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Avoiding Probate With Living Trusts

If a person dies with or without a will, he may be subject to probate, depending on how his/her assets are titled at the time of death. Common methods of avoiding probate are gifting during one’s life, establishing joint tenancy with rights of survivorship in real property, joint and survivorship bank accounts, payable on death accounts, transfer on death accounts, transfers with retained life states, and revocable intervivos trusts (living trusts) for those assets titled in the name of the trust. Each method listed above has its own peculiarities under Ohio law. There is no single method that is best
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Eliminating The Estate Tax

Irrevocable Life Insurance Trust Many people do not realize that when they die with the incidents of ownership in a life insurance policy (policies you can borrow against, assign or cancel, or can change a beneficiary or a life insurance policy in their own name or payable to their estate), the entire proceeds are included in their estate for federal estate tax purposes. Under current law, the net value of an estate over $5,450,000 is subject to federal estate tax before it can be fully distributed to your beneficiaries. This is extremely important for a single person whose estate is
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The Ohio Living Will And Durable Power Of Attorney For Health Care

Ohio has two legal documents that every senior citizen should consider executing – the Living Will and the Durable Power of Attorney for Health Care. Both have been in the news recently and are sometimes misunderstood. Ohio’s Living Will becomes effective only when an individual is permanently unconscious or terminally ill. Permanently Unconscious, as defined by our Statute, means that to a reasonable certainty (1) you are irreversibly unaware of yourself and your environment and (2) there is total loss of cerebral cortical functioning, resulting in your inability to experience pain and suffering. Terminal Condition is defined by Ohio law
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Charitable Remainder Trusts

Sometimes Gifting Can Yield More Charitable gifting of a highly appreciated asset such as a stock or farmland often can yield positive income results for both the giver and the recipient charity. Many times, a family is reluctant to sell such an asset because of the capital gains tax that would be due when the asset is sold. The asset is typically a low yield or low income-producing property. The owners of these types of assets would like to convert them into an income for retirement, but are reluctant to do so because of adverse tax implications. The above situation
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