A life estate, sometimes called a right of occupancy, is a legal agreement that allows a property owner to split their ownership interest. They may use and enjoy the property during their lifetime, and automatically transfer the ownership to another individual at their death. This person is called the remainderman.
If you can no longer manage your affairs, you will need somebody who can act on your behalf. A financial power of attorney (POA) is a legal document that allows someone else to make financial decisions for you if you can't on your own. A springing financial POA gets its name because it 'springs' into action only when you become incapacitated.
In Ohio, your child cannot take your home without your permission while you're still alive. Naming your child as the recipient of your home in your will does not give them any right to your home while you are still living. A will has no real legal significance until you die. It does not change title (ownership) to property during your lifetime. There are, however, some special estate planning tools in which a homeowner gives up their right to the property in exchange for other benefits.
A silent trust eliminates the legal requirement that the trustee tell the beneficiaries about the trust’s existence - for a period of time. High-net-worth individuals who expect to have a taxable estate may want to consider creating a trust. Parents who want to create trusts to transfer wealth but who worry about the effect such large wealth transfers may have on their beneficiaries may want to consider including silent trust provisions.
Domestic partnerships generally don't have the same rights as married couples when it comes to estate planning. The state in which you live, and maybe even the city or county, largely determine domestic partnership rights. Because domestic partnership laws vary so widely, it is important to consult an experienced estate planning attorney. They can help you understand the laws that apply to your situation, and the estate planning you must do to ensure that your significant other will have the rights and benefits you want them to have.
Americans have enjoyed historically high estate tax exemption rates for the last twenty years. Such high exemption amounts have kept many of them from needing to seek out help from an estate tax professional. However, the exemption amount is likely to fall. If you have a high net worth, it's important to be aware of tax planning strategies, such as the Qualified Personal Residence Trust. A QPRT is an irrevocable trust that is designed to hold a taxpayer's home, with the benefit being to save money on taxes during your lifetime and when you pass away.
A common question people have after a car accident is whether or not they need to hire an attorney. Most lawyers will not tell you that many minor car accidents can be settled without their help. If your injuries didn't require medical treatment, you didn't miss any work, you didn't need to buy things for your injuries, and the other party was clearly at fault, you likely don't need an attorney.
If you have been injured due to another’s misconduct, you may be wondering: Are there any limitations on the amount of money I can receive in compensation? In some cases, there is no cap on the amount of compensation a person can receive. In others, there are limits on how much money can be awarded. This depends on the type of case, as well as the nature and severity of your injuries. It is important to be aware of damages caps that apply to your case so you can accurately manage and plan your finances.
The sale of multimillion-dollar NFTs over the last year has prompted growing interest in them—and plenty of questions. Namely, what exactly are NFTs, how are they used, and why would anyone be interested in them?
Under Ohio law there is a process set forth to resolve any disputes between interested parties when there is a dispute in regard to how one’s end of life decisions shall be enforced.
