There are many reasons people may opt not to discuss their assets with individuals to whom they plan to gift them too when they die. However, Ohio parents who plan to leave an inheritance for their children may want to make sure that the beneficiaries are prepared to receive it and are able to make the important decisions that may come with it.
Bitcoins are a virtual currency that some Ohio residents may have heard of. Those who own this currency control it through a virtual private key. If the owner doesn't disclose where this key is, the assets could effectively be lost forever. The same is true if there are no instructions for how to use the key to access the coins.
Changes in tax law may present an opportune time for Ohio residents to meet with an adviser to review their estate plans. Even if people don't think that the tax law changes will mean anything to their estate plan, it is still worth going over it anyway. In some cases, individuals may find that their plan no longer meets their needs for reasons other than adjustments to the tax code.
If you are looking to create your own small business, it is important that you learn to recognize the various ways in which your customers, clients or what have you may be able to hold you liable. Virtually every type of small business has at least some degree of risk, and this holds true even if you do not plan to open a business where risks are clear, such as a construction entity or food service company.
Real estate investments in Ohio and around the country have generally performed well in recent years, but the market can be unforgiving when individuals make hasty decisions and fail to perform adequate due diligence. Individuals who are considering a portfolio of multifamily units or commercial properties can avoid costly mistakes by understanding the complexity of these transactions and learning from the experiences of those who have succeeded and failed in this area.
Entrepreneurs in Ohio understand that they will need to work hard to transform their ideas into commercial successes. Long hours alone, however, will not suffice to help someone break out in a competitive environment. Entrepreneurs need to gather effective team members, network with other business people and develop winning sales pitches.
The passage of tax reform isn't expected to have a huge impact on the commercial side of the real estate sector. However, now that it's clear what tax guidelines will be in place going forward, Ohio investors will be able to formulate a game plan to deal with potential tax issues related to their investments. Tax reform clarification may also ease the hesitation some investors had about proceeding with plans to diversify or enhance a portfolio that includes commercial properties.