Blog
SHOULD YOU HAVE A LIVING TRUST?
Tragedy can interfere with life and the good intention of meaning to get around to it. The result…conflict, damage, lawsuits. There are many advantages to having a Living Trust. Privacy, control, tax avoidance. Keeping your financial affairs private by avoiding probate is a fundamental benefit. Otherwise financial information may become public information. A Living Trust,...
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GROWN UP KIDS NEED ESTATE PLANNING TOO!
So now your kid has turned 18. You think they may not need any estate planning because they don’t have any assets, are not married, or do not have any children? Think again! Once kids turn 18, they are considered legal adults and parents may not be able to act on their behalf. Adult kids...
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What Should Be In A Death Folder?
Talking about death may feel uncomfortable but preparing for the future is important to ensure your estate is handled according to your wishes. In the event of your death, your loved ones will need access to your estate planning documents and other important information. Struggling to find this information can be an extra burden during...
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What Do You Mean I’m Not Covered By The Insurance!? The Hidden Danger of Transfer on Death Deeds
A transfer on death (TOD) deed is a common method of transferring real estate. Upon death of the homeowner, the deed instantly transfers the property to the named beneficiary. A recent case brings to light a lurking danger of using TOD deeds, and serves as a cautionary tale. New precedent On February 5, 2021, the...
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What is the Difference Between Will and Estate Planning?
What will happen to your belongings after you pass? Who will care for your children? Planning for the future is crucial. That’s where wills, trusts and estate planning come in. A will and other estate planning documents ensure there’s a plan in place for your care, assets and dependents in the event of incapacitation or...
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“I NEVER KNEW I COULD ADOPT AN ADULT”
A while back, I was contacted by an old client who unfortunately told me he was terminally ill with cancer. Mr. Smith, (as we'll refer to him and obviously this is not his real name), my old client, contacted me to tell me that he wanted to get his Will updated. So we proceeded with...
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The “Do It Yourself” Will
Ahhhh… You think you’re gonna save money by using a do-it-yourself online Will, Trust, Power of Attorney, or just write something up yourself. We love it! Instead of avoiding one lawyer, in many cases it can guarantee work for one, two, or even three lawyers. So, on behalf of the Lawyer Relief Act… we thank...
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ESTATE PLANNING SCREW-UPS!
I DON’T HAVE MUCH. So what?! You can still decide who gets your stuff! You may not need a complex Trust, but a basic Will can direct where you want assets to go. Who gets the family Bible? Or your mother’s jewelry? Save your loved ones from fighting over who gets what. And keep your...
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COMMON MISTAKES AFTER SETTING UP A TRUST
After you set up a Trust, look at asset transfers and beneficiary designations. Failure to do so can preclude maximizing benefits and causing extra costs and inconvenience. Typical Trust Mistakes Include: Asset Transfers: Creating a trust is just the beginning. Afterwards, you have to fund your Trust by transferring assets for maximum benefit. Assets not...
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Choosing A Guardian For Your Kids! Or, Choosing The Least Worst Person You Trust!
If something happened to you, who raises your kids? If you don’t take care of this, don’t worry . . . the courts will decide. You don’t like this idea? Then, do something about it. Think about who would be the best choice . . . or the least worst choice! Have a Will correctly...
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Over 49,000 Adoptees in US Left Without Citizenship
To learn more about this concerning issue of adoptees who do not have US citizenship, click here!
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Adoption Tax Credit May Increase With H.B. 206!
House Bill 206 would increase the amount and change the refundability of an existing tax credit for adoption. Under current law, this credit equals the greater of $1,500 or a taxpayer's adoption expenses, up to $10,000. The Bill increases the minimum credit that may be claimed from $1,500 to $5,000. The Bill also converts the...
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OHIO HOUSE BILL 188 BLINDNESS BARRED AS A FACTOR FOR ADOPTION
Ohio House Bill 188 prohibits a court, public children services agency, private child placing agency, or private noncustodial agency from using a person's blindness as a reason to deny or limit that person's adoption/care for a minor, except when necessary to serve the best interests of the minor. The Bill provides that a "detrimental impact...
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How to Make the Most of Dying
The end of life can be chaotic and painful, even if you have money and family support. Though doctors may assume terminally-ill people want to live as long as possible, a 2017 study showed people care more about avoiding strain on their families, having medical preferences honored, and passing peacefully surrounded by loved ones. In...
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WHAT HAPPENS AT THE HOSPITAL DURING MY ADOPTION?
While your baby’s birth mother is in the hospital, a social worker from the Social Services Department will visit to answer questions about the hospital, the adoption process, or parenting. You may visit during visitation hours, or stay in another room by request, but be considerate of the birth mother and hospital staff. Give them...
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Foster Parents – The Advantages of Having Your Own Attorney
A foster parent losing legal custody can be worse than anyone is prepared to accept. It is a foster parent’s advantage to have counsel as a spokesperson and navigator through complex and confusing child custody law. Hoping to adopt a child taken into your home when all of a sudden a long-lost relative comes out...
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Aretha Franklin Dies Without a Will…No Respect!?
The Queen of Soul died without a Will!! What will happen to her musical dynasty? Who gets her Estate?...her four kids, equally. What if one of the kids is a spendthrift? What if one of the kids has special needs? What if she didn't want her kids to get an equal share of her $80...
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Don’t Let Your Soon-To-Be Ex Get Your Stuff!
Rather than seeking divorce, a common trend among married couples is to remain married but permanently separated. While this may be comfortable on a personal basis, it does not mean that they lose their spousal rights and privileges. Both fashion designer Kate Spade and celebrity chef Anthony Bourdain were separated from their spouses at the...
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Don’t Leave Money on the Table – Adoption Tax Credit Explained
The Internal Revenue Service has issued guidance on the revived adoption tax credit. Congress declared the tax credit permanent in 2013 and, in 2018, raised the maximum adoption credit to $13,810 for qualified expenses, including adoption fees, court costs, attorney’s fees, and travel expenses. The credit amount begins to phase out for taxpayers with an...
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Go Ahead… Do It Yourself! The Dangers of Do-It-Yourself Estate Planning Documents
In my 30 years of private practice, I have yet to see a correctly-done do-it-yourself Will! Most people do not have a Will. Why? Because most of us are busy living and working, and the last thing we think about is mortality. Usually, “do-it-yourself” Wills are done by people who can afford to have a...
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