Take the following example: Parent has $100,000 in an IRA, has two children, and two grandchildren. The parent wants to leave each child 35% of the IRA, and each grandchild 15% of the IRA. However, the company holding the IRA informs Parent that the company’s beneficiary policy requires that all beneficiaries receive an equal… Read more »
Medicaid planning is a strategic approach to arranging an individual’s financial assets and healthcare needs in a way that ensures eligibility for Medicaid benefits. In Ohio, this involves a careful balance of complying with the income and asset limits set by Medicaid while ensuring the senior’s healthcare needs are adequately met. It’s important to distinguish between Medicaid… Read more »
Creating an estate plan in Ohio may seem daunting, but it’s a vital endeavor that holds the key to safeguarding your financial future and ensuring the precise allocation of your assets in accordance with your wishes. While the prospect of crafting your own estate plan may seem tempting, enlisting the expertise of an experienced Ohio… Read more »
Every Ohio adult should have a will that states how they desire their estate to be divided. When a person dies, this document mostly controls what happens to their assets and property. If you do not have a will, surviving family members could be dealing with a complicated legal morass and be unsure who should… Read more »
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 »
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 »
“I will get to it. I am just too busy right now, and when things slow down a bit I will do it.” Every estate planner has heard those words come of a client’s mouth who is now deceased and never “got to it.” It happened just yesterday to the mother of a client. I… Read more »
More than 5 million people in the United States are currently diagnosed with dementia and Alzheimer’s disease, according to a report by the Alzheimer’s Association. This figure is expected to reach 16 million by 2050. Dementia and Alzheimer’s are found in nearly every age bracket, but it has been seen most prevalent in senior individuals,… Read more »
According the Columbus Dispatch, Ohio leads the nation in opioid (i.e., heroin) overdose deaths. (Source: http://www.dispatch.com/news/20161129/ohio-leads-nation-in-overdose-deaths/1.) According to WKBN (a Youngstown television broadcast station), a growing number of children are losing their parents as a result of the epidemic. (Source: http://wkbn.com/2016/09/20/heroin-epidemic-leaves-growing-number-of-kids-without-parents/.) People my age (I am 57) are being called back into the role of… Read more »
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 »