Cincinnati Legal Blog

There are many people in Ohio looking to make wise decisions about how to plan for the future of their assets. When people have worked hard to accumulate significant wealth over the years, they can benefit from making a plan to determine how those assets will be distributed. They may have causes or family members that they want to ensure are cared for, or they may want to avoid estate taxes to the extent possible. However, they may also be concerned about how these estate planning choices might play out in a potential divorce in the future.

Spousal lifetime access trusts or SLATs are one option that can help to protect assets over the long term, even if the estate tax exemptions change in the future. Irrevocable trusts can have a variety of benefits. For example, they can also minimize exposure to liability and protect marital assets from creditors, significant for people in professions with higher risk. In many cases, people may choose to set up SLATs in the name of each spouse listing the other spouse as a beneficiary. This can allow people to protect assets while still retaining assets.

Healing from a divorce in Ohio takes time and patience. While the separation process can lead to uncertainty, it can also be an opportunity to start new projects, make new friends and generally find a new focus in life.

When a marriage ends, the ex-spouses not only lose their partnership, but they also lose the life plans and goals they made together. The result can be a feeling of loss and confusion. If approached the right way, however, a person going through a divorce can manage the process in a variety of healthy ways. To combat loneliness, a divorcee might seek solace in their friends and family, welcoming their comfort. They could also speak to a professional therapist or psychologist to gain tools to deal with the many emotions evoked by the process.

Most people who marry believe that they will stay married to their spouse for their entire lives. Sadly, that isn't always true. There are times when the best solution for everyone is divorce.

The reasons people in Ohio and elsewhere divorce are varied. Afterwards, some people say that there were "signs" they should have picked up on that indicated their marriage was on the rocks. If you're curious, experts say that there are certain habits that might predict a couple's likelihood of divorce. Though this list isn't exhaustive, these are several ways to tell that you and your spouse may not make it to forever. It may be a good idea to involve professional help if you think some of these describe your relationship.

Ohio residents are sometimes reluctant to address estate planning issues because it can be difficult for them to contemplate their death. Another issue is the dizzying array of documents involved. Dealing with wills, trusts and powers of attorney can seem daunting to those unfamiliar with legal documents, but tackling these issues head-on ensures that loved ones will be provided for and can provide peace of mind.

One way to approach estate planning is to think of the beneficiaries who will be taken care of rather than the assets involved. A straightforward way to begin an estate plan is to draft a will and check the beneficiary designations on retirement accounts and insurance policies. Last wills and testaments are especially useful for parents as they can establish who will be appointed the guardian of their children if they should die. It is also a good idea to revisit these documents regularly or, at the very least, after a major life event like a divorce.