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Cincinnati Estate Planning Attorney
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“Most Americans don't understand how much they pay in taxes. This is true of taxes in general. Most Americans, for example, believe the canard that half of all workers pay nothing in taxes. This is especially true with inheritance and estate taxes.” Here’s an example of how little we understand... Continue reading
Posted 14 hours ago at Cincinnati, Ohio Estate Planning
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“Tens of millions of seniors collect Social Security. Those benefits are instrumental in helping them pay the bills.” Social Security was never designed as a public retirement plan. It doesn’t provide total income replacement for retirement. Those who expect it to do more than fill in the gaps, are often... Continue reading
Posted 3 days ago at Cincinnati, Ohio Estate Planning
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“Reverse mortgages can be a good way for income-starved seniors to gain extra cash, when going back to work is no longer an option or desirable. The loans, which enable homeowners to tap the equity in their dwellings, also can be complex and even lead to foreclosure.” Reverse mortgages have... Continue reading
Posted 4 days ago at Cincinnati, Ohio Estate Planning
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“If Congress gets its way, you’re going to lose the opportunity to help your children build wealth, and at the same time, they could end up in higher tax brackets for years.” Short of calling your representatives in Congress and hollering, there’s not much any of us can do about... Continue reading
Posted 5 days ago at Cincinnati, Ohio Estate Planning
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“Disability can strike suddenly and is one of the reasons appointing an agent on your behalf to act when you cannot, is so important.” Seniors sometimes hesitate to sign off on a power of attorney that allows someone to act on their behalf, because they fear loss of control and... Continue reading
Posted 6 days ago at Cincinnati, Ohio Estate Planning
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“Estate planning involves planning for how an individual’s assets will be preserved and managed.” Estate planning can save your family the stress of court cases and family feuds before the process of settling your estate begins. A plan that you create will provide tremendous peace of mind to those who... Continue reading
Posted Jul 5, 2019 at Cincinnati, Ohio Estate Planning
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“It took nearly 30 months to sort out the €110 million fortune that George Michael left behind in his will.” Dividing his estate between 11 different people was quite a task for pop star George Michael’s lawyers. He left out his ex-boyfriend Fadi Fawaz and his friend Kenny Goss, raising... Continue reading
Posted Jul 3, 2019 at Cincinnati, Ohio Estate Planning
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“I assumed my elderly co-workers had made poor financial decisions, which compelled them to work deep into their golden years.” A college student who worked as a seasonal employee for a tax preparation company was surprised to learn that most of his co-workers were older people, mainly older than 60... Continue reading
Posted Jul 2, 2019 at Cincinnati, Ohio Estate Planning
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“Of all the documents we discuss with, and prepare for our clients, the Last Will & Testament, or will, is the best known and understood.” A will and testament is the document that allows you to describe how you want your belongings and assets to be distributed after you die.... Continue reading
Posted Jul 1, 2019 at Cincinnati, Ohio Estate Planning
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“The most common answer I hear from other advisers is that you should wait until age 70. That’s not always the case.” There’s so much advice flying around about when to claim Social Security benefits that it can be confusing. Sometimes, it makes sense to claim earlier than age 70.... Continue reading
Posted Jun 28, 2019 at Cincinnati, Ohio Estate Planning
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“Move over, dreams of a letter arriving from a lawyer informing the recipient a long-lost relative has died and bequeathed a tidy sum.” Between off-the-shelf DNA testing kits and online genealogical searches, family members who may have never known of each other’s existence are coming to light more often than... Continue reading
Posted Jun 27, 2019 at Cincinnati, Ohio Estate Planning
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“Presently there are about 400,000 elders in Orange County, but the number of elders (age 65 and over) is predicted to double by 2050 and the number of people age 85 and over, the most vulnerable, will triple.” If you take those numbers for a single county in California, and... Continue reading
Posted Jun 26, 2019 at Cincinnati, Ohio Estate Planning
