As we age, the cost of long-term care becomes a major concern. Medicaid, a government program that helps cover health care costs for people with limited income, can be a part of the solution. However, qualifying for Medicaid can be complex, and proper Medicaid planning can make a big difference in securing the assistance you […]
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Reviewing Your Estate Plan after the Death of a Loved One
The death of a loved one is never easy. Regardless of your relationship with the deceased (for example, a relative, significant other, or close friend), you need space and time to process and grieve your loss. Once you have had time to cope with all that has happened, you should consider updating your estate plan […]
Continue ReadingHow to Choose a Trustee
Selecting a trustee for your living trust is a big decision. A trustee manages assets, distributes funds, and ensures the trust’s purpose is upheld. Because the trustee holds so much responsibility, it’s essential to choose someone with the right qualities. Here, we’ll look at the most critical factors—trustworthiness, financial acumen, understanding of the trust’s purpose […]
Continue ReadingEstate Planning Tips for Every New Homeowner
Congratulations on the purchase of your new home! Whether this is your first home or you are moving to a new home, the purchase of a home is a big event in your life. When major life events occur, it is important that you have a plan in place to ensure that you are properly […]
Continue ReadingEstate Planning Awareness Week: The Importance to You and Your Loved Ones of Having an Estate Plan
In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2021 survey conducted by Caring.com, only 33 percent of adults in the United States have […]
Continue ReadingSECURE 2.0 Act – How It Affects You and Your Retirement Account Beneficiaries
On December 29, 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0 Act). The previous SECURE Act in 2020 made several changes to retirement planning: Eligible Designated Beneficiaries Exempt from the 10-Year Rule The SECURE Act provided a few exceptions to the mandatory 10-year withdrawal rule with a […]
Continue ReadingTransferring Stocks in a Probate Estate
When a decedent passes away with stock holdings, these assets can be found in various forms, such as brokerage accounts, direct registration, or physical stock certificates. As the fiduciary, it is your responsibility to gain control of these stocks to either liquidate them or transfer them to the beneficiaries. Here’s how to navigate each situation […]
Continue ReadingHow Probate Works in Ohio – Full Estates
Probate is the legal process through which a deceased person’s estate is administered and distributed. It involves validating (“probating”) the deceased person’s will (if one exists), appointing an executor or administrator (both called the “fiduciary”) to manage the estate, settling any debts and taxes, and distributing the remaining assets to the rightful beneficiaries in accordance […]
Continue ReadingUnderstanding the New LLC Law: Navigating Post-Member Dissociation and Estate Planning
The legal landscape surrounding Limited Liability Companies (LLCs) has undergone significant changes, impacting both current business owners and estate planning strategies. Recent amendments to the LLC law introduce crucial considerations for single-member LLCs, particularly in the event of the member’s death. This blog article delves into these changes, providing insight and guidance to ensure your […]
Continue ReadingCan a trust take title to property?
I’ve had a few questions lately about whether a trust can hold title to a property in Ohio. This is a strategy that is used in states other than Ohio to conceal the identity of the true owner. I’ve long argued that this is an unnecessary step when an Ohio LLC can be formed without […]
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