As we age, the importance of planning for our future becomes increasingly clear. One of the most critical aspects of this planning is preparing for the possibility of incapacity. For senior citizens, understanding how to navigate the complexities of incapacity...
The IRS has recently announced its adjustments to the exemption amount for estate and gift taxes and the amount for annual exclusion gifts for 2025. Here is a summary of the main points of the announcement by the IRS: The estate tax exemption is the amount of assets...
As we approach the 2024 U.S. Presidential Election, many Americans are focusing on candidates' platforms and potential policy changes. However, amidst the political fervor, one critical area often overlooked is estate planning—particularly with the impending sunset of...
Effective in 2023, Ohio introduced a law that allows married couples to enter into post-nuptial contracts—an option previously unavailable in the state. Known as post-nuptial agreements, this legislation brings Ohio in line with many other states that already offer...
The Business Prenup: Foresight & Fortune Picture this: Sarah, Mike, and John, three college friends, decide to turn their shared passion for artisanal coffee into a thriving business. They pour their hearts, souls, and savings into "Bean Dreams," a cozy café that...
Estate planning may seem like a daunting process; however, it is vital to ensure that your assets and loved ones are protected when you are no longer around. Whether you are thinking about putting together an estate plan or revisiting your existing one, there are two...
Avoiding probate, or the process of estate administration through the county probate court, is a pillar of every estate plan. Traditionally, funding a revocable living trust with one’s property during a lifetime was the most common method of doing so. Other methods of...
On June 6, 2024, the Supreme Court of the United States decided the case of Connelly v. United States, 144 S. Ct. 1406. The recent ruling has introduced significant implications for closely held corporations and their members. This landmark case revolves around a...
Financial powers of attorney can be important estate planning tools, allowing individuals to designate an agent to make financial and legal decisions on their behalf in the event of incapacity. Under Ohio law, properly drafted financial powers of attorney may help...
Beneficiary designations play a critical role in estate planning, allowing you to direct certain assets to specified individuals or entities upon your death outside of a will. This blog post will examine how beneficiary designations operate in Ohio and why the proper...
