Solomon, Steiner & Peck, Ltd.
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January 2016 Archives

Modernization of the irrevocable trust

While many Ohio residents consider creating living trusts to preparing for the management and protection of their assets later in life and for distributing remaining assets after death, the irrevocable trust may be worth investigating as well. An irrevocable trust is traditionally a document that cannot be altered after it has been established. However, recent years have seen helpful developments in the options for structuring an irrevocable trust, including factors that provide for potential changes in the future.

The importance of a financial power of attorney

As Ohio residents live longer and longer lives, they are more likely to suffer injuries or develop illnesses that leave them unable to tend to financial matters such as staying up to date with bills or other monetary obligations. Worries about incapacitation leading to financial ruin can be powerful, but they may be eased by drafting a financial power of attorney.

Creating a trust to last for generations to come

Some Ohioans have worked their whole lives to build wealth with the hope that it will benefit many generations of their families into the future. With traditional estate plans, however, accumulated family wealth can be depleted in as little as a couple of generations. There are ways to establish trusts to prevent that from occurring.

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