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.
Some art collectors in Ohio may fail to make an estate plan or might have one that plans insufficiently for the art collection. Some cannot decide to whom to leave their collection and put off making the decision until it is too late.
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.
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.
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.
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.
Fans of many iconic fictional superheroes in Ohio and around the world are mourning the recent passing of writer, editor and publisher Stan Lee at the age of 95. When it comes to Lee's estate, there appears to be a tangled web of complexities that would even present some challenges for Spider-Man. While often a spouse would handle estate matters, Lee's wife passed in 2017. Also, the former Marvel chairman was accused of sexual harassment by nurses and home aides, and he made claims about money being missing from his bank accounts.
Ohio residents with large estates may consider using silent trusts if they want to keep their amount of wealth private. A silent trust differs from a traditional trust because the trustee does not regularly keep beneficiaries informed of the assets until authorized by the document.
Many people in Ohio who are concerned about their legacy may have philanthropic goals that they want to see achieved while they are alive. They also want the right legal mechanisms in place to ensure that their philanthropic endeavors will continue after they die. With the assistance of an estate planning attorney or a financial advisor, individuals can create an estate plan that addresses their charitable giving goals.
Creating a will or more complex estate plan is something people do to help their loved ones. A well-drafted Ohio estate plan makes things easier for heirs and avoids potential conflicts during the settling process. However, it's possible to further lower the risk of a conflict by including personal property in a will, naming the right executor and explaining unequal bequests.