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Medina Legal Issues Blog

Social media and estate planning

Ohio residents may not take their Twitter or other social media accounts seriously. However, it may be a good idea to account for them in an estate plan. If an account is not properly shut down, it could cause unnecessary grief and pain as it continues to exist as a ghost account. For friends and loved ones, it may be embarrassing and awkward to see a deceased person appear as a suggested social media friend or contact.

Companies such as Facebook and Twitter allow individuals to have accounts deleted or memorialized. This generally requires proof that a person has passed on such as an obituary or death certificate. It may also require a person to prove that he or she is the decedent's legal representative. Prior to an account being deactivated, it may be a good idea to review each platform's terms of service.

You must take quick action to protect your business in divorce

Divorce is often one of the most difficult experiences a person can endure, and this is doubly true for business owners. If you are facing divorce and worried that the settlement process may dismantle your business, you must make some very difficult choices and act decisively.

The truth is, if you did not take preventative measures like a pre- or postnuptial agreement to protect your business, then your spouse may have a legal right to negotiate for a portion of its value.

The elements of an estate plan

Some Ohio residents may have hesitated to create an estate plan because the subject is an uncomfortable one, but it can be a way of making a person's passing less difficult for family members. There are a number of different elements to an estate plan. Wills and trusts can be used to pass assets down to loved ones. A will may also appoint a guardian for minor children.

Another element is a document that specifies a person's wishes for end-of-life care. This may include whether the person would like to be an organ donor. People may also want to write about the type of funeral they would like to have.

Trusts as estate planning tools

Most Ohio residents automatically think of a will when it comes time to plan their estates. Wills allow testators to name who they want to receive their property when they pass on, but they are limited in some ways. Upon the death of a testator, beneficiaries will receive their bequests in one distribution. With a trust, people can have a lot more flexibility.

Trusts give people a variety of options for how assets are doled out to their heirs. When a trust is created, it is funded, which is when assets are put in the trust. The trust will also have named beneficiaries, and these are the individuals who will have access to or benefit from the assets put into the trust.

Choosing people to carry out an estate plan

For many Ohio residents, the process of estate planning is too often undertaken with a narrow focus on providing instructions, yet there is an equally great need to focus on the people chosen to carry out those instructions. Estate plans can contain such wide-ranging choices as the naming of a guardian for children, health care and financial powers of attorney in case of incapacity, an executor under a will, and a trustee to manage assets in a trust. Rather than choosing haphazardly, Ohio residents are encouraged to select trusted people whose traits conform to the demands of these roles.

People who are frivolous with their own money or have filed for bankruptcy are usually not a good choice . Estate planning documents will provide guidance, but they are not fool-proof instructions. The person selected to administer athe estate should have traits and skills fitting the job, such as organization, experience in finance and proven ability to set and meet long-term financial goals.

Tips for Ohio commercial real estate sellers

When selling commercial real estate, many people assume they can depend on the services of their buyer's attorney. However, it might it may be wise for sellers to hire their own experienced real estate attorney who can personally assist them with the transaction. Besides preparing important documents, a real estate attorney can be very beneficial to sellers in other ways as well.

In commercial real estate transactions, sellers typically need an attorney's help with preparing the deed and the closing documents. However, commercial real estate attorneys could also protect sellers from unanticipated liability issues and help them to benefit fully from the sale. Further, commercial real estate attorneys can greatly assist sellers whenever their property is being listed.

Common small business accounting errors

As a small business owner, you may find yourself pulled in multiple directions at once on a daily basis. Given the weight of your responsibilities, it can prove difficult to become an expert in all aspects of your business, but understanding how to manage your business's basic accounting needs is of particular importance.

How apps can benefit Ohio real estate investors

Just a few years ago, real estate professionals had to manage their information with enormous Excel databases. However, thanks to a number of technological advancements, communication, maintenance requests and rent logs can be handled through a number of easy-to-use apps. This technology can be beneficial to investors, property managers and even tenants.

Some of the most popular apps for real estate include those that help people access funding and streamline their property management duties. If someone is interested in getting into real estate investment, there are now a number of apps available to help him or her connect with potential investors. These platforms can also help people secure funding from traditional sources such as financial institutions as well as newer ones like crowdfunding.There are several apps available that can help property managers and tenets alike. They are designed to help landlords keep track of how their properties are performing and ensure that rents are being paid. Renters benefit from being able to submit maintenance requests simply by entering it into a smartphone app.

Estate planning and President Trump's new tax policies

Because of considerable changes that President Trump may be making in regards to the US tax policy, many Ohio residents might delay taking estate-planning measures. However, since many estate-planning components, such as irrevocable trusts, offer several advantages besides tax benefits, it may be a good idea for people to begin taking steps toward fulfilling their estate-planning goals, regardless of how the tax debate in Washington is settled.

In regards to whether estate taxes will be repealed, a lot of tax commentators think that if this does occur, it may include a sunset provision, which means that these taxes will return in a decade. However, even if the repeal is made, another administration in the future will likely reinstate them. Therefore, for the benefit of a person's beneficiaries, it could be more important for people to go ahead and begin an estate plan that offers wealth protection instead of waiting for tax laws to be implemented. This can be done by transferring one's assets into irrevocable trusts. These types of trusts also offer management structure in the event of a future disability and divorce protection. In lieu of the changing tax laws and other uncertainties, people have the option of using a type of trust that offers flexibility if tax laws change, as well.

Big data economy drives commercial real estate changes

Large companies in Ohio and throughout the country are experiencing an expanding demand for data centers. Vast amounts of data generated by 34 billion connected devices drive increasing portions of the modern economy. From a smart coffee pot ordering beans from Amazon to self-driving cars navigating traffic, the demand for data processing and storage has exploded.

A study released by Cisco predicted that over the next three years 83 percent of data will be managed through cloud computing. By 2019, servers will be processing over 500 zettabytes of data. This number represents a five fold increase over data volume in 2014.

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