A proper estate plan is about far more than figuring out what happens to your property, assets, and liabilities when you die. An estate plan should be used to ensure you are fully protected in the event you are unable to make your own decisions. A health care directive is often an important part of… Read more »
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Power of Attorney in Ohio: Dispelling Four Common Myths
Power of attorney is one of the most important estate planning documents. According to the Ohio State Bar Association, a power of attorney allows you to appoint someone to act on your behalf in the event you are unable to do so. You are vulnerable without a legally valid power of attorney in place. As… Read more »
Dissolving a Corporation in Ohio: What You Need to Know
There may come a time when it makes sense to bring a corporation to an end. Even great businesses sometimes have an expiration date. In Ohio, there are strict rules and procedures that must be followed when dissolving a registered corporation. A company that fails to follow requirements could run into serious problems — potentially… Read more »
Estate Planning in Ohio: What You Need to Know About Debt
Do you have a considerable amount of personal debt? If so, you are far from alone. According to the Federal Reserve Bank of New York, Americans collectively held $14.5 trillion in household debt in the Fourth Quarter of 2019 — a number that has been rising in recent years. Dealing with the outstanding debt and… Read more »
Is Your Small Business Facing a Lawsuit? Here are Four Steps You Need to Take
Small businesses are the backbone of Ohio’s economy. According to the Small Business Administration (SBA), there are nearly 950,000 small businesses in our state. Last year, Ohio’s small businesses created nearly 70,000 new jobs. Owning and operating a company brings more than its fair share of challenges. As a small business owner, one of the… Read more »
Why Marriage is a Good Idea
Two, three, four times a year I receive the following phone call: “Hi. My name is _________. My boyfriend/girlfriend just died. We lived together for 20 years and now their child/brother/sister/parent has served me with eviction papers! Don’t I have a right to live in this house I shared with my boyfriend/girlfriend for the last… Read more »
Ohio Estate Planning: What is a Special Needs Trust?
Many individuals with special needs receive benefits and services through state and federal programs, including Medicaid and Supplemental Security Income (SSI). As these are both needs-based government programs, a person who has too much cash, property, or other financial assets could lose their eligibility. Preserving eligibility for a loved one with special needs is a… Read more »
Understanding Contract Law: What is an Anticipatory Breach?
A breach of contract occurs when one party fails to perform their duties under a binding agreement. In contract law, an anticipatory breach is the preemptive repudiation of a contract — it happens when a party clearly demonstrates they are unable or unwilling to perform to their contractual responsibilities. When a contract has been repudiated,… Read more »
Estate Planning in Ohio: What is Medicaid Planning?
Nursing home care and long-term care are extraordinarily expensive. The United States Department of Health and Human Services (HHS) reports the average cost for a room in a licensed nursing home now runs in excess of $7,698 per month. Even part-time assisted living care can cost tens of thousands of dollars per year. With such… Read more »
How to Choose the Right Tax Entity for Your Business
In order to truly thrive, a business needs the proper foundation. If you are forming a new company, you need to choose the right legal structure for your business. Selecting the best tax entity is crucial—it could save you (or cost you) thousands of dollars each year. In this article, our Northeast Ohio business formation… Read more »