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Cincinnati Estate Planning Attorney
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“Having a loved one with dementia can be scary. However, if you add in a firearm, it can also get dangerous.” Here’s a worrisome statistic: 45% of all adults age 65 or older, either own a firearm or live with someone who owns a gun. That’s a lot of people... Continue reading
Posted 20 hours ago at Cincinnati, Ohio Estate Planning
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“If you die without a will, it can lead to conflict between your surviving loved ones, as they try to figure out how best to divide up your personal belongings and finances.” If for no other reason than to avoid fracturing the family, as they squabble over who gets Aunt... Continue reading
Posted 4 days ago at Cincinnati, Ohio Estate Planning
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“Although workers are told to put every spare pre-tax cent into a traditional 401(k) at work, the reality is that once the time comes to tap that account for income in retirement, income taxes will follow.” There is a bright side to the income taxes that will follow you into... Continue reading
Posted 5 days ago at Cincinnati, Ohio Estate Planning
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“Owning a business can allow control over financial success, expanded creative freedom and an ability for growth that may be stifled in large corporations.” When the business owner retires, what happens to employees, clients and family members all depends on what the business owner has planned, asks an article from... Continue reading
Posted 6 days ago at Cincinnati, Ohio Estate Planning
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“As a parent, you might not fully appreciate that when your child turns 18 years of age, at least in the eyes of the law, you no longer have certain inherent rights related to medical and financial details about your adult child.” Without the right documents in place, you do... Continue reading
Posted 7 days ago at Cincinnati, Ohio Estate Planning
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“For the sake of self-preservation in later life, it is imperative that the 60-and-older population understand the powers that are given away, when signing Power of Attorney (POA) documents.” Power of Attorney abuse has emerged as a serious problem for elderly people who are vulnerable to people they trust more... Continue reading
Posted Mar 7, 2019 at Cincinnati, Ohio Estate Planning
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“However, there’s one type of tax on millionaires that Americans have consistently been skeptical of: the estate tax. Polling typically shows that a majority of Americans favor repealing this tax completely.” There are many headlines right now about proposals to increase taxes on wealthy people. While this sentiment crosses party... Continue reading
Posted Mar 6, 2019 at Cincinnati, Ohio Estate Planning
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“Also known as home equity conversion mortgages or HECMs, the most popular form of reverse mortgage allows eligible seniors age 62 and older to borrow up to 60% of their equity in their primary residences to pay for any expenses.” It sounds great, even if you know that the reverse... Continue reading
Posted Mar 5, 2019 at Cincinnati, Ohio Estate Planning
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“Though complex, existing laws provide people with a pathway to protect their assets, become legally poor and qualify for publicly funded Medicaid to cover nursing home bills.” Every month, Lawrence Cappiello writes a check to a nursing home for $12,000 to pay for the cost of his wife’s nursing home... Continue reading
Posted Mar 4, 2019 at Cincinnati, Ohio Estate Planning
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“How much do you need to save? How much can you really afford to put away and still live the life you deserve today? How does anyone make it work?” It can be very overwhelming to save for retirement. How are you expected to take care of your responsibilities to... Continue reading
Posted Mar 1, 2019 at Cincinnati, Ohio Estate Planning
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“When all is well, it’s difficult to convince mom, dad, a partner or other loved one to plan for the future. The alternative is much worse, because it means facing decisions during a crisis.” We always think there will be time to plan for assisted living, until something happens and... Continue reading
Posted Feb 28, 2019 at Cincinnati, Ohio Estate Planning
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“To many, will planning and estate planning are the same. While the terms may seem interchangeable, they are actually very different processes.” Will planning and estate planning are very different processes. Both provide family members with instructions on how assets should be distributed after death, but estate planning goes beyond... Continue reading
Posted Feb 27, 2019 at Cincinnati, Ohio Estate Planning
