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Cincinnati Estate Planning Attorney
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“Estate planning is the process of transferring the management of your assets, if and when you are unable to manage them yourself due to disability or death. Whether you have $100 or $100 million you should have an estate plan.” You should have an estate plan because every state has... Continue reading
Posted 3 days ago at Cincinnati, Ohio Estate Planning
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It means you are in charge of managing the person’s assets after death, but what does it really mean? An executor has many roles and responsibilities. Executors should first understand it is a significant responsibility and not something to be taken lightly. Being named an executor can be a big... Continue reading
Posted 4 days ago at Cincinnati, Ohio Estate Planning
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“Most people can't wait for retirement, and even more would likely opt for some form of early retirement, if they had the opportunity. Whenever you ultimately decide to cut down your time at work or leave the workforce altogether, you need to ensure that you have a full slate of... Continue reading
Posted 5 days ago at Cincinnati, Ohio Estate Planning
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“Estate planning is all about ensuring that your wishes are met after your death. All estate plans should include a will and powers of attorney. However, in many cases, a trust has additional benefits beyond what can be accomplished with the will and powers of attorney.” A trust is a... Continue reading
Posted 6 days ago at Cincinnati, Ohio Estate Planning
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“September is the most common birth month of the year. It's also a good time for new parents to think about the financial side of their parental responsibilities.” The prospect of becoming a parent is exciting, but it's also stressful, due to the sleepless nights and the never-ending expenses associated... Continue reading
Posted Oct 16, 2020 at Cincinnati, Ohio Estate Planning
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“When Pablo Picasso died in 1973 at the age of 91, he left behind about 45,000 works of art – so many that it would take the entire Empire State Building to display them all at the same time – and yet he didn't leave a will.” Picasso left behind... Continue reading
Posted Oct 15, 2020 at Cincinnati, Ohio Estate Planning
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“Received an inheritance of cash, investments, or property? Here are four ways that can help you keep it from being swallowed up by taxes.” Wealth Advisor’s recent article entitled “4 Ways to Protect Your Inheritance from Taxes” explains that inheritances aren’t considered income for federal tax purposes—whether it’s cash, investments... Continue reading
Posted Oct 14, 2020 at Cincinnati, Ohio Estate Planning
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“Retiring ahead of schedule may seem like a dream, but it is doable with the proper planning. Depending on when you were born, the normal retirement age is currently 66 or 67. If you’re planning to retire five, 10, or even 15 years early, one of the most important things... Continue reading
Posted Oct 13, 2020 at Cincinnati, Ohio Estate Planning
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“The probate process refers to court proceedings that you have to go through when a loved one passes on, and they have left an asset in their name.” SWAAY’s recent article entitled “What is the Probate Process in Florida?” says that while every state has its own laws, the probate... Continue reading
Posted Oct 12, 2020 at Cincinnati, Ohio Estate Planning
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“Planning for unfortunate events is particularly critical in the era of Covid-19.” Waiting to create a will leaves nothing but headaches for your heirs and relatives. With nearly 200,000 deaths due to Covid-19 in the U.S. alone, we are reminded of how fast our lives can change. The Street’s recent... Continue reading
Posted Oct 9, 2020 at Cincinnati, Ohio Estate Planning
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“Unfortunately, due to hidden resentments, siblings still tend to end up in court suing each other and losing great chunks of their inheritance in the process all too frequently.” When your parents pass away, their assets are often divided between their children. However, if there’s no will to answer any... Continue reading
Posted Oct 8, 2020 at Cincinnati, Ohio Estate Planning
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“A will itself is a legal document that describes the process of splitting up one’s personal property and possessions among family and loved ones.” Wills are often seen as a something that only comes up when an elderly person passes away. Because of this notion, many people think that a... Continue reading
Posted Oct 7, 2020 at Cincinnati, Ohio Estate Planning
