Many people in Ohio want to think about estate planning all at once and then set those documents aside for the future. Going over one's estate plan can be practically and emotionally difficult for many people. However, in order to ensure that one's assets are...
Estate Planning
Reasons to use a trust to leave assets to adult children
It is not uncommon for people to create trusts to protect assets for their minor children, but they might not think about doing the same for their adult children. However, there are a number of reasons that Ohio parents who are creating an estate plan might want to...
Use more than just a will for estate planning
Having an estate plan that consists of just a will is one mistake Ohio residents should avoid. There are multiple documents that should be in place to ensure that medical decisions made on people's behalf if they become incapacitated are in accordance with their...
Back child support could cause inheritance issues
If an Ohio resident owes back child support, it may result in a lien being placed on a future inheritance. Typically, only a back tax debt would take priority over a lien resulting from a child support judgment. Therefore, an executor could be forced to liquidate...
Tips for creating an estate plan
Ideally, Ohio residents will begin the process of estate planning as soon as possible. An estate is made up of anything that a person owns either jointly or on his or her own. By creating an estate plan while in good health, it may make it easier to obviate the need...
How tax laws may change estate planning
People in Ohio who created their estate plans with the intention of avoiding estate tax might want to take another look at that plan. At the end of 2017, Congress passed a tax bill that raised the estate tax to more than $22 million for married couples and more than...
What beneficiaries should know about their inheritances
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...
Accounting for bitcoin in an estate plan
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...
Why tax changes should prompt an estate plan review
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...
Turning assets into a legacy
Some Ohio residents who are creating an estate plan might just think of it in terms of leaving assets for family members. However, estate planning can be approached as legacy planning, and the ideas that underpin this are old ones. One 15th century play involves a...