Putting your estate plans together probably felt like a chore when you did it. Then, if you’re like the vast majority of other people, you likely chucked all the papers in a file and forgot about them. That’s a mistake. Estate plans are seldom static. They should be regularly reviewed and updated to account for changes in income or assets so that you’re sure that your plans will do what you intend. Estate plans also need to be updated after any of the following major life events: You start a new business Entrepreneurship is part of the American dream, and a lot of folks have taken the plunge b ..read more

There is no denying that probate is a stressful process for survivors and estate executors. Unfortunately, it is typically necessary, especially in estates that lack wealth preservation components like trusts and payable-on-death accounts. Probate can be complex and time-consuming, even with well-established estate plan components in place. Therefore, you want to be sure your executors and heirs encounter no issues that could disrupt or extend the probate process. Each Ohio probate case is unique, but we have identified a few issues that commonly prolong these procedures. The good news is that ..read more

When you’re putting your estate plans together, you have a lot of decisions that you need to make – not the least of which is who you want to name as your executor. Your executor is the person who is ultimately responsible for making sure that your wishes are followed, including opening probate (when necessary), paying your final debts and overseeing the distribution of your assets to your heirs. If you pick the right person for the job, that can be a huge comfort to your family in the immediate wake of your passing. If you don’t, you can end up leaving your family to manage a lot of unnecessa ..read more

Don’t assume that estate planning is something you’ll do when you are a grandparent or after you retire. Many people do put it off until then. But the truth is that you might need to create a plan much sooner than you expected. For example, one of the best times to create an estate plan is if you just had a new child. There are many ways in which this can benefit your child and help you as a new parent. Even if you assume that your family won’t be using that estate plan for decades, you can always update it, so there’s no harm in making it early and giving yourself that peace of mind. Putting ..read more

Advance directives allow you to designate an individual to make healthcare decisions for you should an illness or accident leave you incapacitated. Two common directives are a healthcare power of attorney and a living will because they empower you to continue directing your own medical care. Many people decline the opportunity to create advance medical directives. They believe it will give another person unlimited power over them at an extremely vulnerable time. You can rest easy about these invaluable estate planning tools if you know what your designated agent cannot do. They cannot act with ..read more

The Ohio real estate market is always changing, and those who own real property often try to time their listings to maximize the return on their investment. For example, many real estate professionals will suggest listing a property in late winter or the first days of spring to benefit from the spring housing rush. Late spring and early summer listings also typically command premium prices because there are more buyers demanding properties when it is no longer miserably cold and it has yet to become incredibly hot outside. No one wants to move when the roads are covered in ice, just like no on ..read more

Have you ever made an estate plan? If not, then you should know that estate planning is the anticipatory process of arranging your assets and finances for distribution after your passing. In other words, you know one day you’re going to die and you want your family and loved ones to benefit from the estate you leave behind. Estate planning isn’t as simple as making a list of what everyone will inherit. You’ll have to include crucial details that will help with the distribution process. Likewise, you’ll have the chance to name an agent that can benefit you while you’re still alive. Here’s what ..read more

When Benjamin Franklin wrote, “In this world nothing is certain but death and taxes,” he likely wasn’t in your position as an executor of an estate who has to file a loved one’s final income tax return. However, that quote is nonetheless applicable.  Along with everything else you have to do, you have the responsibility of filing this return for 2022 — and possibly further back. You’ll need to ensure that there aren’t any unfiled returns or unpaid taxes for previous years. For the purposes of this post, let’s assume the only return you need to worry about is for 2022. Where do you st ..read more

Contracts provide information about agreements between businesses and individuals. These documents should be detailed so they provide as much protection as possible. This doesn’t mean that you need it to be overly wordy or more complicated than necessary. Some businesses use standard contracts for common transactions, but some require fully customized contracts. Understanding contracts can help you determine what you need to do to protect your business. Points to include in contracts The nature of the contract determines the exact points you need in a contract. Certain points are standard in c ..read more

Do you know what estate planning is? Estate planning is the organization of your estate through a legal process that ensures your assets are distributed to your heirs, which can reduce disputes after you pass away. Estate planning is a lot to handle at first, which is why many people have questions about the process. Here are some questions you may have about estate planning: #1. When is the right time to make an estate plan? Contrary to popular belief, there’s no right time to make an estate plan. Yet, it may be in your best interest to make an estate plan sooner rather than later. Many peopl ..read more