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

July 2017 Archives

Reaching financial goals with an irrevocable trust

The organization of assets to prevent tax losses and provide the most legal protection for heirs is not an intuitive process for Ohio residents. The tools of estate planning all offer definite benefits, but some will be more useful than others in accomplishing specific goals. The irrevocable trust is worth investigating for anyone who is considering or already established an estate plan. Depending on the type, trust instruments can go into effect immediately and begin providing benefits per instructions.

Protecting assets in an irrevocable trust

For many Ohio residents, being able to provide for their families is one of their top priorities. However, they may want to have some sort of control over how the assets they spent a lifetime obtaining are used. One option is to put those assets in an irrevocable trust. While irrevocable trusts do have certain advantages over other types of trusts, such as substantial tax savings, there are some limitations that must be considered.

The importance of signing up for Medicare Part B promptly

While Ohio residents generally sign up for Medicare Part A coverage when they reach the age of 65, many put off signing up for Part B benefits while they are still working and covered by health insurance provided by their employers. However, they may be wise to act quickly when they do leave their jobs. This is because failing to sign up for Medicare Part B benefits within eight months of retiring can lead to a lifetime penalty and possibly expensive gaps in coverage.

IRS temporarily softens portability election rules

Ohio residents may be aware that the unused portion of a deceased individual's federal estate tax exemption can be used by their surviving spouse, but they may not be aware that the strict paperwork required to obtain an extension for what is known as a portability election has led to the Internal Revenue Service being inundated with requests from executors. This soon developed into a major problem for the cash-strapped federal agency, and it announced in June that it would be addressing the issue by temporarily softening the rules dealing with portability election extensions.

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