You're passing some of your assets directly on to your adult children, but you don't want to give grandchildren the same freedom. Many of them are still minors, and you think the responsibility is too great. For instance, you may have $50,000 that you'd love to use to provide for one of your grandkids, but he's only 13 and you by no means think leaving $50,000 to a teen is a wise move. If so, you may want to consider a trust, which gives you control over:
What to include in a will
Individuals in Ohio and elsewhere in the country usually put off creating wills until they believe that they need them, such as when starting a business or becoming parents. When people decide the time has come to draft their wills, they need to make sure their documents contain the essential elements.
Testators may need to live with unclear tax rules
Ohio residents seeking to manage their wealth and their families' futures through the creation of estate plans can't necessarily depend on the assumption that tax codes will eventually work in their favor. According to some financial analysts, waiting for President Donald Trump to finalize previously touted tax regulation changes might be ill-advised if such new rules end up making it harder for people to leverage assets held in structures like trusts.
Estate planning tips for newlyweds
It is fairly common around this time of year for the final preparations to summer weddings to take place. Indeed, it is important to have guest lists finalized and fees paid for caterers and decorators. The same can be said for ensuring that all the important parties understand what their roles are during the special day.
Essential tips for proper estate planning
Ohio residents may have heard that music icon Prince died in 2016 with no will. As a result, Prince's sister and five half-siblings are still fighting over how his estate should be divided. Valued at about $300 million when he died, the estate will likely be cut in half because of taxes and lawyer fees. Regardless of how it is divided, it probably won't be in a manner that Prince would have wanted.
My father has a heart problem and I'm overwhelmed
We spend our entire lives looking up to our parents for their guidance, wisdom and even financial support. When you have a parent in decline, it can be devastating, and you may feel overwhelmed by the responsibilities and difficult decisions you have to make.
Becoming executor of a parent's will
People in Ohio who have been appointed executors of their parents' estates assume several responsibilities. Those who find out ahead of time that they will be the executors have an advantage because they still have time to communicate with their parents regarding their final wishes. Someone who has been designated as an executor should confirm his or her parent's desires, clarify any uncertainties and find out how much other family members know about the estate plan. He or she should also know where the will and any other important financial documents are located.
