Ohio Probate Lawyer Blog

If you inherit a retirement account, particularly a traditional IRA or a Roth IRA, you have some decisions to make. Unlike some inherited property, which you can just set aside until you are ready to deal with it, retirement accounts require timely action on your part, while you may still be dealing with the grief of the loss of the person whose account you inherited.

Fortunately, you don't need to take that action on your own. An estate planning and probate attorney can give you the advice you need in order to make those decisions, and the guidance you require to carry them out. In the meantime, here are some general basics to help you understand your options.

Options for an Inherited IRA if You Are a Spouse

What you can (or must) do with your inherited retirement account depends primarily on three factors: whether the IRA is traditional or Roth; whether or not you were the spouse of the owner, and whether or not the owner had reached the age of 70 1/2 w… Read More

There is a great need for estate planning for blended families. According to the U.S. Census Bureau, 1300 new stepfamilies are formed every day in the United States. Over 50% of families in the United States involve adults who are remarried or re-coupled. These so-called blended families can offer wonderful new relationships to people who are a part of them—and create tremendous conflict over inheritance when one of the partners in the couple passes away.

Even in so-called "intact" families, in which all the children are legally related to both of the parents, there can be conflict over inheritance, especially if one child receives more than another or is disinherited. In a blended family, the potential for conflict rises exponentially. There is sometimes unresolved hostility between one party's children and the new spouse, or between stepsiblings. Inequities, real or imagined, in the distribution of an estate can destroy what remains of relationships.

How Inheritance Can Go Wrong in Blended Families

Picture, for example, a father who has told his adult children after the end of his first marriage that he's "leaving everything" to them when he dies. Then… Read More

If you're thinking about disinheriting a child, you probably have a good reason for considering this option. And while you aren't obligated to explain your reasons to anyone, letting your estate planning attorney in on your reasoning can help you best achieve whatever your aim is in disinheriting a child.

If, for instance, your child, like so many in this country, has fallen prey to addiction, you may be concerned about them using their inheritance for drugs. Obviously, that could have devastating effects for their health or even their life. In such a case, you may be able to create a trust that will pay directly for their living expenses and even drug or medical treatment. In that way, you could provide for them and promote their health without risk of their wasting their inheritance and without resorting to disinheriting them.

Of course, in some circumstances, there's no estate planning work-around; you genuinely want or need to disinherit your child. If this is the case, the answer is yes, it is possible to do this. It's also possible to attempt to disinherit your child and for them to wind up taking from your estate anyhow. Here's why, and how to make sure your… Read More

Inheriting a family home may be bittersweet: you have the opportunity to carry on family traditions in the family homestead, but the fact that the home is in your hands means that some of the family is no longer there with you. For some people who inherit a home, though, it is more bitter than sweet. The logistical issues of dealing with the property outweigh any happy memories or hopes for future good times there. This is especially true for heirs who left home and moved across the country, only have to deal with their late loved ones' house back in Ohio.

What do you need to do if you inherit your parents' home, or that of another relative? Here are five things to put on your to-do list.

Secure the House and Plan for Maintenance

When you live in a home, you take care of it: mow the lawn, clean the house, repair things that are broken. When a house is unoccupied, the home's exterior and yard can quickly become unkempt, and issues like a leak or a burst pipe that would quickly be dealt with in an occupied home can go unnoticed, leading to significant damage. If possible, try to enlist the help of a trusted neighbor or nearby relative to regularly check on t… Read More

If you've recently been appointed executor of a loved one's estate, you've been hit with something of a double whammy: grief at the loss of someone close to you, and the responsibility of making sure their estate is appropriately managed and distributed. Particularly if you've never served as an executor before, you may find the documentation and dissemination of information to the court, heirs and creditors overwhelming. If you make errors, you could delay the administration of the estate, cost the estate money, or even be subject to personal liability.

If you're wise, you've already retained an experienced probate attorney to help you navigate the legal landscape of the probate process. But there are still tasks that you will be handling yourself. The good news is that increasingly, there is software and online tools for executors that can help make your part of the work easier and more organized.

Best Software and Online Tools for Executors

One such tool is EstateExec.com, which was developed by Daniel Stickel after he experienced challenges and frustration while serving as executo… Read More

You've been appointed executor of the estate of a loved one. Taking your responsibilities seriously, you undertake to locate and identify all of the deceased's assets for an inventory. It is not always easy to locate assets of a late family member. Especially if the deceased was a parent, you may have a pretty good idea of where to start; after all, you took dad to the bank every other week, so you know where his account was. But beyond checking and savings accounts, do you really know what assets he had? And how do you begin to find out?

Locating a loved one's assets is often challenging because we rarely have direct conversations with each other about exactly what we own and where it is. As an adult child, asking an aging parent about these matters can feel (to your parent or to you) as if you're just waiting for them to die so you can collect their wealth. While of course this is not the case, the discomfort of broaching the topic prevents most people from doing so. Then, one day, it's too late.

Here's a helpful guide on how to locate assets of a late family member so they can go through the Read More

Providing financially for children and grandchildren is one of the most satisfying ways to use the assets you've spent a lifetime accumulating. Of course, you have made an estate plan to dispose of your assets after you're gone, but you want to be able to have the joy of giving while you're still alive. Not only does giving during your lifetime allow you to experience the gratitude of your beneficiaries, but making lifetime gifts can be an excellent way to reduce your taxable estate.

As of 2017, you can make a gift of up to $14,000 as an individual (or $28,000 for a married couple) to a child or grandchild each year without incurring gift tax liability on that amount. This gift can be used for their education, travel, even a down-payment on a house when the time comes. But how you give the gift has a significant impact on the benefit you and the beneficiary will get out of it.

Limitations of Custodial Accounts and Regular Trusts

You don't want to give a large financial gift directly to a minor chil… Read More

Having a power of attorney in place is an essential part of your estate plan. A power of attorney can seamlessly transfer to a person you trust the authority to make decisions or transact business on your behalf as needed. You can have a power of attorney for financial matters or for health care. It can be effective immediately if you choose, or not take effect until you are incapacitated. Essentially, this document gives you control over who will manage your interests if you can't, and spare your family the cumbersome process of seeking guardianship over you if you are legally incapable of making your own decisions. But when should you revoke a power of attorney?

While it's good to have a power of attorney, the person you've chosen to hold that power, known as your agent, may need to change. Perhaps the person you intended to act on your behalf has moved away or is too ill or busy to accept this responsibility. Or, for whatever reason, you may decide that you don't trust the person as you once thought you did, or don't feel like they're the best fit for your needs.

It's important to be honest with yourself about this issue. When you choose an agent, you are entrus… Read More