Estate Planning

Special Needs Trusts

Clients with disabilities or other special needs have a few options when it comes to creating trusts that can improve their life.  Oftentimes these individuals receive governmental benefits for their health and maintenance.  Typically, these programs first require that the individual spend their own money before expending any of the government’s.  In these situations, individuals with...Read More

Big Tax Changes for 2013

At year end Congress enacted the American Taxpayer Relief Act of 2012 (HR 8), which avoided a plunge over the so-called “fiscal cliff.” That supposed cataclysm would have resulted from a combination of the sunset of the Bush 2001 tax cuts and the automatic government spending cuts negotiated last summer in return for an extension of the federal debt ceiling. The 2001 law freed nearly half of...Read More

The “Fiscal Cliff” and Estate Planning

Many of our clients want to know how the expiration of the Bush tax cuts will affect their estate plans. This event, the so-called “fiscal cliff,” can have far-reaching implications for certain wealthier individuals and calls for immediate, careful review of tax planning. At the time this article is written, estates valued less than $5.12 million are exempt from the 35% federal estate tax....Read More

Oil and Gas Valuations

It’s always surprising for us to see how our major practice areas come to overlap.  Oil and gas law doesn’t have an obvious nexus with estate planning and the probate process.  However, given that estate planning typically involves carefully allocating assets to maximize their utility for family or friends, it shouldn’t be a surprise that valuable oil and gas rights might...Read More

Minimizing Tax Impact of Oil and Gas Royalties

The impact oil and gas leasing has had on Ohio is remarkable.  A farmer who struggled to make ends meet one year could find himself with an income tax bill he never imagined the next.  Though we Ohioans have been blessed by these essential resources, allocating their value can be troublesome from a financial standpoint.  Many people may find themselves unsure of what to do with signing bonus...Read More

Do I Need a Trust?

Estate planning relates to the arrangement of your affairs so that upon your passing your assets will pass to those whom you wish to benefit, while being subjected to the least amount of taxes and transfer costs. Often, too, it speaks of setting things up so that your assets can be professionally managed for the benefit of less sophisticated loved ones when you are gone.  A trust is a popular...Read More

Frequently Asked Probate Questions

What is the probate court? The probate court oversees the administration of a person’s estate.  When a person dies, and after creditors and taxes have been paid, the deceased person’s property must be passed on to heirs.  If the person had a properly drafted will, determining where the property goes is fairly straightforward: it will be described in the will.  The probate court has...Read More

Basic Estate Planning Principles

Estate planning relates to the arrangement of your affairs so that at the time of your death your assets will pass to those whom you wish to benefit, while being subjected to the least amount of taxes and transfer costs. Often, too, it speaks of setting things up so that your assets can be professionally managed for the benefit of less sophisticated loved ones when you are gone. Unfortunately,...Read More