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“Tenancy by the entirety, commonly abbreviated as TBE, is an ownership structure for real estate that's used when the owners are a married couple. Under a TBE arrangement, each spouse owns an equal interest in the property, and the property will transfer seamlessly to the surviving spouse, in the event... Continue reading
Posted Oct 6, 2020 at Cincinnati, Ohio Estate Planning
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“When creating an estate plan, it may be necessary to name a trustee to handle your assets.” A frequent example is when you create a revocable living trust to pass on assets to your children. You must name a trustee to manage those assets. You might name yourself as trustee,... Continue reading
Posted Oct 5, 2020 at Cincinnati, Ohio Estate Planning
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“My big brother died of COVID-19 and he didn’t have a will. He divorced 20 years ago and has no children, but his ex is telling me she should get an inheritance. Who has the right to his money?” Nj.com’s recent article entitled “My brother died of COVID-19. Should his... Continue reading
Posted Oct 2, 2020 at Cincinnati, Ohio Estate Planning
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“If you decide to leave assets in a trust for your beneficiaries, consider your designation of trustee carefully. The most important person in the trust framework is the trustee, the one responsible for managing trust assets.” The trustee is tasked with caring for the assets in the trust for one... Continue reading
Posted Oct 1, 2020 at Cincinnati, Ohio Estate Planning
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“An Uncle (or grandparent, sibling, or parent) died, leaving his IRA to one named niece (or grandchild, sibling, or child). However, everyone, including the named beneficiary, agrees--the decedent should have named all members of the class as equal beneficiaries. After all, he left all his other assets equally to all... Continue reading
Posted Sep 30, 2020 at Cincinnati, Ohio Estate Planning
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“Estate planning is the process of arranging who will receive your assets when you die.” A key objective of estate planning is to make certain that your assets go to those you want, rather than distant family. It also can minimize taxes, so your beneficiaries can keep more of your... Continue reading
Posted Sep 29, 2020 at Cincinnati, Ohio Estate Planning
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“Estate planning is a systematic method that manages the personal and financial matters of a person in case of death. The legal document for the necessary plan for death is called the Last Will and Testament, which includes the set of instructions for the condition and distribution of the estates.”... Continue reading
Posted Sep 24, 2020 at Cincinnati, Ohio Estate Planning
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“The COVID-19 pandemic, which has kept many workers home, was a kind of test drive for retirement. You learned what it's like to stay out of the office for long periods of time. However, many companies are hurting because of the economic turmoil from the coronavirus, and if you're 50... Continue reading
Posted Sep 23, 2020 at Cincinnati, Ohio Estate Planning
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“Part of estate planning includes helping with the ever-escalating costs of education for children and grandchildren.” To assist with college tuition for younger children or grandchildren, you may want to defer the receipt of funds, until the child or grandchild needs to pay for tuition down the road. You can... Continue reading
Posted Sep 22, 2020 at Cincinnati, Ohio Estate Planning
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“You would like to pass a house tax-free to your heirs. After all, you want to give them a gift, not the burden of taxes. How do you do that?” As part of your estate planning, you can pass your house tax-free to an heir. savingadvice.com’s recent article entitled “Use... Continue reading
Posted Sep 18, 2020 at Cincinnati, Ohio Estate Planning
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“A will is just one of several legal documents that help your loved ones know your end-of-life wishes.” If you die without a will (i.e., intestate), a court will determine who inherits your assets and who would care for any surviving children as a guardian. CNBC’s recent article entitled “A... Continue reading
Posted Sep 17, 2020 at Cincinnati, Ohio Estate Planning
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“A fiduciary is someone who manages property or money on behalf of someone else. When you become a fiduciary, the law requires you to manage the person’s assets for their benefit—and not your own.” First, a fiduciary duty is the requirement that certain professionals, like attorneys or financial advisors, work... Continue reading
Posted Sep 16, 2020 at Cincinnati, Ohio Estate Planning
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“I am a resident of Florida. I would like to leave my condo in Florida to my friend’s daughter, who I consider my stepdaughter, after my death. She is a resident of New Jersey and they would use the condo as a vacation home. Will she be considered my daughter... Continue reading
Posted Sep 15, 2020 at Cincinnati, Ohio Estate Planning