Close to 60 percent of American adults have prepared no legal documents to specify what should happen with their assets if they die. According to a study, just 42 percent of themhave an estate planning document completed. For individuals who have minor children, only 36 percent had an end-of-life plan.
Ohio parents often desire to pass wealth to the next generation. Their intentions, however, might be frustrated if a married heir gets a divorce, taxes run high, real estate expenses become onerous, creditors make claims or young heirs act irresponsibly. Careful planning could install protections against these situations.
Ohio residents may want to consider how Donald Trump's election and the Republican majorities in both the House and the Senate might affect their estate plans. Understanding the proposed changes and incorporating clauses in their plans might help them to avoid some potentially detrimental impacts.
Farm owning families in Ohio often take a great deal of pride in the land they own and the work they do. In many cases, farmers would like to keep their land in the family and wish to pass it down to their children. While this is an understandable desire, there are situations in which family members have had protracted disagreements over how farmland should be used and managed.
Ohio residents may need to take special steps to ensure that their beneficiaries receive properties like homes if these individuals haven't applied for permanent residency. Experts say that although undocumented immigrants can inherit properties and own homes, the legal system and modern economic realities favor those who actually hold proper citizenship or some other formalized immigration status.
Ohio residents may be aware that they need an estate plan. However, there may be many reasons why individuals don't get around to actually making one. Common reasons include not having time to create the plan or letting the emotional side of estate planning stop them from actually thinking about their future. If an individual dies without some sort of plan, it could create financial issues for the decedent's family.
A 2011 survey found that 60 percent of Americans stated that they did not have a will. Ohio residents who are unsure about whether such a document is necessary may want to consider how one may be beneficial. Death can occur unexpectedly and sooner than many individuals may think. According to information from the National Center for Health Services, out of the 2.5 million people who died in the United States in 2011, over 90,000 of them were between the ages of 20 and 39.
One important aspect of estate planning for Ohio residents may be creating a power of attorney. This allows them to appoint someone to manage their finances in the event they become incapacitated due to an accident, illness or a condition like dementia. However, there are a few things they may want to keep in mind regarding a power of attorney.
Living trusts are designed to help you determine how and when your business ownership interests will be divided in the event of your death, much like wills do for your personal assets. The trust may also determine a line of succession for your business and dictate which employees are to assume certain roles if you are no longer able to do so yourself. If you are considering establishing a living trust for a small business, you may be wondering how it works, what it means and what steps you will need to take to get the job done.
Ohio investors might want to think about estate planning as a lifetime plan for wealth management and for educating their children and grandchildren about finances. Thinking about estate planning across a lifetime rather than simply at the end of one's life allows for strategies such as gift giving to reduce the value of the estate. Another effective strategy may be using trusts to fund companies. This can be done as a family as a way of learning about investing. Trusts can also be set up to fund education or the purchase of a first home.