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Estate Planning Archives

2 reasons why millennials avoid estate planning ― and why they are wrong

According to a recent survey conducted by, only 42 percent of adults in the U.S. have an estate plan -- meaning an alarming 6 out of 10 have no wills or trusts in place should they pass away. While these numbers are bad enough, they are actually even worse among millennials.

Estate planning tips for horse owners

Many Ohio residents are also horse owners and have poured a great deal of time, energy and money into their beloved equines. Handling these animals within estate planning can be a challenge, as horses have very specific needs that often cannot be properly addressed by those who are unfamiliar with their care. The best way to ensure a long and happy life for these animals is to create a comprehensive estate planning solution.

Retirement trusts can provide for grandchildren

Each and every Ohio family has a unique set of needs when it comes to creating an estate plan. Passing down accumulated wealth to one's children is a common estate planning theme. However, there are cases in which all of a couple's children are already doing well for themselves, and where the focus can turn to the next generation. Retirement trusts are an excellent option for families who are looking for ways to pass wealth down to grandchildren.

Marriage alone is not a solid estate planning approach

There are a great many Ohio families in which the spouses intend to leave all of their assets to each other in the event of death. In many cases, both parties feel that they have worked hard to amass their wealth and that the fruits of that labor belong solely to their partner. Unfortunately, many are unaware of the best way to ensure that outcome, and they make the mistake of assuming that marriage is sufficient estate planning all on its own.

Is your estate planning safely stored and accessible?

Although thoughts of death are not something one wants to linger on, it is a reality. Ohio residents may recognize the importance of organizing important documents and storing them in a manner that will be readily accessible to surviving family members in the event of an unexpected death. There are multiple storage options for estate planning documents, including the traditional way of keeping them in a safe or the modern way of storing them in a cloud.

Estate planning can help businesses remain viable for generations

For those in Ohio who own a business, ensuring that the business continues to operate after one's death is often a primary concern. Many people have made their business venture one of their top priorities throughout their lives, and want to see that hard work passed down to future generations. Through comprehensive estate planning, that goal can become reality.

Is joint ownership a solid estate planning approach?

Many Ohio residents are interested in ways to simplify their estate plans and to pass along assets to loved ones outside of probate. Often, adding a child or other relative as a joint owner of an asset seems like a good way to accomplish that goal. While joint ownership does have some advantages, there are a number of ways that this approach can lead to estate planning trouble.

Estate planning cannot be discriminatory

When an Ohio resident thinks about estate planning, he or she is usually under the impression that the wishes laid out within the estate planning documents will be adhered to when the time comes for that plan to be called into action. In certain cases, however, that may not be the final outcome. It is important to understand that in order for a will to be valid, it must be in line with public policy. A recent case examines how discrimination can impact one's estate planning outcome.

"Upstream gifting" can be a solid estate planning tool

Most Ohio residents who have achieved high levels of success are aware that current estate tax rules allow an individual to amass an estate worth $5.43 million before assets are subject to federal estate tax. Anything above that amount will be hit with estate tax, which is an outcome that many people go to great lengths to avoid. There are a number of creative estate planning approaches that can minimize estate tax, one of which is known as "upstream gifting."

Asset protection, wills and other estate planning matters

Most Ohio parents understand the value of discussing how grateful they are for their many blessings with their older children. Many do this on a regular basis. Others take it a step further and are not afraid to talk about the future, including important matters having to do with how many of their material blessings will be distributed at the time of their deaths. Asset protection, wills and other estate planning issues seem to be uncomfortable topics for some; yet, it is good for all to know that there is legal help available when the time comes to create a thorough plan to secure the inheritance one has in mind for one's children.

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