Kathryn T. Joseph & Associates, Inc.
216-245-0504

June 2017 Archives

Using trusts for IRAs

IRAs can be bequeathed to heirs who can use the minimum distributions as they wish. However, IRA account holders in Ohio may want to use a trust as a tool to safeguard assets from beneficiaries who may have financial or behavioral issues. According to one financial advisor, a trust should be used by anyone with a sizable IRA if there are doubts about how the heir would handle the money.

What to know about probate

After an individual passes, that person's estate may need to go through probate. In Ohio, estates worth $35,000 or less may be relieved from some of the administrative requirements. That number increases to $100,000 if a surviving spouse inherits all of a deceased person's assets. Probate is necessary as it allows an executor to protect and distribute assets to the intended beneficiaries.

Things to review in an estate plan

Ohio residents who have an estate plan should review the documents regularly. In going over a will or a trust, they should take into account whether changes in tax law might affect the estate plan. Changes in assets or in the family could mean a change is needed as well. People should also consider whether their choices for executor and trustees are still appropriate.

How a second marriage might change an estate plan

People in Ohio who are remarrying might want to consider how they should alter their estate plans. If it is not a first marriage for the new spouse, the first step should be to avoid entangling finances if the new spouse also has financial ties to a previous partner. Because creditors are bound by divorce agreements, commingling finances could jeopardize joint accounts.

Make decisions now for when you are no longer able to

One of the important components of an estate plan has to do with making decisions now about what is going to happen if you aren't able to make those decisions in the future. This is actually something that many people don't like to think about, but planning now can make life much easier for the people you leave behind when the time comes.

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Kathryn T. Joseph & Associates, Inc.
Executive Commons West
29425 Chagrin Blvd.
Suite 305
Cleveland, OH 44122

Toll Free: 888-335-6650
Phone: 216-245-0504
Fax: 216-765-8817
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