Solomon, Steiner & Peck, Ltd.
Contact Us for A Consultation:
216-245-0185 / 866-642-0932

July 2016 Archives

Reasons to get a living trust in Ohio

A living trust may be an effective estate planning tool for those who don't want their assets to go through probate. However, there are many assets that don't go through probate and can be automatically be transferred to heirs. For instance, pensions, IRAs and bank accounts may come with the ability to name a beneficiary. Generally, a living trust is ideal for those who have property in multiple states or an estate that is otherwise complex.

Educating family members about preserving wealth

As part of making an estate plan, people in Ohio should also create a wealth transfer plan. Creating a solid estate plan is about more than just making sure that the necessary documents are in place. In families with wealth to preserve, by the second generation, 70 percent of that wealth is lost and 90 percent is lost by the third. A wealth transfer plan helps to prepare families to receive wealth and put it to good use.

What a revocable trust does and doesn't do

When preparing their estate plan, Ohio residents are making a determination as to what will happen to their assets after passing away. One tool used for estate planning is a revocable trust. People sometimes make mistakes because they believe that this trust also protects their assets, but that is not necessarily the case.

Trusts aren't just for estate tax savings

Before the American Taxpayer Relief Act of 2012, there were many families that created trusts as a means to avoid estate taxes. With the estate tax exemption now at $5.45 million per person, estate taxes will only be an issue for far less than 1 percent of Americans. Married couples also have the option to use portability, so one spouse's unused estate tax exemption can be passed to the surviving spouse.

2005 BBB Torch Award Recipient Recipients of the 2005 BBB Torch Award Honoring Business of Integrity

  • ASNP
  • CMBA Green Certified 2107-19
  • member of the national eldercare matters Alliance
  • Golden opportunities

We are here to help. Contact our attorneys today.   

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Independence Office
6100 Oaktree Blvd.
Suite #200 - Park Centre 1
Independence, OH 44131

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Mayfield Heights Office
6105 Parkland Boulevard
Suite 140
Mayfield Heights, OH 44124

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Westlake Office
159 Crocker Park Boulevard
4th Floor
Westlake, OH 44145

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Mentor Office
5966 Heisley Road
Ste 201
Mentor, OH 44060

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions