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...
Estate Planning
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...
Pitfalls in do-it-yourself estate planning
Ohio residents trying to plan their estate without the assistance of an attorney may wish to reconsider that decision. While the use of DIY legal documents has become popular for wills, trusts and powers of attorney, it also comes with risks. Documents used in estate...
Handling unusual final arrangements
Many Ohio residents aren't concerned over family members or friends granting their final requests. However, some may want some guarantee that a final wish will be carried out even if it is unusual. For instance, there is a story involving the inventor of the Pringles...
The use of beneficiary designations
Ohio residents can designate loved ones to be beneficiaries of accounts such as life insurance policies and IRAs. They should carefully consider their designations and should know what should and should not be done. Emotion may play a significant part in how investors...
Businesses and estate planning
Ohio business owners should have certain documents on hand in the event certain decisions regarding their company have to be made in the future. These documents, which can include a living trust, a financial power of attorney and a last will and testament, will help...
Uses and types of irrevocable trusts
Ohio residents who are planning their estates might want to consider creating an irrevocable trust. While an irrevocable trust has a disadvantage over a will or revocable trust in that it cannot be changed, there are a number of advantages to it as well. Furthermore,...