Every trust has at least one grantor, also known as the trustmaker. This is the person who creates the trust. So, the terms grantor trust and nongrantor trust can get confusing. Its helpful to understand that neither of these terms refer to the existence or nonexistence of the trustmaker. Instead, these terms have to do with the trust’s income tax liability.
If you are among the minority of US adults who have prepared a will, living trust, advance directives, and other end-of-life documents, you may think that your estate plan is finished. But you may want to reconsider. An estate plan is a living set of documents meant to be regularly reviewed and updated as life changes happen.
Around half of all marriages end in divorce. If you’re like most people, you want to keep your child’s inheritance safe from ex-spouses, future creditors, and more. If you want to keep your child’s future spouse from inheriting what you leave them, consider using these estate planning strategies.
Choosing your estate planning attorney is important. Due to its personal and emotional process, it's important to ask your attorney questions before you hire them, and make sure they are the right person for the job.
Under Ohio law, a trustee has a duty to communicate with beneficiaries. A trustee's responsibilities may include giving beneficiaries a copy of the trust document, providing information about the anticipated timeframe of trust administration, and preparing an annual accounting form. Unfortunately, some trustees don't do this, leaving beneficiaries in the dark. If your trustee is unresponsive to your requests for information, you can examine the contact method, get an attorney involved, a file a petition with the court.
Life insurance has helped many people provide for their loved ones in the way they had envisioned. Many different types of people can benefit from having adequate life insurance coverage, including business owners, parents, and caregivers.
If you're an art collector or art maker, your work deserves to be preserved and protected. A sound estate plan, crafted by an experienced estate planning attorney, can help you do just that. The process begins by cataloging your artwork, appraising your artwork, and accounted for it in your estate planning documents.
A grantor trust is a revocable trust in which the grantor (the person who created the trust) retains control over the assets put into trust. This means the trust is not taxed, instead, the grantor is taxed for the assets. It's important to discuss which type of trust is right for you with an experienced estate planning attorney.
If you own cryptocurrency, it should be accounted for in your estate plan. Be aware of potential tax consequences and changing laws.
When you slip and fall on a business’ property, you may be entitled to damages. In Ohio, these types of claims are called “slip and fall” accidents. Compensation can vary based on what caused your slip and fall, what you were doing at the time of your accident, and the severity of your injuries.