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“We talked about the various things you should think about and get in order, so that if ‘something happens’ your loved ones don’t have to do a frantic search for your important information.” That “something” that happens that no one wants to come out and say is that you are... Continue reading
Posted Jun 25, 2019 at Cincinnati, Ohio Estate Planning
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“Developers are trying to differentiate themselves and meet the growing demand for seniors that don't want the same old same old.” When one 78-year-old woman wanted to compete in a triathlon, she headed over to the pool at her retirement community and joined a training team. An 86-year-old woman logs... Continue reading
Posted Jun 24, 2019 at Cincinnati, Ohio Estate Planning
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“Few of us plan our legacy for when we’ve died and how we’ll live on in the lives of others.” As technology continues to advance and we are increasingly living more of our lives online, it’s time to think about what our digital legacy will be, says The Scotsman in... Continue reading
Posted Jun 21, 2019 at Cincinnati, Ohio Estate Planning
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“Cleo Parker had a simple plan before retiring: She would work well into her 60s as a marketing analyst in the automotive business. But recently, she has been searching for a Plan B.” The problem with having no set date to wrap up your working life, is that things don’t... Continue reading
Posted Jun 20, 2019 at Cincinnati, Ohio Estate Planning
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“Google recently unveiled the 10 questions Americans ask most about retirement.” It probably comes as no surprise that the question asked the most about retirement is simply, “How much money do I need to retire?” That and nine other questions are a good indicator of what is on most American’s... Continue reading
Posted Jun 19, 2019 at Cincinnati, Ohio Estate Planning
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“Aretha Franklin's handwritten wills might not pass muster in some states. However, a court in Michigan, where she died, is more likely to take them seriously, experts say.” The three handwritten wills found hidden in Aretha Franklin’s suburban Detroit home in May, may not be easy to figure out, says... Continue reading
Posted Jun 18, 2019 at Cincinnati, Ohio Estate Planning
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“The number of people with $1 million or more in their 401(k) or IRA increased in the first quarter.” They are the triathletes of retirement savers — people who have saved and invested their way into having millions in their workplace retirement accounts. Their numbers may be small, and in... Continue reading
Posted Jun 17, 2019 at Cincinnati, Ohio Estate Planning
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“Some people start preparing for retirement as soon as they get their first part-time jobs in high school. Others wait until they pay off their largest bills, like house loans, car loans and student loans.” There are also people who wait until they become senior citizens to begin planning for... Continue reading
Posted Jun 14, 2019 at Cincinnati, Ohio Estate Planning
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“Billions of dollars are lost to financial scams every year, and seniors are particularly at risk. One widely cited study found that older Americans lose $36 billion a year to elder financial abuse. This includes exploitation, fraud and trust abuse.” It’s scary to think about. A time in life when... Continue reading
Posted Jun 13, 2019 at Cincinnati, Ohio Estate Planning
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Here are a few things to avoid on your way to an appointment with a qualified estate planning attorney to discuss your own estate plan, and a couple of others to keep in mind once you get there. Estate planning attorneys see them all the time: the mistakes that people... Continue reading
Posted Jun 12, 2019 at Cincinnati, Ohio Estate Planning
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“The annual report on Social Security, issued by its trustees last month, forecasts that the program’s costs will exceed its income next year for the first time since 1982.” Lacking any kind of reform, the Social Security trust fund will be depleted by 2035, and the system won’t be able... Continue reading
Posted Jun 11, 2019 at Cincinnati, Ohio Estate Planning
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“Life brings us too many unique situations that would not be resolved by a will. Sometimes we need a more robust framework of documents. One of the all-stars in that framework is a power of attorney.” A power of attorney is a document that grants a person the legal authority... Continue reading
Posted Jun 10, 2019 at Cincinnati, Ohio Estate Planning
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“You may have a will or a full estate plan that was prepared by an attorney in another state, or perhaps you haven’t yet taken the important step of planning your estate.” Anyone who moves to another state, for retirement, a new job or to be closer to family, needs... Continue reading
Posted Jun 7, 2019 at Cincinnati, Ohio Estate Planning