The advent of the new year is a good time to review your estate plan or create one if you don't have one yet. An estate plan is a set of legal documents that specify how you want your assets, debts, and personal affairs to be handled after your death or incapacity. It...
The IRS has recently announced its adjustments to the exemption amount for estate and gift taxes and the amount for annual exclusion gifts for 2024 due to the high rates of inflation. Here is a summary of the main points of the announcement by the IRS: The estate tax...
Blended families are those that include children from previous relationships, as well as spouses and sometimes stepchildren. According to some statistics, more than 50 percent of Americans have been or will be part of a blended family at some point in their lives....
In recent years, postnuptial agreements have gained popularity as a means of safeguarding one's financial interests within a marriage. These agreements and the ability to modify prenuptial agreements after a marriage provide significant changes for Ohio residents. It...
At Cavitch, we are committed to helping you safeguard your legacy and protect the financial well-being of your loved ones. One crucial aspect of achieving this goal is ensuring that your estate plan remains up-to-date and reflects your current circumstances and...
Trusts can be beneficial for obtaining tax benefits that would not otherwise be available. This article explores some of the significant opportunities. Think of a trust as a contract with a Trustee that sets forth the rules for governance of the assets owned by the...
As an attorney and new mother to three-month-old Sullivan, I began to think about his future as soon as he was born. While my husband and I gazed at him with exhaustion and adoration between (seemingly endless) feedings and diaper changes, I wondered, “How can I make...
With each new year usually comes a fresh overview of the year ahead, which may or may not include one large milestone: retirement. While your retirement savings account such as an IRA may be the largest monetary asset you earn in your lifetime, you may find you are...
The estate and gift tax exemptions have undergone substantial changes from 2022 to 2023 due to certain inflation adjustments provided under the current law. These exemptions, sometimes collectively referred to as the “unified credit,” represent the amount an...
