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Cincinnati Estate Planning Attorney
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“The sad reality is that many of us have not taken the time to execute a will or develop an estate plan. The estates of individuals who die without properly drafted and executed wills are distributed in accordance with the law of the states in which they reside at death.”... Continue reading
Posted 2 days ago at Cincinnati, Ohio Estate Planning
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“These changes are so significant that every such plan holders should review their wishes and how their estate plans may be affected.” The SECURE Act has made big changes to how IRA distributions occur after death. Anyone who owns an IRA, regardless of its size, needs to examine their retirement... Continue reading
Posted 3 days ago at Cincinnati, Ohio Estate Planning
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“Turning 65 is a major milestone for many Americans, as it is the traditional age at which they start thinking seriously about retirement.” Many things change when celebrating your 65th birthday. For one thing, if you haven’t already retired, chances are good that you’ve set a retirement date and it’s... Continue reading
Posted 4 days ago at Cincinnati, Ohio Estate Planning
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“If you care about what happens to your money, home and other property after you die, you need to do some estate planning.” An estate planning lawyer has many different tools to achieve clients’ estate planning goals. However, at the heart of any plan is the will, also known as... Continue reading
Posted 5 days ago at Cincinnati, Ohio Estate Planning
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“Roth accounts may make more sense than traditional, pre-tax ones, when savers believe their tax rate is lower now than it will be in retirement.” This may be the best of all possible times to take advantage of the Roth IRA or Roth 401(k). These special retirement accounts let savers... Continue reading
Posted 6 days ago at Cincinnati, Ohio Estate Planning
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“Like many investors, you're likely aiming to build a comfortable nest egg to ensure a comfortable retirement. Among retirement financial planners, this is called the ‘accumulation phase.’” The next part of retirement is the “distribution” phase. That means spending those assets you’ve worked so hard to accumulate. Planning for this... Continue reading
Posted Jan 17, 2020 at Cincinnati, Ohio Estate Planning
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“There’s a fine line between holding on to important financial and medical records … and hoarding” Some people like to start their New Year’s off with a clean slate, going through the past year’s files and tossing or shredding anything they don’t absolutely need. However, many don’t, in part because... Continue reading
Posted Jan 16, 2020 at Cincinnati, Ohio Estate Planning
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“Business owners believe strongly in the value of their businesses, so they are often tempted to reinvest everything into the enterprise, thinking that will be their ‘retirement plan.’” When it comes to preparing for retirement, transitioning their business and putting a succession plan in place, many small business owners simply... Continue reading
Posted Jan 15, 2020 at Cincinnati, Ohio Estate Planning
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“Learn how to avoid them and you'll sleep better at night.” By the time retirement comes, most people have gained a certain amount of insight and wisdom. However, this doesn’t always translate into financial savvy. The article “5 Common Money Mistakes Retirees Make” from Next Avenue aims to help retirees... Continue reading
Posted Jan 14, 2020 at Cincinnati, Ohio Estate Planning
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“The death of a beneficiary scenario can arise in settling either a probate estate or a trust administration. The beneficiary’s death affects both the administration of the first decedent’s probate estate or trust and the administration of the beneficiary’s own estate.” When the beneficiary of a deceased person’s probate estate... Continue reading
Posted Jan 9, 2020 at Cincinnati, Ohio Estate Planning
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“Years ago he signed a power of attorney document naming me as his agent, so I could help him with these types of things. Not ever having done this before, what do I need to know about fiduciary duty?” There are any number of pitfalls that may occur when administering... Continue reading
Posted Jan 8, 2020 at Cincinnati, Ohio Estate Planning
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“There are two big victories with qualified charitable donations: You lower your overall taxable income—adjusted gross income—and the money you donate to charity directly is not taxed.” There’s a way to amplify your giving, if you’re in the right age bracket and charitably inclined, says an article from The Philadelphia... Continue reading
Posted Jan 7, 2020 at Cincinnati, Ohio Estate Planning
