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Estate planning Archives

Major Changes in Ira and 401K Rules That May Impact Your Estate and Financial Planning

Congress passed the "Secure Act" which makes major changes in the rules as to distributions from 401k plans and IRAs, beginning January 1, 2020. If you have any questions, please contact us to see how these new rules may impact your estate planning. Set forth below is a Q/A to explain some of the changes. We will refer to IRAs only, but unless noted below these rules apply to 401k plans or profit-sharing plans. The new rules do not apply to pension plans.

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.

Artists may have specific estate planning needs

While it is a good idea for everyone to have an updated will, artists often have special estate planning needs. In addition to concerns about distribution of assets, life insurance and end-of-life decision-making, musicians, artists and writers are often concerned about the management of their body of work after they die. Because of this, it is important that Ohio residents who are in creative occupations get competent legal advice when writing a will.

Estate planning essential for smooth distribution of property

The death of a parent can be devastating for Ohio siblings. The trauma may get even worse if the siblings fight over how to divide their parent's estate. Parents, however, may be able to lessen the trauma by taking a few steps while they are alive.

Estate planning and alternatives to wills

Ohio residents may be surprised to learn that not only is there more to estate planning than writing a will but that in some cases, a will may not be necessary or desirable. While every adult should have an estate plan, an individual who chooses to distribute most of their assets using a will risks those assets being tied up in probate court for months or even years.

Estate planning lessons to learn from the Robin Williams case

Ohio residents may be aware of the estate battle that is being waged by Robin Williams' widow and his three adult children. While it is not uncommon to see families fight after an individual passes away, there are steps that can be taken to minimize the odds that such a conflict occurs. An easy way to ensure that assets are not subject to probate court is to title them outside of an estate or designate a beneficiary.

The hidden cost of transferring wealth through a trust

A financial trust can be an excellent estate planning tool for Ohio families that need to transfer wealth to their beneficiaries. Whether a family owns a business or a significant amount of real estate, numerous types of trusts can be set up to shield the assets from tax liabilities and financial mismanagement.

Creating an Ohio special needs trust

A special needs trust is able to provide additional benefits for a child that Medicaid and Supplemental Security Income cannot. It can even do this in a way that does not interfere with the child's government benefits. Depending on how it is set up, it can function when a parent is alive or wait until after the parent's death to begin payouts.

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