One of the important aspects of developing your estate plan in Ohio is to determine who will get your assets. For most people, this means delegating your money. You will likely leave it to your spouse, if you have one, and your children. However, if you are doing your estate planning early, as you should, your children may still be young.
In times when people may be suffering under the weight of business or personal debts, Ohio residents may fear a judge can award any of their personal sources of wealth to a creditor, even the assets placed in a living trust. However, there are circumstances that keep assets safe within a trust, even from creditors. It all depends on which type of living trust an individual transfers assets into.
You may have heard the phrase "avoid probate" in the context of estate planning, but have no idea what it means or how it is connected to your estate planning process. Many Ohioans want to avoid probate because of the hardships it can cause for their descendants or next of kin, including long delays in dispersing assets to designated heirs. We at the Kroener Hale Law Firm often help people design an estate plan that meets these goals.
There are many scams floating about in Ohio. One scam that you may very well fall prey to is the inheritance letter scam. This is when you are sent a letter claiming you have inherited a large sum of money. It is easy to believe because you may not have been aware of the relative making the claim or you may actually have a relative named in the letter. These scams can be quite elaborate and look very real. So how can you tell if an inheritance letter is real or fake?
While most people in Ohio have a general understanding about what probate entails, there are several facts that you may not realize. We at Kroener Hale Law Firm have offered this information to help you in your estate plan; we can also answer any questions or concerns you may have.
Choosing a beneficiary for your estate in Ohio is a mixture of legalities and personal considerations. According to MarketWatch, you need to make sure the person you choose will be able to carry out your wishes and handle the responsibility that comes with being a beneficiary. However, you need to have one because it will ensure your family can avoid issues with probate after your death.
Having a loved one pass away can be a difficult experience, but encountering problems with the will can make the event even more stressful for you and your family members. If you have realized that there are discrepancies or other issues with the will, you may be struggling to decide what you should do about it and what your rights are. We at Kroener Law Firm not only assist our Ohio clients in will preparation, we can also help if you need assistance contesting the contents of another will.
Ohio residents who think that estate planning is just for older people or those persons who are very wealthy couldn't be more wrong. Anyone can benefit from an estate plan and today that may mean more than just a will. Many people are finding that trusts offer a level of flexibility that is very valuable. In fact, Forbes suggests that it is not tax savings but control over ones's assets that may be the biggest benefit of a trust.
While planning for the end of your life may not be pleasant, there is a lot that can go wrong if you are not organized and prepared. One of the best ways to make sure your family, property and legacy in Ohio are taken care of is to name an executor. This person will be responsible for issuing anything left to others and making decisions that you would make if you were still alive. Here are some tips from Bankrate.com to make the transition as smooth as possible.
When it comes to estate taxes, very few people in Ohio have a comprehensive understanding of just how this process works. While they may not apply to everyone, being aware of the basics of estate taxes is imperative to ensure you retain as much of your assets as possible so that they can be passed along to your heirs.