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Dayton Ohio Probate And Business Law Blog

Planning for the unknown in your estate plan

In planning your estate, you are essentially attempting to plan for an uncertain future. None of us will be able to predict what ours and our loved ones' lives will be like in a decade's time. In addition, we are not able to force how laws might change, particularly in regard to taxes and inheritance.

However, we must plan anyway, and we must write our plans with this uncertain future in mind. This is why it is extremely important to design an estate plan that prepares for a variety of different scenarios.

What causes a family dispute over a will?

When a loved one passes away, the emotions of the entire family will be on edge. Grieving is a very difficult process, and everyone deals with it differently. Therefore, if a will is directed in a way that a certain family member does not expect, reactions can be tense and disputes can arise easily.

If you are dealing with a family dispute over a will, it is important to do what you can in order to resolve this. You can do so successful by firstly understanding how family disputes can arise.

Can I transfer conservatorship of my parent to another state?

Life can make unexpected turns. Sometimes you may be required to move to another state for a new job, new opportunities or to be closer to family. However, relocating can be difficult when you are also taking care of someone.

If you have conservatorship of a parent, it is possible to transfer that conservatorship from Ohio to another state. However, you will have to meet all the requirements set by Ohio as well as the requirements set by the other state.

Your duties as the executor of an estate

It can feel overwhelming to be named the executor of an estate. It means that you have to oversee the entire procedure of settling a person's estate after they have passed away.

If you do not feel comfortable with taking on the responsibility of being an executor after the person who appointed you passes away, you have the right to refuse. If you decide to do this, you only need to submit your resignation to the court. When you submit your resignation, you can recommend a suitable alternative, or give the court the responsibility of appointing a new executor.

Understand how your company can retrieve unpaid debts

Small- and medium-sized companies are generally highly dependent on having a healthy cash flow. This means that making sure that you are being paid by customers in a timely manner is highly important for the success of your company.

If you are struggling because a customer has not paid you for a service or product that you provided, it is important that you take action in order to address the situation. As the creditor, you have certain rights, but you also have some limitations. It is important that you understand these so that you can take the appropriate action. This will help you to successfully retrieve the debt in the state of Ohio.

How badly do I need an estate plan?

If you're debating whether you need an estate plan, you should probably err on the side of caution and get one. In fact, everyone -- no matter how wealthy he or she is -- receives important benefits from a finalized estate, not just in the financial arena. An estate plan, for example, allows you to indicate a person who will make financial and health decision on your behalf in the event that you become incapacitated. Furthermore, an estate plan will indicate who takes care of your children if you're no longer able to do so.

If you're still on the fence about estate planning, here are a few questions you might want to ask:

Important cybersecurity issues for small businesses

Cybersecurity can have major impacts on a small business’ long-term health. Cyberattacks are not just a concern for large companies. Businesses of any size can end up the target of such attacks. And the financial, operational and reputation damage such attacks can cause can be devastating for a small business.

So, it is important for small business owners to give careful attention to cybersecurity. Today, we’ll go over tips for small business owners on some key cybersecurity issues.

How you may detect power of attorney abuse

One of the most daunting tasks for some people in their estate planning is choosing the right person to handle power of attorney responsibilities. When you designate power of attorney, you are granting another individual to act on your behalf for personal, legal and professional reasons. You can see how granting someone with this type of authority can be a risk.

Many times, the person who is issuing the power of attorney, called the principal, may be incapacitated due to health issues or age. This can heighten the chance of damages caused by the person who is granted the authority, called the agent. It is not uncommon for good people to do bad things, and it can be devastating for the principal. Not only has a trust been betrayed, but they can be out significant money and proper medical care.

Using estate planning to preserve Medicaid eligibility and legacy

As you approach your retirement years, it is vital for you to review your estate plans more often. Though you may be more concerned about where your possessions will go after you die, you must not overlook concerns that may arise while you are still living. Many Ohio area seniors find themselves struggling to pay for their end of life expenses because they did not include contingencies to protect their assets from Medicaid.

Not all assets are Medicaid-proof. Retirement accounts, investment accounts, certain real estate holdings and other nonexempt assets must cover care expenses first before Medicaid becomes a viable resource for seniors to use. You may have a great deal of wealth now or not have much to your name, but if you do not want to end up using your loved ones' inheritances to pay for your medical care needs, you must structure your estate plans so that they enable you to keep your eligibility for Medicaid without sacrificing your loved ones' inheritances.

Estate planning for small business simplifies the transition

Small business owners in Ohio would be well advised to take a look at the benefits of estate planning for transferring one's share or its value to their heirs at death. This will usually involve a mix of legal instruments drawn from both estate planning and business law agreements to make the transition easier and ultimately more lucrative for one's heirs. The complicated tax issues that may arise in this context are best determined and planned in consultation with an estate planning attorney and a tax expert or qualified financial planner.

Estate planning may be used to make the complications of business succession easier to carry out. Trusts and a will may appropriately leave business assets to specified heirs or in some instances it may be prudent for the owner to provide for the transfer of his or her share to a business partner or other disinterested party. In that event, a buy-sell agreement will be drawn up to set forth the terms of the transfer, the price and how to calculate it, and all other relevant provisions.

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