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“The stories being spun by scammers are getting more outlandish. Ketti Bingen discovered this after a recent caller told her there was a warrant out for her arrest.” No wonder these scams work: the people behind them have just enough information about their victims to put a good scare into... Continue reading
Posted Feb 26, 2019 at Cincinnati, Ohio Estate Planning
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“What then happens when gifts made in a testamentary instrument, such as a will or a trust, lapse (fail) because the beneficiary is either deceased or is deemed to be deceased (such as with an ex-spouse)?” The goal of any estate plan is to avoid “intestacy” — that is, when... Continue reading
Posted Feb 25, 2019 at Cincinnati, Ohio Estate Planning
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“The knowledge required to effectively manage financial assets in the accumulation phase is not sufficient to carry clients through the remaining stages. What follows is the knowledge needed to give your clients the greatest chance of achieving life and financial goals, as they pass through the various other stages.” In... Continue reading
Posted Feb 21, 2019 at Cincinnati, Ohio Estate Planning
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“A ‘power of attorney’ (POA) is the document that a person signs to give another person the legal authority to act on his/her behalf.” The concept of a power of attorney sounds simple but there is a lot to know about this important part of an estate plan, says the... Continue reading
Posted Feb 20, 2019 at Cincinnati, Ohio Estate Planning
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“According to the Tax Policy Center, in 2018 only 1,890 estates in the U.S.–a drastic reduction from prior years–were estimated to be subject to the estate tax.” If you are worried about the federal estate tax, it is a good problem to have. It means that your asset level is... Continue reading
Posted Feb 19, 2019 at Cincinnati, Ohio Estate Planning
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“One of the purposes of probate is to determine who receives the property of the decedent. If the account is jointly owned, we already know that the surviving joint owner owns the property at the time of death.” The process of probating a will and why it matters, is reviewed... Continue reading
Posted Feb 18, 2019 at Cincinnati, Ohio Estate Planning
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“According to the Centers for Disease Control and Prevention, more than 42,000 people lost their lives due to opioid use in 2016, a fivefold increase from 1999.” Opioid addiction has reached epidemic proportions, with drug overdoses now the leading cause of death for Americans under age 50. Families struggling with... Continue reading
Posted Feb 15, 2019 at Cincinnati, Ohio Estate Planning
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“Each child reduces the household wealth of Americans between the ages of 30 and 59 by about 3% or 4%, according to data from the Center for Retirement Research at Boston College.” After decades devoted to rearing children, it happens: parents realize that they’ve neglected their own retirement savings. Once... Continue reading
Posted Feb 14, 2019 at Cincinnati, Ohio Estate Planning
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“An estate plan is the guide to how you want your personal and financial affairs to be handled, in the event of your incapacity or death. As life changes, your guide changes with it.” One of the most common mistakes in estate planning is thinking of the estate plan, as... Continue reading
Posted Feb 13, 2019 at Cincinnati, Ohio Estate Planning
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“Typically, criticisms of trustees center around fees, locality and beneficiaries’ perceived lack of access to funds and to the administrator.” Officers at trust companies often hear comments that it hardly seems necessary to have a professional involved in administering an estate. After all, they ask, how difficult can it be?... Continue reading
Posted Feb 12, 2019 at Cincinnati, Ohio Estate Planning
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“Although the Tax Cuts and Jobs Act of 2017 eliminated the risk of estate tax liability exposure for 99% of the estates, your estate is still at risk.” The unknown events of life include financial perils. They don’t disappear just because you try to ignore them. There are more threats... Continue reading
Posted Feb 11, 2019 at Cincinnati, Ohio Estate Planning
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“I had never worked with a financial advisor, so I didn’t really understand that there would be a specific age that would come along, regardless of whether or not I was working, and bang, I would have to withdraw this money, whether or not I needed it,” he says. Once... Continue reading
Posted Feb 8, 2019 at Cincinnati, Ohio Estate Planning
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“Constant negotiating about who pays what bill or how household costs will be split, is enough to stress any couple. Instead, find a systematic way to cover regular costs.” Whether your second spouse is the complete opposite of the first or a new and improved version of the original, second... Continue reading
Posted Feb 7, 2019 at Cincinnati, Ohio Estate Planning