Springing and Durable Power of Attorney – What’s the Difference? When planning for retirement and your estate plan, it’s important to understand how your power of attorney works. Generally, there are two kinds: springing and durable power of attorney. A springing power of attorney takes affect if you become incapacitated. In comparison, a durable power […]
Cleveland, Ohio Trust Attorney What is a trust? What is the difference between a revocable trust and an irrevocable trust? Why might my estate plan include either one? Simply put, a trust helps manage your assets and provides clarity for the future. A trust is a tool that may be used to achieve your financial […]
Estate Planning – Trends Following the American Taxpayer Relief Act. A recent survey concluded that sixty percent of Americans are afraid they will outlive their retirement. Thus, there has been a moving trend that people are more concerned about wealth preservation compared to wealth transfer. For example, a fifty year-old man in the top income […]
Cleveland, Ohio Trust Attorney Ohio Bypass Trusts Bypass trusts, or “credit shelter” trusts, have historically been an important estate planning tool that shields probate assets against estate taxes. Most often, a bypass trust is found in your spouse’s will. Each spouse directs that if you are the first spouse to die, then your solely owned […]
Cleveland, Ohio Probate Attorney Debt after Death – What Every Family Member Should Know You come home one day to find a letter from a credit card company demanding $5,000 for the debt of your late husband. The credit card company demands payment and threatens to take legal action against you if the debt is […]
Cleveland, Ohio Estate Planning Attorney Perhaps for most estate planning attorneys, the relationships built among clients can last for decades. Because of the duration of the relationship, it’s not unusual for an estate planning attorney to receive requests for legal assistance from clients who have changed their residence to a state in which the attorney […]
Living Trusts vs. Testamentary Trusts Cleveland, Ohio Estate Planning Attorney Dan Baron: If you’re planning for your Ohio estate plan, then you’re probably lost among the many estate planning terminologies. However, there are numerous estate planning methods to provide safety and security for your family. There are many ways to achieve this including living trusts, […]
From Cleveland, Ohio Estate Planning Attorney Dan Baron: Estate planning attorneys will tell you that testamentary trusts are a great way to protect your children and plan for your estate. Below are 10 things to know about testamentary trusts and how they might fit into your estate plan. To learn more, contact Cleveland, Ohio estate […]
Cleveland, Ohio Estate Planning Attorney If your retirement portfolio contains a Simple Employee Pension (“SEP”), or Simple IRA, you need to know how the minimum distribution system works. Cleveland, Ohio estate planning attorney Dan Baron provides the following remarks. One major attraction to IRA’s and other estate planning tools is the ability to accumulate funds […]
Creating a Business Succession Plan – Cross Purchase Agreements Whether you’re planning for retirement or tragedy, having a business succession plan is imperative for business owners. Big business or small, planning for the financial stability of your partners and employees can mean the difference between business as usual and leaving your spouse bankrupt. Moreover, understanding […]