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

July 2017 Archives

Act changes things for Medicaid beneficiaries with disabilities

Ohio residents who benefit from Medicaid might be familiar with special needs trusts (SNTs). These irrevocable trusts make it possible for an individual with disabilities to store their assets. In a first-party special needs trust, the trust can only consist of assets that belong to the beneficiary of the trust. Before the 21st Century Cures Act, which became law on Jan. 1, individuals with disabilities faced hurdles in creating first-party special needs trusts.

Making beneficiary designations

Some assets, including 401(k)s and IRAs, are passed down not by wills or trusts but by beneficiary designations. However, since these may be filled out in a flurry of employment paperwork, beneficiary choices might not be made carefully. A person might also forget about the beneficiary choices. This could lead to problems later if an ex-spouse remains on the paperwork or a child is excluded. People in Ohio should take certain criteria into account when making beneficiary designations.

The benefits of an irrevocable trust

For estate holders in Ohio, irrevocable trusts can produce major tax savings and various other benefits. However, it's important to remember that the terms of these trusts cannot be changed once they have been set.

Solving inheritance issues for minors

Going it alone is always an option for Cleveland parents looking to create a will. However, there are a number of errors that can confound the efforts of testators and subject the estate to costly legal challenges and asset losses due to taxes. One deals with minor children.

The use of charitable trusts in estate planning

Ohio residents might like to know how to use charitable trusts as part of an estate plan. Assets in a split interest charitable trust are divided between one or more charities and a non-charitable beneficiary or beneficiaries. There are two types of charitable split interest trusts.

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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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