Some Ohio couples are choosing not to have children and are instead focused on their careers. While people might think that estate planning is only important for people who want to pass their properties on to successive generations, it is also very important for those...
Year: 2017
3 tips for establishing a business succession
Owning a business is a challenge, to be sure, and it is easy to put off planning for the future. As with anything, though, getting a head start on planning is exactly what will equip you to succeed. This is especially true when it comes to determining what will happen...
How Hugh Hefner did estate planning right
There may not be many Ohio residents who viewed Hugh Hefner as a role model in life. However, he may have been a perfect example of how to create a proper estate plan. In 2010, it was revealed that he had a net worth of $43 in addition to the value of his Playboy real...
Digital assets treated differently for estate planning
A joint research paper by law schools at Case Western Reserve University in Ohio and UC Berkeley indicates that 83 percent of consumers believe they own digital content in the same fashion that they own material things. That is rarely the case though, according to the...
Why a will isn’t an estate plan
While a will may be an effective part of an Ohio resident's estate plan, it not necessarily sufficient on its own. For instance, assets such as an individual retirement account or a life insurance policy will not pass to a beneficiary under a will. Assets such as...
Advantages of planned giving in an estate plan
Planned giving is an approach to estate planning that allows people to start making charitable gifts while they are still alive. Ohio individuals, their families and their communities may all benefit from planned giving over a long period of time. Planned giving...
Wine as an asset in an estate plan
An Ohio resident who is appointed executor of a will might be responsible for assets outside that person's area of expertise. As executor, it is necessary that the person properly manage the asset. One example of an asset that might be passed down using a will is a...
How to talk about money with family
It isn't uncommon for Ohio residents to have issues talking to their family members about the financial aspects of an estate plan. However, failure to do so could have a profound impact on their parents, spouses or children. Among the topics that should be discussed...
Women may have special concerns in estate planning
Ohio women may have special factors to consider as part of the estate planning process. Because they live longer and on average have earned less income over their lifetimes, there are unique considerations in planning their wills and other related estate concerns....
The estate plan and the power of attorney
An Ohio resident's estate plan might be improved with a power of attorney. A power of attorney can be durable or nondurable, but a durable power of attorney may be best for the purposes of an estate plan because it allows a person to step in and make financial...