting into when you begin assisting an elderly parent with their financial affairs, especially if legal intervention is required.

To start, you’ll need to examine your parent’s current situation and in what areas they need help. This may require conversations with doctors or other caregivers to determine if there are any cognitive issues that are of concern, and also looking at recent financial transactions to determine if help is needed. This is especially important if your elderly parent is responsible for writing checks for rent or a mortgage, utilities, or other expenses that may have a serious impact if payment is not received on time.

If it’s determined that your parent does, in fact, need assistance, there are some necessary steps to take. Your parent must be made aware that they require help, and that you or other family members can take on that responsibility. An Ohio elder law attorney can assist with these conversations to try to make it easier for your parent, since they will be allowing you, their child, to assist in the management and control of their finances. You will need to have a Power of Attorney drafted in order to have access to their finances and make decisions on your parent’s behalf. If their finances reside in a Revocable Living Trust, then you may need to speak to your parent and an attorney about taking over as a Successor Trustee.

If it’s clear that your parents can no longer make financial decisions but are unwilling to give up control of their finances, or if they’re no longer capable of making these types of decisions, you may want to speak to an experienced Ohio elder law attorney about placing your parent in a Conservatorship. A Conservator is named by the court to make financial and medical decisions for the elder.  While this option is better than a guardianship, early action, cooperation and a well-crafted general durable power of attorney for legal and financial decision-making and an up-to-date health care power of attorney will provide a much smoother transition, in which the management of the elder’s needs can remain within the family and free from the oversight of outside parties.

If you’d like more information about assisting your elderly parent with their finances, or if you’re currently working with their finances and need assistance, please contact our office at 1-877-653-3450 to schedule a complimentary initial consultation.

5 Ways to Assist a Parent with the Ohio Probate and Estate Administration Process

One of the most difficult times a person can go through is losing a spouse. Not only is the person faced with grief following their loss, but they must also deal with the financial and legal issues that arise during the probate and estate administration process. One saving grace is that adult children are usually able to assist their older parent during this time. The following are five ways that adult children can help a parent while they attempt to close out their spouse’s estate.

Determine Where Assets Are Held
In many cases, one spouse handles all of the couple’s finances. In the event that this is the spouse who passed away, the surviving spouse may have a difficult time tracking down assets. Your parent may need assistance finding these assets and accounts and organizing them according to their value and where they’re held.

Contact Benefits Organizations
While your parent may be consumed with making funeral and burial arrangements, it’s important that you contact the Social Security Administration and possibly the VA to inform them of your other parent’s passing. Your surviving parent may be entitled to receive survivor’s benefits, which could make a significant difference in their quality of life going forward.

Review Solely and Jointly-Held Accounts
It’s important to review solely and jointly-held assets once one spouse passes away. Jointly-held assets do not have to pass through probate, but once the remaining spouse dies, those assets will be considered solely-held estate property since both owners are deceased. Review your parents’ assets and how they’re held, then speak to an Ohio estate planning attorney to find out the best course of action for avoiding probate upon your surviving spouses passing.

Update Beneficiary Designations
Commonly, spouses have each other named as beneficiaries on their insurance policies and retirement and bank accounts. As noted above, if the second spouse dies and still has the pre-deceased spouse named as a beneficiary, the assets may have to go through the probate process. You can avoid this by helping your parent update their beneficiary designations according to their wishes now that their spouse has passed away.

Update Estate Plans
If your parents created estate plans that named each other as financial or medical agents, executors, or trustees, those documents should be reviewed and may need to be updated. An Ohio elder law attorney can review your parent’s existing estate plan and help your parent update the plan to ensure they will have the help they need when it’s necessary.

If you’d like more information about helping your parent navigate the process of estate planning after the death of a spouse, or if you’re currently going through a probate proceeding in Ohio and need assistance, please contact our office at 1-877-653-3450 to schedule a complimentary initial consultation.