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Estate Planning Archives

About revocable trusts

Ohio residents who are developing an estate plan should strongly consider including a revocable trust. In addition to allowing an estate to avoid the expense and time of the probate process after the grantor dies, there are several other reasons to create a revocable trust.

Estate planning for people without children or close relatives

Ohio parents often distribute their assets to children through their estate plans, but everyone, including childless or single people, has much to gain from making these final arrangements. All people have a right to declare formally how their money and possessions will be treated upon their death. People without close relatives who do not prepare a will or shift assets into a trust could likely have their estates distributed by a probate court under the state law of intestacy to distant relatives who they might not even know.

How foreign laws impact estate planning

Individuals in Ohio and throughout the country may have some of their assets held outside of the United States. However, they should still be accounted for in a person's overall estate plan. Generally speaking, it is a good idea to consider how an asset can be included in a plan before buying it. If a person does have a home, olive grove or other assets outside of the United States, it is critical that it be revealed to an estate planner.

Estate planning can include life insurance

In 2019, even the youngest baby boomers in Ohio will reach the age of 55, leading many to consider how they can improve their planning for the future. They may want to make sure they can support themselves through retirement and plan to leave their assets behind to their loved ones. Life insurance might play an important role in an estate plan alongside traditional documents like wills and trusts. People can use life insurance to help them successfully transfer their wealth between generations.

Wills represent the starting point for most estate plans

People in Ohio who have prepared a will have taken an important step toward controlling what happens to their estate. For some people, wills that direct their possessions to loved ones could suffice for estate planning. Those hoping to accomplish an efficient transfer of assets, however, might want to expand their estate planning beyond simply executing a will.

What the Bush family can teach about estate planning

When a person experiences the loss of a spouse, he or she may feel like life is less worth living. Therefore, when an individual passes soon after his or her life partner, it is referred to as "broken-heart syndrome." This is what happened to former President George H.W. Bush, who passed away months after his wife did. There are estate planning lessons that Ohio residents and other can learn from this famous couple.

The duties of an estate executor

An Ohio resident who is creating an estate plan might wonder what kind of tasks the executor will have. Duties of an executor include locating assets, arranging to pay estate taxes and distributing property to beneficiaries. To make the job easier, an estate owner may want to work with the executor to ensure that all paperwork is in place.

How can your estate plan reduce conflict among your kids?

Estate planning is a process every Ohio adult should consider. You may have put it off for some time, but now that your children are grown and you are getting older, you think that the time has come to organize and legalize your end-of-life wishes. Getting started is often the most difficult part, so you should feel proud of yourself for choosing to move forward with planning.

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Kroener, Hale & Penick Law Firm
101 N. Riverside Dr.
Batavia, OH 45103

Phone: 513-716-5940
Phone: 513-828-7510
Fax: 513-297-7227
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West Chester Office
9078 Union Centre Blvd
Suite 350
West Chester, OH 45069

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312 Walnut Street
Suite 1600
Cincinnati, OH 45202

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