Cincinnati Legal Blog

People in Ohio who are engaged may want to make plans to protect their money in the event of a divorce. While it may seem cynical, doing so can ensure that the appropriate protections are in place in case something unexpected occurs. Finances can be affected by divorce as well as potential collections from creditors for balances owed by a partner.

Individuals may also find that it's easier to create an estate plan where certain assets remain separate property. As part of the process, inheritances should be deposited into shared accounts. This is so that estate holders can have more control over who receives the assets.

It may be possible for an Ohio business to survive after the original or current owner decides to leave it behind. However, business owners need to have a plan in place to make sure that happens. Ideally, an owner has at least a will as part of an estate plan. This may give that person control over where assets go after he or she passes on.

Without a will or other estate plan documents, state law will decide who receives the decedent's property. In some cases, the person who receives it may not want it or be able to make use of it. When assets do pass, an estate plan may reduce the amount of tax paid on that transfer. This may be true at both the state and federal level. In 2018, the personal federal estate tax exemption is slightly more than $11 million.

While you may not want to think about the end of your life, it is a necessity if you want to make sure your loved ones are provided for. This means planning your estate. Knowing how to get started when it comes to estate planning in Ohio can be confusing. You may not have any idea what you need to do to get things going and start planning for what happens with your assets when you die. 

Time explains that the first step to solid estate planning is gathering information. You need to take inventory of your assets. You might be surprised at all the things you will need to account for. Remember to note any accounts you have, including retirement accounts. Make a list of your assets. Anything with any value should be included. You may want to list values of assets, too. Also, gather your paperwork. This is great time to get organized and get all this paperwork in one place. 

The term deadbeat parent is heard a lot in Ohio. it is often used to refer to fathers who do not pay their child support. However, the legal definition of the term is a bit more involved and takes into consideration more factors. Because this term is derogatory and can be quite damaging to a person, it is important for you to fully understand what it means. 

According to the Huffington Post, a deadbeat parent can be a mom or dad. It does not apply only to fathers, but it is most often used to refer to dads because more of them are paying child support than moms. However, as times are changing and courts are giving both parents the equal opportunity in child custody cases, more mothers could end up having to pay and the term becomes more gender neutral.