When people in Ohio decide to plan for the future, they may be concerned about how their decisions can affect family relationships years into the future. While people may have heard stories or seen the experience of a family feud over an estate in their own lives, they may want to avoid this problem when seeking to provide for their loved ones. However, even people with good intentions can inadvertently make decisions that lead to ongoing family conflicts. However, people can also take action to reduce the risk of conflict and make a positive outcome more likely.
For Ohio small business owners, making a will and drawing up an estate plan can be especially important. The issue has been drawn into sharp relief by the death of several legendary musicians with substantial and valuable music catalogs, all of whom died without a will. Aretha Franklin and Prince died without estate plans in place, despite having estates worth approximately $300 million and $80 million, respectively. Other music icons like Tupac Shakur, Bob Marley, Kurt Cobain and Jimi Hendrix also died without a will. The consequences can be significant, especially if an estate is large, is complex or includes a privately owned business.
When a spouse passes away, whether in Ohio or elsewhere, the initial legal concerns appropriately lie with administration of the estate for the recently deceased. It is often forgotten, however, that the surviving spouse typically needs an estate planning checkup as well due to the changed circumstances. A grieving spouse may simply not place priority on wills, trusts and other estate planning essentials, but doing so can circumvent a lot of confusion and hassle for future heirs if properly addressed.
Some Ohio millennials may think that making out a will and other estate planning documents are not important, especially until later in life. In fact, 78 percent of millennial Americans have no will or other estate documents. In general, people don't like to think about death, and young people in particular simply may not see it as important. However, the consequences of dying without a will can be significant, especially for a person's loved ones.
Ideally, an Ohio resident will have all the necessary estate planning documents in order before they pass awat. Without an estate plan, there can be a lot of uncertainty as to what happens to a person's assets. It can also lead to family infighting, which may result in court battles that take years to resolve. Those battles are funded by money or other assets inside of the estate. The more money paid in attorney fees, the less that goes to heirs.
Estate planning can be particularly important for parents in Ohio. When people have children, they may be more inspired than ever to deal with thinking about the future and making important decisions about how their children will be supported in case of the death or incapacity of the parents. In addition to the peace of mind that parents may feel, estate planning carries strong practical benefits as well, especially for future beneficiaries. People can reduce or eliminate probate fees and delays and lessen the estate tax burden borne by their children in the future.
Some Ohio residents who are creating an estate plan might want to think about how they will separate their legacy from what they hope to leave to their children and spouse. Some people may assume that creating an estate plan that allows their beneficiaries to benefit from their legacy also means putting their beneficiaries in control of it. However, this does not have to be the case.
Establishing a trust can be a major step in the development of a comprehensive Ohio estate plan. Once the trust is established, though, it must be funded. It can be thought of like a box that has been created to hold something; until it is actually holding assets, the box does not fill its potential. Funding the trust is like putting something into the box.
Going through a divorce in the state of Ohio can be a complex process that requires many considerations. In particular, those ending a marriage should take some time to revisit their wills and other legal documents.
The Social Security Administration has strict rules about the assets a person who receives Supplemental Security Income can own. However, there is a way to ensure that a disabled person has the things they need without violating the government's rules. When a person on SSI in Ohio receives a large cash settlement or an inheritance from a family member, they may be able to keep the money if it is placed in a properly structured trust.