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Cincinnati Estate Planning Attorney
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“Millions of Americans worry about saving enough for retirement, while also providing for their children’s future. However, most overlook another set of dependents who could cost them even more: their parents.” The phrase “sandwich generation” is used to describe people who are caring for their parents and their children at... Continue reading
Posted 1 hour ago at Cincinnati, Ohio Estate Planning
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“As closely held business owners know, their financial plans, retirement plans and estate plans are inextricably linked to the value of the business.” For the business owner, the success of their business impacts their daily lives. The success of their succession plans (say that five times fast!) is inexorably linked... Continue reading
Posted 3 days ago at Cincinnati, Ohio Estate Planning
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“Effective January 1st, adult Florida residents will legally be allowed to execute an electronic last will and testament to dispose of their property when they die.” Florida is one of the early states permitting residents to have wills, along with some other types of estate planning documents, signed and completed... Continue reading
Posted 4 days ago at Cincinnati, Ohio Estate Planning
“People should have a minimum of a valid will, a durable power of attorney and a healthcare power of attorney. These three documents can provide for your wishes, either upon becoming incapacitated or your passing.” Once there has been a diagnosis of dementia, there are a number of issues that... Continue reading
Posted 5 days ago at Cincinnati, Ohio Estate Planning
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“Losing a loved one is very difficult. However, when that person was a hoarder—like roughly 19 million Americans—managing grief while sorting through mountains of stuff is even more challenging.” We all know someone who can’t bear to throw anything out, no matter how small or valueless the item is. When... Continue reading
Posted 6 days ago at Cincinnati, Ohio Estate Planning
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“Unfortunately, credit card debts do not disappear when you die. Your estate, which includes everything you own–your car, home, bank accounts, investments, to name a few–settles your debts using these assets.” Can you imagine what people would do, if they knew that credit card debt ended when they passed away?... Continue reading
Posted 7 days ago at Cincinnati, Ohio Estate Planning
“The world’s thieves and scam artists constantly change their methods, and you have to keep up with them to protect yourself.” Con artists are always developing new scams, and while Social Security is their primary bait right now, don’t be surprised if they switch to a new tactic. One critical... Continue reading
Posted Sep 13, 2019 at Cincinnati, Ohio Estate Planning
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“A solid estate plan should include your will, a power of attorney and a trust. All of these components provide asset protection for your business while you’re alive and after your death.” A business owner without an estate plan, is a business owner whose business and personal estate are both... Continue reading
Posted Sep 12, 2019 at Cincinnati, Ohio Estate Planning
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“What's going to happen to your assets after you die? Your parents die? Your spouse dies? It's a conversation that's uncomfortable to have, but one that's extremely important.” At its essence, estate planning is any decision you make concerning your property if you die, or if you become incapacitated. There... Continue reading
Posted Sep 11, 2019 at Cincinnati, Ohio Estate Planning
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“In past generations, families were very close, there were few estates that had any tax liability, and children respected their parents’ wishes, both before and after the parents passed away.” That may be an idealistic portrayal, but there is some truth to it. It is no longer unusual for families... Continue reading
Posted Sep 10, 2019 at Cincinnati, Ohio Estate Planning
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“If you have an individual retirement account, do you recall filling out a beneficiary designation form? That’s the document that allows you to direct the IRA custodian to transfer your IRA to the people you name in the form.” If you’re like most people, you opened that IRA many years... Continue reading
Posted Sep 9, 2019 at Cincinnati, Ohio Estate Planning
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“If the prospect of consolidating your assets into a series of complicated legal documents while directing the right assets to the right heirs seems daunting, you’re not alone.” The very idea of creating an estate plan can be intimidating, but this article from Brainerd Dispatch, “Navigating your estate plan,” wisely... Continue reading
Posted Sep 6, 2019 at Cincinnati, Ohio Estate Planning
