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January 2017 Archives

Prince's lack of planning leads to large tax bill

Since Prince passed away last year, the pop superstar's estate has gone through various legal woes. Ohio residents may have heard that Prince left behind assets estimated at $200 million. However, his six heirs will receive much less than this amount due to taxes and other fees.

Multiple deaths in a family could undermine an estate plan

For the most part, people draw up estate plans only considering their own deaths. However, some tragedies may affect multiple loved ones at once. If heirs die at the same time as the testator, the estate plan could unravel. An analysis of Ohio estate tax laws and the insertion of specific language could head off legal complications and prevent a court from directing assets to a distant relative.

Record of account passwords essential for estate plans

Most people in Ohio have some type of financial account that requires a password for online access. When someone dies suddenly and the relatives have no idea how to log in to bank accounts, email accounts or a personal computer, difficulties can arise. A person might be blocked from getting the specific information necessary for probate court, or no one will have any way to access and manage investments. Lawyers and financial planners recommend that people write down and securely store critical information like passwords and personal identification numbers for bank accounts, cell phones, email and online records.

Estate planning errors made by celebrities

There are several errors that Ohio residents sometimes make with their estate planning. Errors can be made by people of all types and socioeconomic levels, including celebrities. Learning from the mistakes that have been made by celebrities in planning their estates may help others to avoid making the same ones.

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