Ohio residents can use an estate plan to ensure that their wishes regarding how their legacy is handled are enforced. Estate planning can be used to protect and manage one's legacy while reducing the tax burden of the state. It is important that everyone who...
Month: May 2018
How to create the proper estate plan
In many cases, Ohio estate owners want their assets to last for as long as possible. This could mean that the wealth lives on for generations after the individual who acquired it passes away. However, not all fortunes will be used properly by subsequent generations....
Tips for downsizing your business successfully
Usually, business owners focus on how to grow and expand their companies. While success is the ultimate goal, growth for the sake of growth is not always beneficial. This truth becomes more apparent during a downturn in the economy. Whether or not a recession is going...
Get an estate plan in order with step-by-step goals
Financial advisers recommend that people in Ohio set up an estate plan based on four important elements. They should have a will, financial power of attorney, healthcare power of attorney and advance healthcare directive. These basic documents could help prevent...
The importance of naming the right trustee
A trust may serve a number of different purposes for an Ohio resident. It may be used to allow assets to increase in value while deferring taxes. It may also be used to allow the grantor to specify conditions for distribution such as the beneficiary reaching a certain...
Retirement planning for business owners
For family businesses in Ohio that remain in the hands of their founders, it can be particularly important to consider succession planning. For example, over 12 million businesses across the country are privately owned by members of the baby boom generation, some of...