Kathryn T. Joseph & Associates, Inc.

trusts Archives

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.

Prince's estate to pay more than $100 million in taxes

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.

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?

What happens when trusts end

Trusts are financial instruments that are used by many Ohio residents to manage their assets. People may set up a trust to manage property while they are alive or as part of an estate plan that will go into effect when they pass away. Trusts do not last forever, and the arrangements may come to an end for a number of different reasons.

The benefits of an incentive trust

Ohio parents who are worried that their heirs may not be great at managing money or other assets may want to consider an incentive trust. When they die, assets go into the trust as opposed to going directly to an heir. A trustee oversees the trust and distributes assets when heirs meet conditions spelled out in the document.

Estate planning across multiple states

Ohio residents who live in more than one state throughout the year should keep this in mind when they are making their estate plan. Generally, people have official residence in only one state even if they spend part of the year in another one. They whether either state where they spend their time has an estate tax. There is a federal estate tax, but in 2016, there is an exemption of $5.45 million. There might also be some states, like Florida, that do not have an estate tax but have other taxes when a person dies.

Estate planning for people with substantial assets

Angel investors in Ohio may use careful estate planning in order to pass more of their assets on to their children or other beneficiaries. The federal government currently has a lifetime exemption amount of $5.45 million for estate taxes. For couples, that amount is $11 million. People who have substantial assets may use estate planning laws to their advantage in order to reduce the size of their estates and lower their tax burden.

The use of a living trust

It is important for people to make sure they have a plan in place to have their assets distributed according to their wishes in the event of their death. Ohio homeowners may want to consider placing the home in a living trust.

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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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