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Category: Estate Planning

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 aGuardianshipis 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

Think of Us as Guides

By Benjamin F. Farah
January 18, 2016 Category: Guidance, Probate, Estate Planning, Business Transactions

When people travel to new and different places, they will often use a guide to help them get to where they want to go. In the exploration of the US, when the west was a vast wilderness, explorers used native guides. If you are a fisherman exploring new waters, you may hire a local guide to get you to the right part of the stream where the fish are found, and what fly or bait to use. When traveling to Europe, you might go on a Rick Steves tour. For many people, the legal landscape is a new and different place - unlike any place they have ever visited. There are unknowns: The language is different. The protocol is different. There may be tiger trapsor other pitfalls. As lawyers, we are your guide. If a loved one has died, we guide you through the process of settling the estate and if necessary, navigating the court system. If you are buying or selling a business or real estate, we guide you through the transaction, pointing out things you might not have considered, and steering you around

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Categories
Wills (2)
General (2)
Estate Planning (2)
Pets (1)
Guardianship (1)
Transfers To Minors (1)
Guidance (1)
Probate (1)
Business Transactions (1)
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Categories
Wills (2)
General (2)
Estate Planning (2)
Pets (1)
Guardianship (1)
Transfers To Minors (1)
Guidance (1)
Probate (1)
Business Transactions (1)
+ Show More