Month: October 2017

Electronic Assets

By Benjamin F. Farah
October 31, 2017 Category: General

Did you think about your electronic assets? The rise of personal computers, the internet, and now smart phones have revolutionized our lives, and how we transact business. When getting our affairs in order, we need to remember the impact of technology on our lives. Things used to be simple. In a paper based society, it was easy for those we left behind to understand our affairs because we usually left a paper trail. We would receive bills, bank and other financial account statements monthly. At the end of the year we would receive 1099s and other IRS reporting statements which would give our families and personal representatives a roadmap of what we owned. But now: Our paychecks, social security checks, and other receipts may be automatically deposited into our bank accounts. Our utilities and other regular monthly bills may be automatically withdrawn from our bank accounts In order to avoid annual fees, we may have agreed to have our monthly brokerage statements delivered electronically

A Sharpened Tool

By Benjamin F. Farah
October 31, 2017 Category: Wills, Estate Planning, Guardianship, Transfers To Minors

Delaying the Distribution of Property to a Young Person A sharpened tool is available for those who want to delay the distribution of property to a beneficiary over age 21, but who do not want to incur the expense of setting up aTrust. While there are good reasons to set up a Trust, thanks to a change in Ohio law, a Trust is not the only way to delay distribution past 21. In Ohio, if a beneficiary is under 18 at the time property is to be distributed, that property is paid to a court appointed Guardian. Management of the property in a Guardianshipis under Court supervision. At age 18, the property in the Guardianship will be distributed to the beneficiary. In our Wills, we said that if a beneficiary is under 21 at the time he or she is to receive property, the property is to be distributed to a Custodian under the Ohio Transfer to Minors Act. This would tie the property up until age 21. Usually, an 18 year old beneficiary is less mature than a 21 year old. We have yet to find a client

Categories
Wills (2)
General (2)
Estate Planning (2)
Pets (1)
Guidance (1)
Probate (1)
Business Transactions (1)
Guardianship (1)
Transfers To Minors (1)
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We provide legal services to individuals and their businesses, primarily in the areas of Estate Planning (will, trusts, & powers of attorney), Probate, working with Small (closely held) Businesses, Medicaid Planning and Real Estate transactions.

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