It is not uncommon for individuals to create multiple wills or trusts over the course of their lifetimes as their situations change. Some testators (creators of wills) and grantors (creators of trusts) wonder what happens – or what should happen – to the will or trust that is being replaced. This can be of concern… Read more »
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The Business Judgment Rule
If you are the director of a corporation with shareholders, your job is all about one concern (basically): Maximizing the profit for the shareholders over the long term. While shareholders may be the true “owners” of a corporation, they employ directors such as yourself to assist in the strategic planning and operation of the business…. Read more »
Be Careful About Transferring Property to Your Family Before Death
As individuals age, they begin to confront the possibility that they may need to be placed in a nursing home or retirement home facility to live out their final years. Paying for these facilities is expensive – sometimes thousands of dollars per month – but Medicaid will generally pay for these costs so long as… Read more »
Document and Information Storage, Sharing and Retrieval
There are many documents, and much information, you want to store in a convenient place, or you want to share, or you want to access readily. For example, it would be most convenient to store information about the medical conditions, prescriptions, doctors and medical history together with the healthcare power of attorney of a loved… Read more »
An Agency Primer for Businesses
In law school, law students who take coursework on business law or corporate law are introduced rather early to the concept of agency. Agency describes the situations and circumstances under which one person may act on behalf of another and bind the other person to obligations or make the other person responsible for the damages… Read more »
Does a Breach of Contract Mean I Can Do Whatever I Want?
Republican presidential candidate Donald Trump recently claimed that the Republican National Committee breached a contract with him and that, as a result, he could do whatever he wanted. Putting politics aside, this statement causes one to question whether his underlying legal conclusion, that he can now do “whatever he wants,” is accurate. If so, this… Read more »
What Happens to Motor Vehicles When my Spouse Dies?
Under Section 2106.18 of the Ohio Revised Code, two automobiles owned by a decedent (as long as they do not have a combined value of $40,000 or more) will transfer to his or her surviving spouse at the death of the first spouse to die. The procedure to make the transfer is for the… Read more »
Sharing Information and Documents
It is important to share a great deal of information (medical history, current medication, etc.) and documents (Healthcare Power of Attorney) with family members. Information can be shared orally (tell someone); in writing (write it down and give someone the written document); in an oral recording (a voice recording); or in a digital document (text… Read more »
The (Important) Difference Between Heirs and Beneficiaries
When speaking about wills, the terms “heirs” and “beneficiaries” are often brought up, discussed – and confused. In fact, many individuals use the terms “heirs” and “beneficiaries” interchangeably. However, these two terms refer to two distinct groups of people. Understanding the difference between heirs and beneficiaries enables you to better understand what you can –… Read more »
Choosing the Right Business Form: Why You Need a Lawyer’s Help
This year – 2016 – may be the year you start that new business you have been dreaming of. This year may also be the year you lose everything because you did not consider the type of business to form. For many new and inexperienced entrepreneurs, the type of business they choose to start –… Read more »