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Dayton Ohio Probate And Business Law Blog

Choosing a business structure for your new venture

If you have been considering starting your own business, there are many things that you will need to think about. As well as having a business idea and plan, you will also need to think of the logistical aspects of business formation.

If this is your first time starting a business, you may be relatively unfamiliar with the different types of business structures available to you. The following is an overview of the different business structures so that you can start to form an idea of which type would be best suited for your purposes.

The basics of probate administration

Probate administration sounds like a daunting term for many people. When their loved one passes away, they are often confused as to how the estate should be processed and how beneficiaries will be able to gain their inheritance.

The probate process is probably not as complex as you think. It's the process of dealing with a person's estate after they pass away, and it's overseen by the court. This makes it a reasonably lengthy and costly process, but it does not need to be a burden. If your loved one has recently passed away, the following are some basic things that you should know about probate.

Starting the process of making a will

If you are starting to think about the end of your lifetime and the legacy that you would like to leave, it's probably time to create a will. Many people wait too late before making their wishes formally known, and this can mean that they are never fulfilled, causing the loved ones that they left behind to experience great distress.

While some think of will creation as a morbid thing to do, the exact opposite can be true: it can be a life-affirming act that makes you proud to be able to leave a positive mark on the world at the end of your life. The following is an overview of the first considerations you should make when planning your estate.

Charitable trusts have tax advantages

When planning your estate, it's likely that you have reflected on the legacy that you will leave behind after you pass away. While it's likely that you will want to leave a large portion of the estate to immediate family members, you may also have a charity that is close to your heart.

Leaving a portion of your estate to a charity is a worthwhile act that will not only help you leave a meaningful legacy, but it may also benefit your estate from a tax perspective. The following is an overview of the tax benefits that commonly come with the creation of a charitable trust.

Why do inheritance disputes arise?

When you experience the loss of a loved one, the grief can be indescribable. It's likely that your view of the world will change, and you may not recognize yourself for some time. While it's possible to regain your sense of self and come through the grief process a stronger person, it's also possible that tensions may arise between you and the people you love.

When the time comes to process your loved one's estate, you or other family members may be unhappy with the directives in the will or trust. Due to the fragile emotions held by all during this difficult time, disputes can often arise. The following are some of the most common causes of inheritance disputes.

3 legal tips for aspiring freelancers

If you're considering starting your own company and becoming a freelancer, it's likely that you crave a sense of freedom in your work and that you want to have more control over the way that you earn a living. Freelancing can have many advantages over working as an employee, and you may even find that you are able to increase your income substantially.

However, you will also need to take a more proactive role when it comes to the legal side of being self-employed. The following are 3 tips that all aspiring freelancers should be aware of when they first start out.

How can I leave my estate to my grandchildren?

When thinking about your legacy, you may come to the conclusion that your own children have already established themselves financially and would not benefit greatly from inheriting a portion of your estate. Your grandchildren, however, may still be in education or not yet able to purchase their own home. Therefore, you may wish to leave your estate to your grandchildren, and bypass your children in doing so.

You may wonder whether this decision will be perceived as controversial, or whether it will even be possible without causing a dispute. You have the right to leave your estate to whomever you choose, however it is important that you plan your estate strategically and without errors so that your wishes can be fulfilled. The following is an overview of ways in which you can successfully leave your estate to your grandchildren.

What happens to debts after death?

If you have recently lost a loved one and they died with significant amounts of debt, you may be feeling worried and concerned about how these debts will be dealt with. You may fear that you will inherit these debts in the same way as you would inherit assets.

The truth is that debts are not treated in the same way as assets after a person has passed away. While you as the deceased person's relative will not be responsible for paying off these debts, you may still have to make some difficult decisions in regard to managing your loved one's estate. The following is an overview of how debts are managed after death.

Living will laws in Ohio

Living wills are not designed for use after a person's death as normal wills are. As the name suggests, a living will is for use during a person's lifetime, during a time when they may not be able to state their preferences or make informed decisions.

In most cases, living wills apply to situations regarding health care. For example, a living will may offer instructions and preferences so that doctors know how to treat a patient when they are in a coma or otherwise incapacitated.

3 types of business entities to consider

If you have ambitions to be an entrepreneur or enterpriser, you'll likely already have a business idea that you are confident you can be successful in. After you have created a business plan and have the funding that you need to get started, you should take the time to consider the type of business entity you want to form.

Your choice of entity could play a big factor in the success of your business since all types have pros and cons. The following is an overview of three types of business entities that are potentially available to you.

  • Ohio State Bar Association | Connect.Advance.Succeed
  • Federal Bar Association | ORG Jan 5th 1920
  • Dayton Bar Association 1883
  • Super Lawyers
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