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November 2017 Archives

Estate planning can protect beneficiaries from themselves

Ohio residents may have concerns that a loved one will act irresponsibly after receiving an inheritance. However, there are ways to craft an estate plan that makes it difficult or impossible for a beneficiary to squander these funds. For instance, it may be possible to create a spendthrift trust that limits when and how much can be disbursed. This may be ideal for someone who has a spouse who likes to gamble or may have other problems managing money.

Using TOD designations in an estate plan

Some people in Ohio might wonder what kind of documents would be best to use in creating an estate plan. For example, one man put his daughter on his investments as the beneficiary. He also had a house and a car he wanted to pass on to her.

How an estate plan may be changed by divorce

For Ohio residents who are going through a divorce, making changes to their estate plan might be one step in the process. If a person dies before these changes are made, the former spouse could get most of that person's assets, or additional paperwork could be necessary. In one case, a man died while honeymooning with his second wife. Although he and his previous wife had made an agreement about how their retirement plans would be divided, they did not complete the paperwork. As a result, new orders had to be drawn up.

Decanting assets from irrevocable trusts

Irrevocable trusts allow grantors to remove assets from their estates. While these estate planning tools carry with them some tax and probate advantages, they have traditionally been difficult to modify or cancel without the permission of the beneficiary or beneficiaries. However, what are known as decanting laws have been passed in Ohio and other states that make changing irrevocable trusts far simpler.

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