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Who Can Benefit from a Special Needs Plan: Crafting a Comprehensive Plan for the Future

Ensure the future of a special needs loved one with a tailored special needs trust plan. Create a plan that meets the unique needs without jeopardizing public benefits with an attorney experienced in special needs law.

Posted on: February 1, 2024

What are the Rules for Inheriting an IRA?

Know what to expect if you inherit an IRA and how to establish a plan for taking distributions.

Posted on: January 26, 2024

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…

Posted on: January 19, 2024

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…

Posted on: January 12, 2024

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:…

Posted on: January 5, 2024

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…

Posted on: December 29, 2023

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…

Posted on: December 22, 2023

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.

Posted on: December 1, 2023

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.

Posted on: November 17, 2023

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.

Posted on: November 10, 2023

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John Hoffman Law Office
Akron, Ohio Estate Planning and Medicaid Law Firm

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