May 2017 Archives

How a trust may work better than a will for some

Many Ohio residents may feel as if a will is enough to conform to their final wishes. However, it may be better to create a trust as there are several things that a trust can do that a will cannot. For instance, if assets are intended to go to a minor child, that child cannot receive those assets on his or her own.

Possible estate tax reforms on the horizon

Rumors of estate tax reform could create new questions for people in Ohio who have already set up an estate plan. Their plans would have been based on current tax laws, and many people create trust structures to control tax exposure to heirs. The potential repeal of estate taxes and generation-skipping taxes presents an opportunity to consider how to update an estate plan should the laws change. Such a proactive analysis could enable someone to quickly rework a plan in the event of tax reforms and limit the amount of time that an obsolete plan is in effect.

Planning for retirement and long-term care

With the cost of long-term care at about $8,000 monthly, and the fact that most people live 20 to 30 years after they retire, Ohio residents may be wondering how to pay for this need should it arise. Annuities, living benefits and long-term care insurance are some dependable solutions to this expensive predicament.

Duties in estate administration

Ohio residents who have been named the executor of a loved one's will might wonder what their responsibilities are. Usually, the first thing that must be done in such a situation is identifying and securing assets. They should obtain several copies of the death certificate since this will be necessary in some cases. Other types of assets may involve filing a claim or other actions.

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