Broadly defined, an estate plan is the process of preparing legal and financial affairs to ensure that you and your family are fully protected. Estate planning is not a static process. An estate plan should be reviewed and revised on a regular basis to ensure that it is fully updated to reflect life’s ever-changing circumstances…. Read more »
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Why You Need A Business Law Attorney When Forming A New Business
Entrepreneurs put a tremendous amount of effort and resources into their company. Of course, building and growing a successful business is not easy. According to data from Small Business Trends, approximately half of new companies fail within the first five years. Many new businesses do not even make it through the first year. As challenging… Read more »
Protect Your Assets From Long-Term Care Expenses
Asset protection is one of the core objectives in estate planning—and long-term care expenses pose one of the primary threats to your assets. The cost of long-term care in the United States is almost unimaginably high. According to data published by the U.S. Department of Health and Human Services, the average national cost of a… Read more »
What Happens to a Decedent’s Debts?
One of the questions I am asked most often is, “Do I have to pay my deceased loved one’s debts?” In Ohio, there are strict rules about the payment of a decedent’s debts. Decedent’s Probate Estate Rule No. 1: The only place from which a creditor of a decedent can be paid is from the… Read more »
Why Succession Planning Is So Important in Business Continuation
Do you know what would happen to your business if something happened to you or another key decision-maker? If not, it is time to review your business continuity plan — and business succession planning is a critically important part of the continued operation and long-term success of a small or mid-sized company. Here, our Cortland,… Read more »
How To Protect Your Business In The Event Of A Partner’s Death
Going through the loss of a close family member, friend or acquaintance is never easy. For business owners, the loss of a partner can create significant logistical challenges on top of the emotional heartache. Without a proper system in place, the unexpected death of a business partner could undermine the future of the company. It… Read more »
Ohio Estate Planning: What is A Revocable Trust?
Every adult in Ohio can benefit from drafting a will. As important as it is to have a will, it is not always the most effective estate planning vehicle. In some cases, another tool, such as a revocable trust, is a more efficient way to distribute assets to your heirs. Revocable trusts are governed by… Read more »
Business Law: What is Substantial Performance of a Contract?
In contract law, substantial performance is a term used to describe a type of performance that, while not complete, is still sufficient to fulfill a party’s obligations under the agreement. In other words, the legal doctrine sometimes allows parties to avoid facing a breach of contract claim even though they technically deviated slightly from the… Read more »
Pets and Estate Planning: Your Guide to Ohio Law
Whether it is a dog, a cat, or a more exotic animal, a pet can become a true member of the family. Many people understandably have questions or concerns about what will happen to their beloved pets if they pass away or become incapacitated. You can plan for your pet. Ohio allows people to include… Read more »
Forming a New Business in Ohio? Three Considerations for Choosing an Entity
Forming a new business is about a lot more than simply filling the right paperwork with the Ohio Secretary of State. One of the most important decisions you must make when creating a new company is choice of entity. A successful company needs the right legal foundation. There are several options available, including sole proprietorships,… Read more »