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Category: Estate Planning

Estate planning services refer to the process of managing and distributing one's assets and properties after their death, in a way that ensures the smooth transfer of wealth to the intended beneficiaries while minimizing taxes and other expenses. Estate planning services may include drafting legal documents such as wills, trusts, and powers of attorney, as well as providing guidance and advice on strategies for asset protection and wealth transfer. These services may be provided by lawyers, financial advisors, or other professionals with expertise in estate planning. Effective estate planning can help individuals achieve their long-term financial goals and provide peace of mind for themselves and their loved ones.

Wadsworth, Ohio estate planning lawyer

Make a New Year's Resolution to Do Your Estate Planning in 2024

Creating or reviewing an estate plan is something that many people know they should do but often put off. It’s natural to say things like: “I’ll take care of it later,” or “I don’t have enough money to have an estate plan.” However, life and circumstances happen that may be out of your control. Every adult needs…
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Posted on: January 19, 2024
Stow, Ohio estate planning lawyer

Estate Planning for Children: Ensuring a Secure Future

Estate planning is a critical process for any parent concerned about the future well-being of their children. In today’s uncertain world, having a robust plan is not just a wise decision but a necessary step in safeguarding your children’s future…
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Posted on: January 12, 2024
Medina Ohio estate planning attorney

Estate Planning for High Net-Worth Individuals with Residual Income

Residual income, especially prevalent in the entertainment industry, refers to ongoing payments received for work done in the past. This income can stem from royalties in TV shows, movies, music, or books. A notable example is the late Matthew Perry, whose role in Friends brought him substantial residuals, as highlighted in a CNBC article. The Importance of Estate Planning for Residual Income For individuals with significant residual income, estate planning is crucial. It ensures that their assets are distributed according to their wishes and can help mitigate complex legal and financial issues after their passing. Case Study:…
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Posted on: January 5, 2024
Business Planning in Akron, Ohio

Navigating Business Succession: A Comprehensive Approach to Business and Exit Planning

As business owners focus on day-to-day operations and growth, the thought of leaving or selling their business often takes a backseat. However, as Frank Fantozzi, a certified exit planning adviser, emphasizes, “for most owners, the business is their largest asset.” This makes succession planning an exit strategy and a crucial part of overall business planning. The Importance of Early Succession Planning in Business Strategy Succession planning should be an integral part of a business’s foundation. Delaying this process can lead to complications, especially when unforeseen circumstances like the “5Ds” – death, disability, divorce, disagreement and distress – arise. Early planning…
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Posted on: December 29, 2023
Estate Planning Lawyer in Akron Ohio

Essential Estate Planning Considerations for Minor Children

It is paramount for parents to have an estate plan that not only takes care of their personal and financial matters but also addresses the well-being of their minor child or children. Delving into estate planning considerations can be overwhelming, especially when young children are involved. This guide will provide you with a comprehensive understanding of estate planning for minors. Estate Planning: Why Is It Essential for Parents with Young Children? Estate planning for parents with young children involves setting up mechanisms to ensure that, in the event both parents pass away, their children will…
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Posted on: December 22, 2023
Medicaid Planning Law Firm in NE Ohio

The Difference Between Power of Attorney and Guardianship

Navigating the intricate landscape of elder law can be daunting, especially when faced with the decision between guardianship and power of attorney for elderly parents. This article sheds light on the difference between guardianship and power of attorney, providing clarity on which approach might be the best fit for your family's unique situation. What Exactly Is a Power of Attorney? A power of attorney is a legal document that empowers an individual, often referred to as the agent; or attorney-in-fact; to act on behalf of another, known as the principal.
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Posted on: December 1, 2023
Wadsworth, Ohio estate planning lawyer

Revocable Living Trust can Help with Planning for Incapacity

While physical disabilities may not impact a client’s ability to manage their own assets, mental illnesses and age-related cognitive impairment can eventually lead to incapacitation and the inability to manage their own assets.
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Posted on: November 17, 2023
Ohio Medicaid Planning

How Do Special Needs Trusts Work?

One of the most commonly recognized instruments for protecting assets for a disabled beneficiary is through the use of a Special Needs Trust, also known as a Supplemental Needs Trust.
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Posted on: November 10, 2023
Akron, Ohio medicaid planning law firm

Why Your Will Is Just One Part of an Estate Plan

Those beneficiary forms you filled out years ago can supersede your other estate plans.
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Posted on: November 3, 2023
Living Trust

Estate Planning and Tax Planning for Business Owners

This article will explore key considerations and actionable insights for business owners to reduce their tax burden, protect their assets and facilitate a smooth wealth transition.
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Posted on: October 27, 2023
Estate Planning In The Cities Of Medina, Wadsworth, Hudson, Stowe and Copley

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