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August 2015 Archives

A combined approach to retirement and estate planning

For many Americans alive today, the expected lifespan is far longer than that of previous generations. In fact, researchers estimate that the average person will live nearly 10 years longer than the expected lifespan of just 60 years ago. While this is great news for Ohio residents, it also means that the established ways of thinking about retirement and estate planning are no longer relevant.

Properly drafted wills require well-chosen executors

The act of drafting a carefully considered will is an important first step within the estate planning process. Many in Ohio overlook, however, the importance of selecting the best possible executor. In many ways, this choice is pivotal in having one's wishes carried out when the time comes. Even the best wills can be improved upon by making a sound decision when it comes to choosing one or more executors.

New estate planning options for same-sex couples

Many in Ohio are aware of the recent groundbreaking Supreme Court decision that legitimized same-sex marriage. As couples across the nation celebrate the ability to join in lawful marriage, they have also received many other benefits associated with married life. Among those benefits are estate planning options, some of which were previously unavailable to same-sex couples, no matter how committed their union may have been.

The dangers of estate planning fatigue

A phenomenon has been observed among the nation's wealthy, and has begun to be referred to as "estate planning fatigue." This condition exists when an individual or family grows weary of trying to stay ahead of estate tax changes, and simply throws in the towel and neglects to create a viable estate plan at all. Recent research suggests that individuals in Ohio and elsewhere who earn between $1 million and $5 million are especially vulnerable to estate planning fatigue.

The risks of do-it-yourself estate planning

Many people in Ohio take a great deal of pride in accomplishing a wide range of tasks of their own. It is possible to save significant amounts on home repairs, car maintenance and many other common needs for those who are willing to roll up their sleeves and put in the time and effort needed to do those tasks themselves. There are some areas, however, in which attempting to handle one's own needs can backfire, including estate planning.

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