Our host, Attorney Ted Gudorf explains the importance of a General Power of Attorney in your estate planning journey, as he breaks down the differences between general and healthcare powers of attorney and explores the pros and cons of using a springing power of attorney. Get clear on Ohio's Uniform Power of Attorney Act, designed to bring clarity to the formation of general powers of attorney, and understand why these documents must be in writing, signed by the person granting it, and witn...
May 02, 2023•27 min•Transcript available on Metacast Is it better to create a limited liability company or establish a corporation? Each has its own pros and cons depending on whether you are an independent contractor, a small business, or a real estate investor. In part 1 of this two-part discussion, Attorney Ted Gudorf explains the key differences between LLCs and S-Corps. Members make up a limited liability company, or LLC. Any entity or individual can be a member of an LLC, with some notable exceptions being banks or insurance companies. The o...
Apr 11, 2023•32 min•Transcript available on Metacast 1035 Exchanges, or Rollovers, are an underutilized provision of the Internal Revenue Code which allows owners of annuities or life insurance policies to roll them over on a tax-free basis for brand-new policies with added features and benefits. Listen in as Ted dives deep into how to take advantage of yet another powerful tool to avoid having to pay a penny more in taxes than you need, and build more wealth all the while! Offering actual examples of transferring one annuity or life insurance pol...
Apr 04, 2023•21 min•Transcript available on Metacast Two of the best options for realizing a substantial gain and eliminating capital gains tax on the sale of an investment property are through the sale of your personal residence or an installment sale. A third option to help you save on taxes and grow your wealth is to take advantage of 1031 exchanges, or rollovers. Listen in as Attorney Ted Gudorf breaks down the seven essential must-knows around like-kind exchanges set forth in Section 1031 of the Internal Revenue Code. Key Topics: Personal res...
Mar 28, 2023•16 min•Transcript available on Metacast There’s often a lot of confusion between the different types of irrevocable trusts, even as more and more people are forming them today. A trust is a relationship between a trust-maker and a trustee, and there are specific terms that the trustee is expected to follow. As a general rule, a trust can either be revocable or irrevocable. A revocable trust is one in which the trust can be revoked within the lifetime of the trust-maker. An irrevocable trust is one that cannot be revoked, which means t...
Mar 21, 2023•19 min•Transcript available on Metacast In 2018, the federal government collected over $170 billion in capital gains taxes. With all the economic turbulence we continue to experience in 2023, it’s more important than ever to understand the key concepts of capital gains tax to be better equipped to preserve our wealth. In this episode of Repair the Roof, Attorney Ted Gudorf defines the term “capital asset,” when and how it is taxed, and what strategies we can employ in our estate planning to avoid the payment of capital gains tax in a ...
Mar 14, 2023•19 min•Transcript available on Metacast If you give gifts on an annual basis, it’s important to know the rules to avoid ending up crossways with the Internal Revenue Service. For those with large estates, there is an exciting opportunity to do some planning prior to the sunset provisions kicking in on January 1, 2026, which will substantially change the laws. While today’s discussion focuses on federal law, it’s important to know what applies to you on the state level. Each of our 50 states can, if they wish, impose their own estate t...
Mar 07, 2023•23 min•Transcript available on Metacast With the number of baby boomers rising, more men and women are struggling to find appropriate ways to provide for long-term care. In Dayton, Ohio, it’s not unusual in 2023 to see assisted living care costs go as high as $8500 per month, and it’s not unusual to see nursing home costs exceed $12000 per month. With a medical inflation rate that is above the already-high regular inflation rate, the cost of care is clearly going to double in as little as ten years. In this episode of Repair the Roof,...
Feb 28, 2023•28 min•Transcript available on Metacast In this episode of Repair the Roof, Attorney Ted Gudorf offers his best advice on navigating the rising costs of long-term custodial care by laying out the basics of crisis Medicaid planning. Many of us across the country have had family members in need of long-term care. Over the last several years, there has been a rising cost for this care, whether it is at home, in assisted living, or at a nursing home. Certain steps have been taken to expand Medicaid coverage in certain states, whereas othe...
Feb 21, 2023•28 min•Transcript available on Metacast In this episode of Repair the Roof, Attorney Ted Gudorf discusses four basic yet essential steps to protecting your assets. It is becoming increasingly popular for estate planning clients to want to protect their assets from potential creditor claims, whether from lawsuits or other creditor-type actions including bankruptcy and nursing homes. How lawyers advertise today is drastically different from how they advertised half a century ago. In 1977, the United States Supreme Court determined that ...
Feb 14, 2023•42 min•Transcript available on Metacast In this episode of Repair the Roof, Attorney Ted Gudorf discusses why asset alignment, or funding, is key to having an effective estate plan. Asset alignment revolves around making sure that the assets you own are properly titled, whether in the name of your revocable trust, your irrevocable trust, your limited liability company (LLC), or your individual name with a designated beneficiary. Before diving into asset alignment, it is important to first identify the assets you own and in whose name ...
Feb 07, 2023•22 min•Transcript available on Metacast In this episode of Repair the Roof, Attorney Ted Gudorf discusses the three legal documents you need to have to make sure your medical decisions are taken care of, whether you’re 18 years old and going off to college, or 95 years old and in a nursing home. It is extremely important to be clear about whom you want to make medical decisions for you when you can’t, and also to give you some guidance about end-of-life decisions. The first document is a HIPAA (Health Insurance Portability and Account...
Jan 24, 2023•24 min•Transcript available on Metacast In this episode of Repair the Roof, Attorney Ted Gudorf discusses what to expect at your initial goals and responsibility (G&R) meeting. This is the second step in the process after you have completed and submitted the client organizer. He unpacks the first conversation you will have with a member of our legal team: what questions you are going to be asked, what questions you should be asking, and what documentation you should bring to the meeting. At the G&R meeting, you will go over tw...
Jan 17, 2023•18 min•Transcript available on Metacast 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 ...
Dec 22, 2022•14 min•Transcript available on Metacast 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, an...
Dec 22, 2022•15 min•Transcript available on Metacast 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 pl...
Dec 22, 2022•10 min•Transcript available on Metacast 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 differen...
Dec 21, 2022•3 min•Transcript available on Metacast 
