July 2015 Archives

The importance of drafting a will

Ohio residents often put off drafting a last will and testament. Preparing a will involves facing issues that many people would rather not think about, but procrastination may condemn loved ones to an uncertain fate. Many people have strong opinions about the care they should receive if they were to become incapacitated after an accident or illness, but surveys reveal that most Americans do not even have a rudimentary estate plan in place.

The use of charitable remainder trusts

According to Giving USA Foundation, Americans donated $358 billion to charity in 2014. For Ohio residents who are looking to balance their own financial needs with the desire to give to charity, it may be worthwhile to set up a charitable remainder trust. As with any other trust, assets are transferred into it and managed by a trustee with the goal of generating income or otherwise increasing its value.

Three primary methods to leave an inheritance

While in some cases the laws governing wills and trusts vary among the states, one of the primary estate planning goals remains consistent for individuals in Ohio and across the country. People want to leave something for their kids. Three of the basic ways to facilitate the transfer of an inheritance are by will, via a trust and pursuant to a beneficiary designation.

Qualified personal residence trusts in Ohio

There is a way in which people in Ohio can transfer their homes to another person while still living there. The idea behind doing this is that the value of the right to the transfer is worth less at the present time than it would be in the future, and there are also reduced taxes. This can be accomplished through the use of a qualified personal residence trust as a facet of the overall estate plan.

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