Ohio Estate Planning: What is the Difference Between a Will and a Trust?

Many people believe that wills, trusts, and powers of attorney (POA) are only needed for people with considerable wealth. Yet every adult should prepare advanced medical directives that allow someone else to make decisions on their behalf if they are injured or seriously ill. As experienced estate planning attorneys, we work with clients to create effective estate plans and offer guidance during the probate process in Ohio. Here are some basic differences between the types of estate planning tools you can use to protect yourself and take care of loved ones after you are gone.

Tax Reform: Understanding Changes to Ohio Estate and Gift Taxes

In a flurry of activity in December, 2017, the US Congress passed the Tax Cuts and Jobs Act. The Act made big changes to federal tax laws, and may impact your estate plan. The Tax Cuts and Jobs Act (Act) reduces corporate tax rates, has some impact on personal tax rates, and shifts the laws in other areas like gift and estate taxes.

What You Need to Know about Nursing Home Abuse in Ohio

As the Baby Boomers move into the retirement years, many families and children are challenged with providing quality of life, and quality of care, as their family member ages. Due to illness or infirmity, some seniors are unable to live at home, and need the extra help provided in a skilled nursing or assisted living environment. Part of the worry about a decision to move an elderly relative to a nursing facility is the fear they might be harmed, and the concern is sometimes not misplaced.

Take these Five Steps after a Serious Car Accident in Ohio

Physical well being is always the first concern after any kind of accident, especially when vehicles collide. If you suffer an injury as the result of the negligence or recklessness of another person or party, you deserve money damages to help your recovery and provide for future medical and other serious needs.

Essential Elements of a Small Business Owner’s Estate Plan

If you are a small business owner and you pass away, what happens to your company? The answer may depend on the effort you’ve put into your estate plan. If you have not left behind an estate plan with elements that focus on your business, your company’s very existence could be put into doubt, especially if you have not prepared any sort of succession plan. Your loved ones will be forced to hire attorneys to get through the probate process and not lose a significant amount of money and assets.

Using Buy-Sell Agreements in Your Estate Plan

A buy-sell agreement is a legal document that clearly outlines how a company and/or its owners will distribute ownership shares after the death, retirement, departure or disablement of one of its owners. This contract enables owners to redeem the stake of any departing owner. It thus eliminates some of the complications that could otherwise occur […]

5 Tips for More Effective Business Succession Planning

If you own your own small business, it’s important that you take the time to carefully plan the lines of succession after you retire or pass away. Your succession plan essentially stands on its own, but it can also be built into your estate plan to ensure anyone reviewing your plan understands your wishes regarding how your business will be passed on and continue to operate after you’re no longer involved.