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“Being a fiduciary is a time-intensive and intellectually challenging task to put upon an individual.” One of the important tasks in creating a complete estate plan is selecting people (or financial institutions) to represent you, in case of incapacity or death. Most people think of naming an executor, but there... Continue reading
Posted Jan 3, 2020 at Cincinnati, Ohio Estate Planning
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“Understanding the rules about Social Security benefits and when to start claiming Social Security can be difficult. However, they’re critically important, especially for women—since women typically live longer lives than men.” Deciding when and how to claim Social Security benefits depends on several different factors, all of which are unique... Continue reading
Posted Jan 2, 2020 at Cincinnati, Ohio Estate Planning
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“’Stealth expenses,’ as one retiree described them to me, are waiting behind any number of corners in retirement.” Learning about the common financial surprises that occur during retirement is an excellent way to try to protect nest eggs, says the article “The Expenses People Often Forget When They Plan for... Continue reading
Posted Dec 31, 2019 at Cincinnati, Ohio Estate Planning
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“As long as people keep sending gift cards and wiring money, the crimes won't just continue—these Social Security phone scams will probably get worse.” Security experts are predicting that Social Security phone scams are going to multiply and get worse, according to the article “Don’t Fall For These New Social... Continue reading
Posted Dec 30, 2019 at Cincinnati, Ohio Estate Planning
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“Although some improvements to your 401(k) plan can only be made by your employer, there are definite steps you can take to improve your own personal account.” Even with the best of intentions to make 2019 a better year for saving for retirement, the year may have gotten away from... Continue reading
Posted Dec 27, 2019 at Cincinnati, Ohio Estate Planning
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“Many older clients faced with choices regarding late blooming relationships—whether from death or divorce—are confronted with a decision. Should they remarry or should they continue the new relationship without marriage.” With increased longevity comes more time for romance, which is a happy event for seniors. However, what can you expect... Continue reading
Posted Dec 26, 2019 at Cincinnati, Ohio Estate Planning
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“People entering retirement will have to devise a smart strategy of how to spend their savings. They don’t want to outlive their nest egg, and they also don’t want to live more frugally than they need to.” The experts who warn that even $1 million in retirement savings might not... Continue reading
Posted Dec 24, 2019 at Cincinnati, Ohio Estate Planning
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“Estate planning clients, typically those nearing or beyond retirement, often ask what kind of information they should share during their life with the beneficiaries of their estate.” If one child will receive more than his siblings, even though his need is obviously greater, will that shared info create fighting between... Continue reading
Posted Dec 23, 2019 at Cincinnati, Ohio Estate Planning
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“Portability first emerged as an estate planning strategy in 2011 and 2012 from the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. It was made permanent by the American Taxpayer Relief Act of 2012.” Portability is the ability to move a certain amount of money that can... Continue reading
Posted Dec 20, 2019 at Cincinnati, Ohio Estate Planning
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“The rich aren't just getting richer. They're also getting older. Fortunately for their children, they're set to leave plenty of money in the bank.” A report from wealth manager United Income says that about $36 trillion will transfer from one generation to the next over the next 30 years. The... Continue reading
Posted Dec 19, 2019 at Cincinnati, Ohio Estate Planning
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“A task without a deadline is just wishful thinking. Sometimes, you can get away with procrastinating. If you never get around to alphabetizing your spices, no one’s life will change.” There are some tasks that, left undone, can have an enormous impact on those you love. The end of the... Continue reading
Posted Dec 18, 2019 at Cincinnati, Ohio Estate Planning
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“One wrong decision can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.” Inheriting an IRA comes with several constraints. As a result, it can be tricky to navigate. You are at an intersection of tax planning, financial planning and estate planning,... Continue reading
Posted Dec 17, 2019 at Cincinnati, Ohio Estate Planning
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“Preparing an estate plan, is like getting a physical. We know responsible adults have it done but choosing to do it yourself is just not appealing. We may decide with the information available on the internet, we simply can self-diagnose any problems that arise.” There’s so much information available today,... Continue reading
Posted Dec 16, 2019 at Cincinnati, Ohio Estate Planning