Most Ohio residents are aware that it is very difficult to have one's student loan debt eliminated through a personal bankruptcy case. This is due to the strict approach taken by the nation's bankruptcy courts, which requires a borrower to clear a very difficult hurdle in order to have student loan debt discharged by a Chapter 7 bankruptcy case. Currently, however, there are two important cases making their way through the court system, either of which could prove to be a game-changer in how student loan debt is handled in bankruptcy.
Many Ohio residents are appreciative of the fine arts, and some have amassed an impressive collection of artwork over the years. How those assets are handled within estate planning can be complex and depends on a number of factors. For many collectors, hiring an advisor who specializes in art and estate planning can make it easier to create a plan that meets one's goals.
During the estate planning process, most Ohio parents focus on how their assets will be distributed upon their death, which is an event that is projected to occur far in the future. In reality, however, no one knows when their time is up, and not everyone will live to a ripe old age in which assets will pass down to adult children and grandchildren. Parents must plan for the unlikely event that they pass on while their children are still minors, and then adjust that planning once the youngest has reached the age of majority. In doing so, trusts are a very flexible planning tool and provide a good fit for many families.
When most of us think about student loan debt, we picture a young person just getting started in the world, who is struggling to overcome staggering levels of student debt. In reality, however, there are many older people who remain saddled with high levels of debt related to their education. People who are at or near retirement age have a different set of needs than their younger counterparts. For those in Ohio facing these issues, eliminating your debts should be a top priority.