Category Archives: Estate Planning

Ohio’s New Domestic Asset Protection Trust Statute

In December of 2012, Ohio governor John Kasich signed into law The Ohio Legacy Trust Act that becomes effective March of 2013.  Ohio now joins a minority of states allowing for such trusts.  While these domestic asset protection trusts cannot … Continue reading

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IRS Releases 2013 Contribution Limits

The IRS has raised the contribution limits for most 401(k)s, 403(b)s, and 457 plans to $17,500 for 2013, up from $17,000 in 2012.  Further, employees who are over 50 can contribute an additional $5,500 as a catch-up contribution to their … Continue reading

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Charging Orders and a Settling of Ohio LLC Law

On May 4, 2012, Ohio enacted several new provisions relative to its limited liability company law (including R.C. 1705.18). One of the main reasons for creating a limited liability company (“LLC”) is to separate and distinguish the assets and liabilities … Continue reading

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Like Many Other Deceased Musicians, Whitney Houston’s Estate Stands To Continue Earning Income

Like many other famous musicians, Whitney Houston had many financial difficulties in her life.  However, even after her death, her estate could be earning a considerable amount of annual income for years to come.  While some of the estate’s royalties … Continue reading

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The Estate of Steve Jobs: Will it be Taxed?

Much has been written about the death of Apple founder Steve Jobs over the past days.  One area that has received increased attention is the estate planning done by Jobs, his attorneys, his accounts, and other professionals before his death.  … Continue reading

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Ohio Estate Tax Eliminated Beginning In 2013

On June 30, 2011, Ohio Governor John Kasich signed House Bill 153.  This 3,262 page appropriations bill, among other things, eliminates the Ohio Estate Tax, beginning in 2013.  The Ohio Estate Tax applies to a decedent’s property owned at the … Continue reading

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The Importance of Asset Protection

Many people operate under the mistaken belief that assets held in joint accounts and assets held by their revocable living trust are safe from the claims of creditors.  This errant belief could very well cause one’s assets to be attached … Continue reading

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