When you leave your inheritance behind for your loved ones, the government will charge an estate tax on any inheritance worth more than $11.4 million in 2019. And if you pass your inheritance along to your children, the IRS may charge them with another estate tax when they leave it to their children. So how […]
Firm News
Are ‘children of divorce’ more likely to get divorced?
Young people whose parents went through a divorce used to be called “children of divorce,” as if they were raised by the divorce instead of by parents. In the 1970s, such children were twice as likely to get divorced themselves. The phrase now seems to be disappearing as fast as higher divorce rates among people […]
How to get around the need for probate
Those who live or own property in Ohio may be required to go through the probate process. This is when an executor presents a will to a probate judge to be validated. Once a will is validated, assets can be distributed according to its provisions, and the executor may take other steps such as paying […]
People can learn from Aretha Franklin’s estate mistakes
While many people in Ohio may love Aretha Franklin’s music, they may want to take a different path when it comes to their estate planning decisions. After the Queen of Soul passed away in August 2018, it was generally believed that she never executed a will. As a result, her estate has remained in the […]
Business Ownership and Divorce in Ohio | Dividing a Business During Divorce
When business owners go through a divorce in Ohio, the business itself often becomes one of the most disputed and financially significant assets in the case. Whether the company is a closely held business, professional practice, family-owned company, or partnership interest, determining what happens to the business during divorce can be complex. In many cases, […]
How is spousal support determined in Ohio?
Everyone goes into marriage with the intention to stay together forever. Marriage is a beautiful thing, but if the situation becomes untenable, sometimes splitting is the best call. Yes, divorce is full of emotional decisions, but there are also financial considerations to account for as well. Marriage is a partnership. And just like a business […]
The effects of income on divorce
Money can be an issue for many couples in Ohio. In some cases, it’s because husbands are insecure about their wives earning more money than them. Studies show that women who make more than their husbands are more likely to get divorced. While women’s income relative to that of men has increased in the last […]
The advantages of a trust over a will in an estate plan
A trust instead of a will could be the right choice for some people in Ohio who are creating an estate plan. A trust can offer more privacy and can distribute assets to beneficiaries more quickly because it does not have to pass through probate as a will does. However, a trust can also hold […]
Tips for creating an effective estate plan
According to a Caring.com study, only 42 percent of Americans have created any sort of estate plan. For Ohio residents who don’t have an estate plan, it is best to start one by creating a will. A will can dictate who receives certain assets or who is allowed to be a guardian of a minor […]
Selling, keeping or splitting a business in a divorce
Owning a business can mean that a couple in Ohio has an additional complication when it comes to dividing property in a divorce. The first step they will need to take is having the company valuated. Once they know what the company is worth, they might want to sell it, but one person might also […]
