NEW YEAR’S RESOLUTION: MAKE A WILL!

estate planning will new years resolutions

Estate planning does not necessarily have to be complicated or confusing!

Most Adults Have No Estate Plan, Nor A Simple Will According To Study

It’s that time of year when best intentions are set forth and New Year’s resolutions are made. However, according to U.S. News and World Report, by February over eighty percent of those new year’s resolutions have been broken. For many, it is time to make a very important resolution that is easy to keep and will provide benefits for years to come. Make a will.

Many of us have heard or read lately of some of the celebrities who have died with large estates and no estate planning, creating headaches and confusion for their loved ones-celebrities such as Prince, Aretha Franklin and Michael Jackson, to name a few.

However, even those with more modest estates need estate plans to ensure that their savings are passed on to those that they intend.… View Full Article → “NEW YEAR’S RESOLUTION: MAKE A WILL!”

The Guardianship Versus the Power of Attorney Conundrum in Ohio

Power of Attorney Guardianship

An Inexpensive General Power Of Attorney Document May Be All That You Need Instead Of A Guardianship

Many times, I have been contacted by a client or potential client who requests to initiate a guardianship application for a family member because a doctor has diagnosed the family member with dementia and suggested that a guardianship was necessary.  However, this is not always the case and additional questions need to be asked and additional options need to be explored before reaching such a conclusion.

I always look at a situation such as this as reaching a fork in the road with two potential routes to take.

GUARDIANSHIP OPTION:

One route is a guardianship.  This is a legal proceeding involving the probate court in which a judicial determination must be made that the ward is not competent to handle his or her personal affairs.  There is a guardian of the person to take care of the individual and his or her own personal needs and a guardian of the estate to take care of the wards assets.… View Full Article → “The Guardianship Versus the Power of Attorney Conundrum in Ohio”

TITLE FRAUD ALERT: FANS Program Will Protect Vulnerable Homeowners from Fraud

Fraud Alert Notification System

Fraud Alert Notification System (FANS) Can Help Seniors And Homeowners Protect Themselves Against Fraudulent Scams

Unfortunately, it is not uncommon these days to see a news story on television or read an article in the newspaper or on the internet involving a senior person who has been scammed in one way or another.  One common scam involves fraudulently obtaining ownership of the home of an elderly individual, by either getting him or her to sign a document that he or she doesn’t understand or by fraudulently forging his or her name on a deed.  The wrongful owner then either tries to sell the property or borrows money against it by putting a mortgage on it, leaving the rightful owner with an expensive mess to try to sort out.

The Montgomery County Recorder’s Office has raised a defense against this type of  title fraud by implementing FANS (Fraud Alert Notification System).  … View Full Article → “TITLE FRAUD ALERT: FANS Program Will Protect Vulnerable Homeowners from Fraud”

Ohio’s 529 Educational Savings Plan – A Primer and Latest Updates

529 plan

The 529 plan Is An Excellent Estate Planning And College Planning Tool

A 529 plan allows a parent, grandparent, other family member, friend or any other person to establishment a savings account for the benefit of any other person of any age who plans to attend elementary, secondary school and/or college regardless of the donor’s income.  The federal gift tax exclusion allows an individual to gift up to $15,000 per year ($30,000 per year for a married couple) with no gift tax consequences.  A donor can also give up to 5 years of gifts in one year. However, if the donor dies during the 5 year period, the amount allocated to years after the decedent’s death will be included in the donor’s gross estate.  The earnings in the account accumulate tax free and the withdrawals are federal income tax free as long as they are used at an eligible educational institute for qualified educational expenses.… View Full Article → “Ohio’s 529 Educational Savings Plan – A Primer and Latest Updates”

Blast From The Past: Why One Should Not Postpone Post-Divorce Estate Planning

Estate Planning Ohio

Post-Divorce Estate Planning Should Not Be Postponed

PUBLISHERS NOTE: Nine years ago we posted this article to the Ohio Family Law Blog. It has been a popular one and has stood the test of time. For more information, Attorney Joseph E. Balmer’s free Ebook “The Four Basics of Ohio Estate Planning” is available to download on our website here.

Many individuals first think about estate planning when they get married. They realize that, at a minimum, they should have a will, general power of attorney and power of attorney for health care. They may later amend these documents due to life changes or changes in their financial position. However, one might be surprised to know that a recent survey by PNC Wealth Management disclosed that 30% of adults with financial assets of $500,000 or more did not have a will! A recent Harris Interactive survey of the general population found that 58% of all adults had no will.… View Full Article → “Blast From The Past: Why One Should Not Postpone Post-Divorce Estate Planning”

Eviction: An Ohio Landlord’s Primer to Evictions

Uhaul in driveway

Basic Eviction Rules In Ohio. A Primer For Landlords

PUBLISHERS NOTE: It seems like several of my recent divorce cases have ended with my client receiving rental property as part of the property settlement. Those individuals now finds themselves “learning how to become a landlord”. So, while not exactly in the usual scope of the Ohio Family Law Blog, this primer written by Attorney Joseph Balmer at Holzfaster, Cecil, McKnight & Mues seems quite worthwhile.

Should one get into the landlord-tenant business and stick with it long enough, one will probably, at some point, have to deal with evicting a tenant.  With respect to this area, there are certain basic rules in Ohio that you must know.

3 Basic Eviction Rules In Ohio

First, most landlords know that it is good common sense for a landlord to set up as a corporation or a limited liability company and then transfer the rental property into the business entity.  … View Full Article → “Eviction: An Ohio Landlord’s Primer to Evictions”

An Ohio Landlord’s Primer to Evictions

Should one get into the landlord-tenant business and stick with it long enough, one will probably, at some point, have to deal with evicting a tenant in Ohio.  With respect to this eviction area, there are certain basic rules that you must know.

First, most landlords know that it is good common sense for a landlord to set up as a corporation or a limited liability company and then transfer the rental property into the business entity.  This is so that if there is ever an accident on the property or a dispute, the landlord’s personal assets are protected.  However, if the landlord is a corporation or an LLC, the business entity cannot represent itself in court for an eviction.  In Ohio, a corporation or an LLC must be represented in court by an attorney in an eviction action.

Eviction Of A Tenant, Basic Rules In Ohio You Must Know!

… View Full Article → “An Ohio Landlord’s Primer to Evictions”
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