Wood + Lamping - Mark Reckman - Estate Planning / Elder Law

By: Joe Strecker Productions
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  • Summary

  • Mark Reckman has been with Wood + Lamping since 1979 and has served as the head of the Real Estate and Probate Practice Areas as well as managing partner of the firm.

    Currently, Mark’s practice spans Medicaid, estate planning, probate, real estate, and small business. Mark is a founding member of TriState Care Partners, which is a referral network of Cincinnati health care providers dedicated to enabling seniors to age in the place they call home.

    Since 2006, Mark has been selected annually for inclusion in Ohio Super Lawyers®. Mark was recently selected by his peers for inclusion in The Best Lawyers in America© 2014. He has been named one of Cincinnati's "Leading Lawyers" by Cincinnati Magazine annually since 2007. Mark was also a member of Class XI of Leadership Cincinnati. In 2017, Mark received an award from the PLAN Southwest Ohio committee. PLAN is a non-profit whose mission is to serve those with serious disabilities. Mark has been involved in their initiative since their inception.

    Mark appears biweekly on the 55KRC radio show Simply Money and enjoys travel, tennis, and scuba diving.
    Copyright Joe Strecker Productions
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Economics Personal Finance
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Episodes
  • Mark Reckman - When Should You Update Your Estate Plan?

    Mark Reckman - When Should You Update Your Estate Plan?
    Oct 2 2024
    When Should You Update Your Estate Plan?

    Once you have created an estate plan, it is important to keep it up to date. You will need to revisit your plan after certain key life events, including marriage, the birth of children, divorce or the death of a spouse, and a significant increase or decrease in assets. Here’s why.

    Marriage.

    Whether it is your first or a late marriage, you will need to update your estate plan after you get married. A spouse does not automatically become your heir once you get married. In Ohio, without a Will, your spouse would get one-third to one-half of your probate assets. The rest will go to other relatives. You need a Will to spell out how much you wish your spouse to get. Your estate plan will get more complicated if your marriage is not your first. You and your new spouse need to figure out where each of you wants your assets to go when you die. If you have children from a previous marriage, this can be a difficult discussion. There is no guarantee that you

    leave your assets to your new spouse, he or she will provide for your children after you are gone. There are a number of options to ensure your children are provided for, including creating a trust for your children, making your children beneficiaries of life insurance policies, or giving your children joint ownership of property. Even if you don’t have children, there may be family heirlooms or mementos that you want to keep in your family.

    Minor Children.

    Once you have children, it is important to name a guardian for your children in your Will. If you don’t name someone to act as guardian, the court will choose the guardian. Because the court doesn’t know your kids like you do, the person they choose may not be ideal. In addition to naming a guardian, you may also want to set up a trust for your children so that your assets are set aside for your children when they get older. Similarly, when your children reach adulthood, you will want to update your plan to reflect the changes. They will no longer need a guardian, and they may not need a trust. You may even want your children to act as executors or hold a power of attorney.

    Divorce or Death of a Spouse.

    If you get divorced or your spouse dies, you will need to revisit your entire estate plan. It is likely that your spouse is named in some capacity in your estate plan – for example, as beneficiary, executor, or power of attorney. If you have a trust, you will need to make sure your spouse is no longer a trustee or beneficiary of the trust. You will also need to change the beneficiary on your retirement plans and insurance policies.

    Increase or Decrease in Assets.

    One part of estate planning is estate tax planning. When your estate is small, you don’t usually have to worry about estate taxes because only estates over a certain amount, depending on current state and federal law, are subject to estate taxes. As your estate grows, you may want to create a plan that minimizes your estate taxes. If you have a plan that focuses on tax planning, but you experience a decrease in assets, you may want to change your plan to focus on other things.

    Other.
    Other reasons to have your estate plan updated could include: ·

    You move to another state; ·
    Federal or state estate tax laws have changed; ·
    A guardian, executor, or trustee is no longer able to serve; ·
    You wish to change your beneficiaries; ·
    It has been more that five years since the plan has been reviewed by an attorney.

    Contact your elder law attorney to update your plan.
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    9 mins
  • Mark Reckman - Capacity Standards for Signing Legal Documents

    Mark Reckman - Capacity Standards for Signing Legal Documents
    Sep 19 2024
    SIMPLY MONEY September 2024 WHAT ARE THE CAPACITY STANDARDS FOR SIGNING LEGAL DOCUMENTS?

    ELDER LAW ATTORNEYS ARE OFTEN CALLED UPON TO DETERMINE IF A CLIENT HAS THE LEGAL CAPACITY TO SIGN CERTAIN DOCUMENTS. HOW DO THEY MAKE THAT CALL? WELL, THE TESTS ARE DIFFERENT FOR DIFFERENT THINGS. WHEN CONFRONTED BY THE PROSPECTS OF A GUARDIANSHIP, THE TEST IS IN THE STATUTE:

    CAN A PERSON MANAGE HIS/HER AFFAIRS OR THE AFFAIRS OF A DEPENDENT?

