Solomon, Steiner & Peck, Ltd.
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June 2016 Archives

Transferring an IRA to beneficiaries

Ohio residents that set up an individual retirement account will usally name a beneficiary for the financial asset in the event of their death. Most married IRA owners name their spouse as the beneficiary. If IRA owners are unmarried or outlive their spouse, they might consider naming their children as the IRA beneficiaries. Though IRAs are usually inherited outright, they are sometimes left to beneficiaries via a trust.

Handling parental assets without power of attorney

As the health of a parent declines, an adult child's responsibilities can become more significant. Good estate planning at a time when that parent is capable of legally executing the documents required in Ohio could prevent a great deal of stress and difficulty later on. Neglecting such planning can leave those caring for their aging parents in difficult financial and legal positions.

Lowering estate taxes with annual gifts

Wealthy Ohio individuals can reduce the size of their estate and potentially lower the eventual federal estate tax burdenestate tax by giving annual gifts to their family members. Each year, single people are allowed to give gifts of $14,000 to as many people as they choose without incurring any gift tax. A couple can give tax-free gifts of up to $28,000.

The importance of valid signatures on a will

For Ohio residents who are thinking about their estate and their heirs, understanding the various details about wills is one of the most important factors. While they might have a full grasp on their assets and how they want them distributed, certain rules have to be followed to ensure the legality of the document.

Our attorneys can help you handle your Ohio estate plan

Because of old age, a disease, a serious accident or injury, many people, old and young alike, can become incapable of taking care of themselves and their financial affairs. In these circumstances, it is necessary for another person to handle their personal affairs, which includes making all their important health care decisions for them.

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