Often, as parents or grandparents plan lifetime gifts or for disposition of property interests at death, they struggle with deciding whether to employ a trust to manage the transferred assets for the benefit of their loved ones. Depending on the kinds of assets being...
In an era where the spirit of philanthropy is rising, charitable giving at death has become a powerful tool for individuals to leave a lasting impact. The numbers speak for themselves, with over $35 billion donated in 2019 alone. As we navigate the delicate realm of...
The National Firearms Act of 1934, the Gun Control Act of 1968, and other federal law make multiple classes of firearms, accessories and other weapons subject to heightened regulations. These items are referred to as “Title II” firearms. Many current or prospective...
Have you ever wondered what will happen to your online presence and digital assets after you die? If you have not, you are not alone. Many people do not think about their digital legacy until it is too late. However, it is important to plan ahead and ensure that your...
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...
