Estate planning involves preparing for an individual’s death, but just as importantly, it also addresses decisions and arrangements made during their lifetime. In Ohio, individuals planning for potential incapacity often consider two primary legal tools: Power of...
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...
It may take just 3 Republicans in the U.S. House to defeat a new Tax Cuts and Job Act (TCJA) extension and exactly 3 of the 12 Republicans, who voted against the TCJA in 2017, have been reelected to the U.S. House. BACKGROUND When The Tax Cuts and Jobs Act of 2017...
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...
Gallup reports that 7.6% of U.S. adults currently identify as lesbian, gay, bisexual, transgender, queer, or another sexual orientation other than heterosexual. While this figure represents a growing trend, individuals identifying as LGBTQ+ represent a minority within...
Estate planning is a lot like putting together a puzzle. The client provides you with their box lid showing what they want the ultimate result of their plan to look like. Then, estate planners are tasked to identify and gather the various pieces and put it all...
The SECURE Act: Key Changes and Updates The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was originally signed into law on December 20, 2019. The Act simplifies the process for businesses to establish “safe harbor” retirement plans, making...