Estate Planning

If you have been named the executor of the estate of a loved one or client in Ohio, it is important to have an idea of the steps ahead when you are asked to initiate the estate administration process.

Whether you are called an executor, estate administrator, or fiduciary, the task before you is the same. As an executor you will muster and manage the assets, debts, and property of someone who has passed away in accordance with their will. If they have died without a will, you will be asked to inventory and distribute the estate pursuant to the law of the State of Ohio.

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.

If you are named as the personal representative for the estate of a family member, friend, or business associate, you may need the help of a probate attorney. Here is what you should ask them before choosing to work with them.

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.

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.

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.

You do not currently have a featured image set for this post. To set your featured image, click on the circular Meta View button and set your image in the box on the bottom right. A buy-sell agreement…

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.

Some people assume that the only reason someone would contest a will is out of self-interest. While there are certainly times in which people attempt to contest a will solely for financial gain, there are other circumstances in which the deceased might not have provided clear guidance within their estate planning documents, which could make contesting a will necessary.

This is one of the most pressing reasons why it is so important for people who are drafting wills to be as thorough as possible. They should everything they can minimize the risk of a will being contested, as it could create a mess in court and lead to harmful arguments among friends and family members.