The Ohio Department of Commerce’s Division of Unclaimed Funds is safeguarding approximately $4 billion in unclaimed assets. In 2024, the Ohio Department of Commerce received $525 million in unclaimed funds but only $149 million was paid in claims. It's surprising how...
Estate planning is a crucial process for anyone looking to protect their family and assets, but for families with a loved one who has special needs, it requires additional considerations. Without proper planning, a well-intentioned inheritance can inadvertently...
Qualified Small Business Stock (QSBS) offers business owners significant federal tax benefits of exclusion of up to $10 million or ten times the stock's basis in capital gains, whichever is greater. The stock must be held for at least five years prior to a sale. This...
The recent death of legendary actor, Gene Hackman, age 95, and his wife Betsy Arakawa, age 65, has brought attention to the complexities surrounding their estate and illustrates the need for proper estate planning. At his death, Gene Hackman had an estate worth...
As it was famously sung about the Brady Bunch, you knew it was much more than a hunch and now your group must somehow form a family. Like the Brady Bunch, blended families consist of a couple and their children from previous relationships. Forming this blended family...
Is anything private anymore? We live in a digital age where information is quick and abundant. While this is helpful in many circumstances, it may seem most concerning when it comes to your estate plan. Your estate plan includes sensitive information such as names,...
Estate Planning and the TCJA Estate planners are once again preparing for the potential expiration of key tax provisions. In 2010, the federal government stepped in with The Tax Relief Act of 2010 to avoid the sunset provisions of the Economic Growth and Tax Relief...
The recent case of Richard Simmons, the beloved and iconic fitness guru, is a notable example of the conflicts that can arise when co-trustees are appointed to manage an estate. Co-trustees need to work together in order to fulfill the Grantor’s wishes and administer...
Understanding the nuances of the Internal Revenue Code (I.R.C.) is crucial for effective estate planning and tax strategy. For example, estate planners must be familiar with the tax basis adjustment provisions in 26 U.S.C. § 1014. This article provides a detailed...