Kathryn T. Joseph & Associates, Inc.

trusts Archives

When trusts are better for adult children

When creating an estate plan, an Ohio parent may want to consider placing assets in a trust for their adult children. While it's not uncommon for parents to do this when their kids are minors, it's also a smart idea for adult children who may not manage assets responsibly. Many adults simply lack the necessary knowledge to manage large assets.

New federal tax law will affect estate planning

For people in Ohio and throughout the United States, the estate planning implications of the new federal tax law could be significant. The law worked to massively increase the exemptions for gift, estate and generation-skipping transfer (GST) taxes. When the Tax Cuts and Jobs Act took effect on Jan. 1, the exemption for all three of these types of taxes doubled up to $11,180,000 for a single individual and $22,360,000 for a married couple. These amounts are also slated to increase each year according to inflation.

Estate plans affected by tax law changes

The federal tax bill passed in Dec. 2017 could have impacts on estate planning for people in Ohio and across the United States. There are several changes that can affect people's choices about how to plan for their property after death.

Using trusts in estate plans

When considering their assets and their goals, Ohio residents may begin to see that using a living trust may be more beneficial than using a simple will. Contrary to popular belief, trusts are not meant to used solely by individuals who are extraordinarily wealthy.

Estate planning and bitcoin accounts

Whether or not they already have estate plans, some Ohio residents may not consider digital assets as part of an estate. However, these assets, which range from social media accounts to bank accounts online, are numerous and can be valuable. A bitcoin account could be among the most valuable of these types of assets.

How and why to choose a professional trustee

There are a number of reasons that Ohio residents might want to appoint a professional trustee. They might not have any immediate family, or there could be more conflict between immediate family members than anyone is willing to deal with while trying to administer the trust.

Estate planning for all

One of the most common reasons people delay creating an estate plan is the misconception that it is meant only for wealthy people. However, Ohio residents should know that they should develop an estate plan regardless of their wealth status. People who die without a plan in place may subject any finances or other possessions to court costs and other fees.

Legacies and estate planning

People in Ohio who are creating an estate plan might think in terms of making a will and setting up a trust. However, there is another way to conceptualize the process.

Changing an estate plan during divorce

It is important for people in Ohio who are getting a divorce to keep their estate plans in mind. It may be necessary to make changes as soon as possible in order to ensure that their wishes are carried out. Otherwise, if a person dies unexpectedly, a spouse or soon-to-be ex-spouse may receive a large share of that person's estate.

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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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