Kathryn T. Joseph & Associates, Inc.

trusts Archives

Estate planning, trusts and incapacity

Ohio residents can use estate planning to make certain provisions for situations in which they may be mentally or physically incapacitated. If such a situation arises, it is important that they have the appropriate legal documents in place so that it can be ensured that the decisions that will be made on their behalf are according to their wishes and preferences.

Tips for reviewing an estate plan

There are a number of reasons people might need to update an estate plan. One of those reasons is if the person has created an estate plan with the intention of avoiding estate tax. The estate tax exemption has increased significantly, and the provisions made might no longer be necessary. Another reason is if the estate plan was created in another state and the person then moved to Ohio.

How trusts can be revised in estate planning

Trusts are a vital part of estate planning for many people in Ohio who want to manage their estate for the maximum tax benefit and flexibility in preparing to pass on their assets to their heirs. However, after a trust has been made and property retitled in the name of the trust, the person who created it may want to make some changes to its operations, beneficiaries or trustees. They may wonder how it is possible to change an existing trust in order to reflect changing life circumstances.

Charitable giving could blossom after tax law changes

Many have worried that changes to tax law that took place as part of the Tax Cuts and Jobs Act of 2017 could potentially reduce the amount of charitable giving that takes place as part of will bequests and the estate planning process. Especially for people without living children or with a high net worth, using one's estate to provide philanthropic legacies can be a meaningful gift that reflects an individual's social priorities. However, over the years, the exemption of charitable bequests from estate and inheritance taxes has helped to inspire wealthy donors to make gifts to charity.

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.

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.

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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
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