Solomon, Steiner & Peck, Ltd.
Call today for a consultation:
216-245-0185 / 866-642-0932

Wills Archives

Estate planning errors to avoid

Some older Ohio residents may be among the 40 percent that Wells Fargo says do not have documents in place to protect themselves if they become incapacitated. More than 780 people 60 and older and nearly 800 adult children ages 45 to 69 participated in the survey.

Estate planning errors to avoid

Not having a will can be a major estate planning error. If an Ohio resident dies without a will, assets will be distributed according to state law. In such cases, loved ones may have to spend time and potential inheritance money sorting through the probate process.

How to create a digital estate plan

When Ohio residents create an estate plan, they might also want to consider whether they need one for digital assets as well. People might not think of social media or email accounts as assets, but they may need to leave instructions about what should be done with these. In some cases, such as with a cryptocurrency account or even a domain name, the asset might have significant value.

The estate tax exemption and the importance of review

With the change in the federal exemption, single people whose estates are worth less than $11.2 million and married couples whose estates are worth less than $22.4 million no longer need to employ some of the tools they may have been using to protect their estate from tax. People may want to review their estate plans and see what changes can be made.

The importance of updating a will

Ohio residents who are looking to set up wills or start with the estate planning process may be aware of a South Dakota's congresswoman's tale of how the federal estate tax had a major impact on her farming and ranching family. The congresswoman has been telling her story as an example for reforming what was being called an overburdening tax system.

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.

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

EMAIL US FOR A RESPONSE

We are here to help. Contact our attorneys today.   

Bold labels are required.

Contact Information
disclaimer.

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.

close

Privacy Policy

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
Mayfield Heights Law Office Map

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

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

Review Us