Repair The Roof - Estate & Retirement Planning Podcast

In this episode of Repair the Roof, Attorney Ted Gudorf talks about how to select an estate planning attorney, outlining the eight questions you should ask when hiring one, and why you should ask them. 

The first thing to ask is, Are you a board-certified specialist in estate planning, trust, and probate law? The process is fairly extensive and so many attorneys aren’t certified. The second question should be, How do you charge for your services? Some charge hourly, which can quickly build up in cost, where others charge flat fees. This is important, especially as it can often be difficult to estimate how long the process will take, which leads to the question, How long does it take to put a plan in place and How many hours will this take? The next question is, What is your process? This helps clients understand what to expect. Then, ask, Do you support the estate plan by helping with retitling of the assets? Retitling of assets is often called funding, and many firms do not assist in asset alignment and funding and titling. In addition, you should ask, Will you support our family, if and when we need to go to a nursing home? Another question that should be asked is, How many of these plans have you done? This helps get an understanding of where their experience is.

Key Topics:

• Introduction (00:05) 
• Board-certified specialist (01:40)
• Pricing and length (04:02)
• Timing (05:20)
• Process (06:23)
• Retitling of assets (07:59)
• Support of family (10:10)
• Experience (10:57)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

In the second episode of Repair the Roof, Attorney Ted Gudorf explores the differences between wills and trusts. A will, he explains, is a legal document where you provide a set of instructions on how you want to handle your estate when you pass away. It functions after your death and provides you with nothing before it. It only encompasses that which is in your name alone and guarantees that your estate will go through probate. Probate is a court-supervised process where wills are submitted, and it can be expensive and time-consuming. For his clients, Ted wants to ensure that probate court is removed from possible involvement. 

There are a few ways to avoid a living probate. One is to set up more than one trust, so that your estate will not need to go through probate court in the event that you become disabled. This includes identifying a successor trustee. Instructions in a trust should be as specific as possible.  

One difference between a will and a trust is the involvement of creditors. Assets that pass through a will are subject to claims of creditors, where trusts aren’t. A trust is private, and not available for public viewing, and is administered much faster as it doesn’t require the involvement of a judge. For will-based plans, one should anticipate a flat rate minimum fee of up to 5% of the probate estate, where trust administration is about 1%. A continuing trust, or dynasty trust, keeps the assets protected in the event the beneficiary gets divorced, gets sued, goes bankrupt, or they become disabled.

Key Topics:

• Introduction (00:05) 
• What is a will? (00:52)
• Probate court (01:56)
• Trusts (04:13)
• Successor trustees (05:09)
• Trusts v. wills (08:22)
• Continuing trusts (12:55)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

Attorney Ted Gudorf kicks off the inaugural episode of Repair the Roof with a bit of his own story. One of 11 children, his parents weren’t able to attend college themselves, but certainly wanted their kids to. This inspired Ted to motivate others, which he does through estate planning. When his dad developed Alzheimer’s after his mother’s death, he was further inspired to educate himself in elder law.  

While estate planning is common, the legal profession is lacking in terms of long-term care planning and disability planning. The primary focus of Ted’s firm is to guide clients through a seven-step process called the Family Estate and Legacy Program, which does not adhere to the one size fits all approach most general practitioners use.

Far too often, we don't repair the roof when the sun is shining, Ted says. Equip yourself with the confidence and knowledge to complete a comprehensive estate plan. 

Key Topics:

• Introduction (00:05) 
• Getting to know your host (00:43)
• Planning beyond estate planning (06:14)
• Family Estate and Legacy Program (07:16)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube

Welcome to the Repair the Roof Podcast! It's named after President Kennedy’s famous quote: “The time to repair the roof is when the sun is shining.” The Repair the roof podcast is about all things estate planning and elder law.
Your host Attorney Ted Gudorf is board certified in Estate Planning and Elder Law. Gudorf Law Group has been practicing in Estate Planning and Elder law in Ohio for over 35 years.
The podcast episodes will last anywhere from 10 to 25 minutes and will explore different estate planning and elder law tops in a fun but informative format. The podcast will be releasing 3 episodes every month.

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube