The federal tax code has very specific rules about how much you are allowed to give to others each year—and over the course of your lifetime—in the form of a gift. But not every gift is subject to tax. Learn how you can avoid gift tax via tuition and medical exemptions.
Most people believe that receiving a large inheritance from a loved one would be life-changing. However, one study found that about a third of Americans who had received an inheritance eventually experienced a decrease or no change in their wealth. If you're expecting to receive an inheritance, here are 3 steps you can take to make it last.
Whether this is your first home or you're upgrading or downsizing, purchasing a home is a big event in life. When major life events occur, it is important to update many different entities and documents.
In today’s interconnected world, individuals often find themselves with assets and interests spanning across multiple countries. From investments in foreign markets to properties overseas, the global citizen faces unique challenges when it comes to estate planning.
Understanding the differences between Transfer on Death deeds, Quitclaim deeds, and General Warranty deeds is crucial for homeowners, especially when it comes to estate planning.
Probate is the legal process through which a deceased person's estate is administered. While it serves a necessary function in settling debts and distributing assets, it can also be time-consuming and expensive. In Ohio, probate can take anywhere from several months to over a year, and costs can include court fees, attorney fees, and other administrative expenses. By understanding these implications, you can take steps to avoid the probate process altogether.
Are you a parent to a child with special needs? If so, you understand the unique challenges and uncertainties that come along with this responsibility, especially when it comes to securing your child's future. A special needs trust could be the solution you're looking for, and we'd like to share a story that exemplifies this.
As an estate planning law firm, we often come across clients who, beyond securing their own futures, are fervent about safeguarding the well-being of ALL their loved ones. This blog post is inspired by one such client, whose devotion towards his pets caught our attention.
When a trust is decanted, the accounts and property from the existing trust are removed and distributed into a new trust. This is done when the structure of the trust needs to undergo major changes.
Trust protectors ensure that trustees maintain integrity, make solid distribution and investment decisions, and adapt the trust to changes in the law and circumstance.