    THAT IS A VERY BROAD AND VAGUE TEST. THE COURT USUALLY LOOKS FOR CLUES THAT A PERSON IS AT RISK FOR PHYSICAL HARM OR FINANCIAL LOSS. THE COURT ALSO RELIES ON A PROFESSIONAL ASSESSMENT BY A DOCTOR OR MENTAL HEALTH PROFESSIONAL. THE LAW PRESUMES THAT WE ARE COMPETENT UNLESS PROVEN OTHERWISE BY CLEAR AND CONVINCING EVIDENCE. ONLY THE COURT CAN MAKE THAT LEGAL FINDING.

    BUT THE TEST IS DIFFERENT FOR SIGNING DOCUMENTS.

    I. SIGNING A WILL:

    CALLED TESTAMENTARY CAPACITY. THIS TEST REQUIRES THE PERSON SIGNING TO BE FREE OF DELUSION AND TO:
    1. UNDERSTAND THE NATURE OF HIS/HER PROPERTY

    2. UNDERSTAND HIS/HER RELATIONSHIP TO THOSE WHO WOULD BE HIS NATURAL BENEFICIARIES

    3. LEAVE HIS PROPERTY IN A MANNER CONSISTENT WITH 1 AND 2 ABOVE

    4. BE ABSENT OF UNDUE INFLUENCE

    II. CAPACITY TO SIGN A CONTRACT

    1. COMPREHENSION OF WHAT IS “GOING ON” IN THE TRANSACTION

    2. REASONABLE TERMS IN THE AGREEMENT

    3. UNDERSTAND THE NATURE AND QUALITY OF THE CONSEQUENCES OF THE AGREEMENT

    4. ABSENCE OF UNDUE INFLUENCE

    III. CAPACITY TO SIGN A POA. THE SIGNOR MUST:

    1. KNOW AND TRUST THE AGENT

    2. UNDERSTAND THAT HE/SHE IS GIVING THE AGENT THE POWER TO ACT IN HIS/HER STEAD

    3. BE ABSENT OF UNDUE INFLUENCE

    WHAT IS THE LAWYERS DUTY IN ALL THIS IS?:
    1. TO CARRY OUT THE CLIENT’S WISHES

    2. TO MAKE A REASONABLE INQUIRY INTO THE CLIENT’S CAPACITY


    3. TO MAKE A REASONABLE DETERMINATION ABOUT THE CLIENT’S CAPACITY

    4. TO DETERMINE THE ABSENCE OF UNDUE INFLUENCE.


    EVERYONE IS PRESUMED TO HAVE CAPACITY.

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    9 mins
  • Mark Reckman - Do I Need to File a Guardianship When My Disabled Child Turns 18?

    Mark Reckman - Do I Need to File a Guardianship When My Disabled Child Turns 18?
    Sep 19 2024
    Do I Need to File a Guardianship When My Disabled Child Turns 18?

    Parents of disabled children are often encouraged to consider a guardianship by a number of sources – school counselors, case managers, medical advisors, etc. The truth is that guardianships are not always needed.
    I. What is a Guardianship? It is a court proceeding in which you ask the court to declare your child to be incompetent. A guardian takes over. Your child is stripped of the legal capacity to act for him or herself.

    II. There are Different Kinds of Guardianships. Primarily two kinds:
    1. Guardian of the Estate – Money management. If there is no money in the child’s name, no guardian of the estate is needed.
    2. Guardian of the Person – Health care and daily living.

    III. Advantages of Guardianship.
    1. It puts one person in full charge of all decisions.
    2. It gives you authority to enforce your decisions.
    3. It protects ward’s money/property.
    4. It protects the ward and the guardian.

    IV. Disadvantages of a Guardianship.
    1. Declaring your child incompetent can be demoralizing.
    2. It costs $3,000 - $5,000 up front, and $1,500 to $2,500 every year – plus a bond in some cases. 3. You need court approval to spend money (Guardianships of the Estate, only). That costs extra. 4. You must take a lengthy class.
    5. You must file reports.

    V. Alternatives – Only Applies to the Cooperative and Highly Functional Disabled Child.
    1. Power of Attorney.
    2. Living Will.
    3. Power of Attorney for Health Care.
    4. Joint Financial Accounts.
    5. STABLE Account.
    6. Trusts.

    VI. So, do I need to file a guardianship at age 18? Not necessarily – if your child is cooperative and high functioning, try one or more less intrusive options first. You can always “default” to a guardianship, if needed.
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    9 mins

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