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“Marriage is a tie that binds two people together legally. Although people generally enter into marriage with high hopes for an enduring relationship, sometimes the relationship falters.” When a marriage doesn’t work out, the couple that wishes to become “un-married” must undergo the legal process of divorce. When a legal... Continue reading
Posted Sep 5, 2019 at Cincinnati, Ohio Estate Planning
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“Families are often reluctant to talk about wealth and inheritance with their children. However, experts say that can create confusion and insecurity.” Parents talk with their children during various stages of their lives about the challenges ahead. The tough talks about sex, drugs, drinking, driving, bullying and mental health are... Continue reading
Posted Sep 4, 2019 at Cincinnati, Ohio Estate Planning
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“Many clients want to leave a legacy, not just save for a comfortable retirement.” If you ask most people what their most valuable assets are, they usually say their homes, or their jobs. However, if you ask them to think about it a little more, the answers change and become... Continue reading
Posted Sep 3, 2019 at Cincinnati, Ohio Estate Planning
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“Dire jeremiads about America’s looming retirement crisis are so common, that it seems retirementcrisis is one word.” The doom-and-gloom prediction goes like this: Americans are all spendthrifts, living standards are going to take a major downward dive in retirement and Social Security will buckle from the pressure of too many... Continue reading
Posted Aug 30, 2019 at Cincinnati, Ohio Estate Planning
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“By planning in advance, you have the say as to who receives which assets. The people you care about are more apt to receive your property.” It’s something that everyone needs, but often gets overlooked. Estate planning makes some people downright uncomfortable. There’s no law that says you must have... Continue reading
Posted Aug 29, 2019 at Cincinnati, Ohio Estate Planning
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“She had just learned from her older brother that her widowed, elderly mother, who lives in Rhode Island, had fallen a couple of days before and had been admitted to the hospital with broken ribs and several fractures.” Sadly, this is not an unusual situation. The daughter spoke with her... Continue reading
Posted Aug 28, 2019 at Cincinnati, Ohio Estate Planning
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“The museum contended that a caretaker convinced a Portland woman to change her will, depriving the museum of a major gift after the woman's death.” Families are not the only ones with estate battles. The Portland Museum of Art won a $4.6 million court award, after the jury determined that... Continue reading
Posted Aug 27, 2019 at Cincinnati, Ohio Estate Planning
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“Not many people go through life wondering what will happen if they lose control over their mind or body. However, the Alzheimer’s Association estimates that in 2017, close to 50 million people struggled with dementia.” For family members, the warning signs can be hard to spot, and the person may... Continue reading
Posted Aug 26, 2019 at Cincinnati, Ohio Estate Planning
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“In the past, most people simply worked until they died, with little time for leisure in their later years. In the year 1870, for those who lived past age 65, the labor force participation ratio for males was close to 90%.” The concept of retirement is relatively modern. Most people... Continue reading
Posted Aug 23, 2019 at Cincinnati, Ohio Estate Planning
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“It was reported on the news recently that some of Aretha Franklin’s family members have found what they believe to be her will. It was handwritten, stained and crumpled up in a couch. The courts may or may not choose to honor it, depending on whether or not they are... Continue reading
Posted Aug 22, 2019 at Cincinnati, Ohio Estate Planning
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“The structure of the Social Security benefit designed for women has not kept up with their changing socio-economic status.” In an unexpected twist, because of how Social Security was designed and when, the people who are most at risk for coming up short on benefits, are women in a two-income... Continue reading
Posted Aug 21, 2019 at Cincinnati, Ohio Estate Planning
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“Talks about money and long-term care wishes can be tough enough. However, when a loved one is suffering from memory loss, advocates say there is no time to waste.” A retired physician and his wife have allowed a local television station to report their family’s journey with Alzheimer’s over the... Continue reading
Posted Aug 20, 2019 at Cincinnati, Ohio Estate Planning
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“Setting up a trust fund offers many advantages in terms of passing on wealth or assets. It avoids probate, or the transfer of assets in court. This increases not only the ease of transfer, but also privacy.” A trust can be a useful tool for passing on assets, allowing them... Continue reading
Posted Aug 19, 2019 at Cincinnati, Ohio Estate Planning