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Actually establishing an estate plan is an important first step. Proactive strategies can provide peace of mind for you and your loved ones. However, you want to make sure you do things right. The smallest of mistakes can create the largest amount of chaos during difficult times. All too common oversights include: Trust Transparency An IRA can be the most…
Estate planning in any form presents challenges. Legal complexities combine with emotionally charges issued. Simply stated, few want to face their own mortality. Yet, important, highly proactive steps can ease burdens and provide everyone involved with much-needed peace of mind. More wills are covering property that exists in the digital world. New laws in Ohio may provide much needed help…
Imagining what your child’s life would be like if you die can be an emotionally traumatic exercise, but it is an essential one. It is this process that can help you determine who you want to name as your child’s guardian in your will. Avoiding the issue does not resolve it, because the court will choose someone to raise your…
Among the priorities of millennials, estate planning may not be at the top of their “to-do lists.” Many are at the twilight of their educational pursuits. Others are at the dawn of their careers. Some start families. Others are looking to buy homes or travel the world. Like members of previous younger generations such as baby boomers and Gen Xers,…
KFC’s current and highly popular ad campaign has shown a succession of celebrities portraying the legendary Colonel Sanders. The commercials are credited for turning around the fast food chain’s fortunes. From Daryl Hammond to George Hamilton, impressionists, actors and comedians share the iconic white suit with KFC’s blessing. However, when it comes to sharing catchphrases, the Louisville-based fast food franchisor…
2014 just might be a good year to start your new business in Ohio. The Dayton Business Journal in a March 2014 article reviews evidence that the state’s business climate is on the mend after the recent recession. The piece cites David Goodman, director of the Ohio Development Services Agency or ODSA, as giving state governmental policies credit for creating…
Small business owners are human beings. As such, many would eventually like to retire or spend time with their families. In addition, even those that do not could eventually fall sick or die. Unfortunately, due to the day-to-day pressures of running a business, many small business owners do not have a business succession plan in place to address these possibilities…
Last week we started discussing some ways that a business can keep their dispute out of the courtroom. Beyond communication and having a general appreciation for the other side’s perspective, there are some very specific safeguards a business can set up in order to protect itself. First, a business needs to look at its dispute history and see how and…
Whether we think about disputes in our personal life or in our business life, one thing is for sure: we try to avoid them or resolve them as quickly as possible. Another thing is pretty clear as well: they are inevitable. Through certain disputes comes more understanding and growth in a relationship and that very same concept can be applied…
Most business owners do not want to consider retirement, but the harsh reality is that at some point there will be a time when you will be unable to or not want to run your company. Instead of waiting until you are incapacitated, you should consider succession planning. You will not be giving up control of your organization if you…