2017 All-Ohio Legal Forum. Video Replay The Child Protection Trust

Transcription

1 2017 All-Ohio Legal Forum Video Replay The Child Protection Trust 1.0 General CLE HOurs August 23 August 25, 2017 Cleveland

2 Speaker Biographies Logan K. Philipps Resch, Root & Philipps, LLC Dublin, Ohio Mr. Philipps received his BA from Purdue University, his MA from The Ohio State University, and his JD from The Ohio State University Michael E. Moritz College of Law. His professional memberships include the Ohio State Bar Association (Co-Chair, Youngstown Advisors Team), Columbus Bar Association, Delaware County Bar Association, National Association of Estate Planning Attorneys (Wealth Counsel), Ohio Network of Estate Planning Attorneys (Wealth Counsel), and National Association of Insurance and Financial Advisors Columbus Chapter (Board Member). Mr. Philipps is a principal of his firm and practices in the area of estate planning. He concentrates his practice in planning for children with special needs, including guardianship, alternatives to guardianship, and special needs trust planning. Mr. Philipps frequently speaks to community groups, attorneys, financial planners, and educators about estate and special needs planning solutions. He has been recognized as an Ohio Super Lawyers Rising Star since 2012 and was the 2009 Central Ohio Association for Justice President s Award Winner. For additional information, please visit

3 The Child Protection Trust Logan K. Philipps Resch, Root & Philipps, LLC Dublin, Ohio Table of Contents The Child Protection Trust PowerPoint Presentation... 1 The Child Protection Trust i

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5 The Child Protection Trust A strategy for avoiding Probate court and managing assets for beneficiaries Logan Philipps, Esq. Resch, Root & Philipps, LLC TM Logan Philipps I help people plan for bright tomorrows for themselves and their children. I provide answers and solutions to questions that keep parents up at night. An area of concentration for me is planning for families and children, including families with special needs. I assist families with special needs in the areas of guardianship, alternatives to guardianship, and special needs trust planning. I frequently speak to community groups and schools about estate and special needs planning solutions. In addition to my work in the community groups, I provide continuing education to financial planners on a regular basis. My wife and I live in Grandview Heights. We have three little boys who keep us busy. When not working or "being a dad," I serve on Autism Speaks Columbus Walk Committee and the NAIFA Board of Directors. I am a member of the Columbus, Delaware, and Ohio State bar associations. Prior to becoming a lawyer, I taught elementary school in Cincinnati, Ohio. The Child Protection Trust 1

6 QUESTIONS All viewers are on a 30 second delay. Please do not wait until the end to ask questions. They can be sent via throughout the LIVE broadcast. Program Outline What Happens to My Stuff After I Die? Ohio Revised Code Plan Fill in the Blank Plan Will Plan TM Child Protection Trust Plan 2 The Child Protection Trust

7 Estate Planning I want to control my property while I m alive; take care of myself and my loved ones if I become disabled; and give what I have to whom I want, the way I want, and when I want. Furthermore, I want to save every last tax dollar, professional fee, and court cost legally possible. What documents are essential in an estate plan? Powers of Attorney Living Will Healthcare Power of Attorney HIPAA Waiver Will or Trust Funding and/or beneficiary designation The Child Protection Trust 3

8 What Happens to My Stuff? Ohio Revised Code Plan ORC Statute of Descent and Distribution: If you don t have a plan, the state will make a plan for you upon your death. Asset distribution will be determined by a county probate court and court fees will be incurred. Divorce What Happens to My Stuff? Fill in the Blank Plan - Insurance Immediate lump sum to beneficiary - Individuals per stirpes? Under 18 Probate Guardianship of Estate 4 The Child Protection Trust

9 What Happens to My Stuff? Fill in the Blank Plan - IRA Control to beneficiaries Lump sum 5 years Stretch Individuals per stirpes Under 18 Probate What Happens to My Stuff? Fill in the Blank Plan - House No form Under 18 Probate The Child Protection Trust 5

10 What Happens to My Stuff? Fill in the Blank Plan - Bank Accounts Immediate lump sum to beneficiary - Individuals per stirpes? Under 18 - Probate What Happens to My Stuff? Fill in the Blank Plan - Personal Property No form Probate 6 The Child Protection Trust

11 What Happens to My Stuff? Fill in the Blank Plan - Cars Form, but requires BMV Under 18 - Probate Reminder: All viewers are on a 30 second delay. Please do not wait until the end to ask questions. They can be sent via throughout the LIVE broadcast. The Child Protection Trust 7

12 What Happens to My Stuff? Will Plan Probate Leaking faucet Slow Public Property passing through the PROBATE process acts like water traveling through a LEAKY PIPE. Every few feet some of the water escapes, and at those spots there is always someone there to collect the leakage. When it reaches the other end of the pipe - WHERE THE HEIRS COLLECT - there is not always a whole lot left. - Loving Trust, Esperti & Peterson What Happens to My Stuff? Will Plan People think they need May not cover what people think it does See Planning by Fill in the Blank 8 The Child Protection Trust

13 What Happens to My Stuff? Will Plan Testamentary Trust (Common Trust) Time consuming Public Work for Trustee Inventory, Accounting, Authorization Terminates Probate Court is superior trustee Oversight, slow Beneficiary problems for assets Children, estate, rarely collect What Happens to My Stuff? TM Child Protection Trust Plan Trust An arrangement that allows a trustee to hold assets on behalf of a beneficiary or beneficiaries. Trustmaker The person who creates the trust for the beneficiary. TRUST (ASSETS) Trustee The person, or institution, that manages the trust. Beneficiary The person that receives funds from the trust. The Child Protection Trust 9

14 What Happens to My Stuff? TM Child Protection Trust Plan Avoids probate for kids Not public No beneficiary problems What Happens to My Stuff? TM Child Protection Trust Plan Not a testamentary trust No probate oversight Authorization, Accounting No termination Asset protection Basic Form Common trust Individual trust 10 The Child Protection Trust

15 Thank you for your time! Please feel free to contact me if you have any questions after this webcast. Logan K. Philipps, Esq The Child Protection Trust 11