Some people in Ohio might think that because they are single or have no children, an estate plan is not necessary. However, complications for unmarried people or those without children still occur. Generally, state laws will pass decedents' assets onto their spouses and children if there is no will, and this often correctly reflects the intentions of the deceased individual. However, if a couple without children dies within minutes of one another, the family of the spouse who died last may receive all the assets. In an unmarried couple, the deceased's siblings might get all assets, leaving his or her partner with nothing.
Contesting a will is a difficult process, because the person whose wishes it is supposed to express is no longer available to clarify anything that might be up for debate or interpretation. There are, however, certain situations that may lead you to question a will and its contents, and if you meet certain criteria, you may be able to legally do so.
Close to 60 percent of American adults have prepared no legal documents to specify what should happen with their assets if they die. According to a study, just 42 percent of themhave an estate planning document completed. For individuals who have minor children, only 36 percent had an end-of-life plan.
Ohio parents often desire to pass wealth to the next generation. Their intentions, however, might be frustrated if a married heir gets a divorce, taxes run high, real estate expenses become onerous, creditors make claims or young heirs act irresponsibly. Careful planning could install protections against these situations.
Value investing in Ohio commercial real estate is about purchasing at the right price. Though the asset should provide money as well, an income stream is usually of secondary importance for value investors. The real worth of the investment generally comes from an appreciation in price over time.
Running a business of any size is an incredible undertaking. Not only will you need to worry about how to make your business a success, you will also need to organize and manage your workforce. These two priorities can clash at a certain point, and unless you take steps to protect your business, your employees could ultimately jeopardize its future.