The settling of the estate of the late artist Prince,provides a look into a high-asset situation where the decedent did not leave a will. For Ohio residents considering their estate plans, the Prince case highlights the consequences of neglect. In the end, more than half of the late artist's estate will go towards state and federal estate taxes.
Emergency clauses could protect estates
When the unexpected happens, Ohio residents who think that their estate planning is airtight can lose everything in an instant. Situations that can cause this misfortune include sudden death or theft. Loved ones can also die within close succession of one another. Examples of these incidents have been revealed in news reports regarding celebrity deaths like Carrie Fisher, Debbie Reynolds, and Zsa Zsa Gabor.
Keeping track of passwords for estate planning purposes
Most Ohio residents will be familiar with how frustrating it is to forget a user name or password. While being unable to log into an important website is usually a fairly straightforward problem to remedy, it can cause havoc for estate planning attorneys and heirs when the author of the password in question has passed away. Most online security experts recommend that individuals use several complex passwords including letter, number and symbols that are hard to remember but easy to forget, and websites that contain highly sensitive information sometimes require their users to regularly select a new password.
Celebrities' estate planning mistakes show what to avoid
Ohio residents may want to learn from the mistakes that celebrities have made about estate planning. Avoiding these mistakes may help to make certain that people's wishes are followed and that they may avoid substantial taxes, probate costs, attorneys' fees and potential litigation.
What you need to know about qualified income trusts
As our parents age, we have to begin to think about how best to take care of them. We start with the basics, such as ensuring they already have an estate plan in place that is current with their wishes. We don't expect to have to worry too much about their health until after they retire. But what if their health starts to decline before retirement, before they qualify to receive Medicare?
