COMPLICATIONS THAT CAN SLOW DOWN THE PROBATE PROCESS
Our goal at Ibis Legacy Law, LLC is to help individuals and families plan ahead to minimize complications in the administration of their estates. However, we also recognize that not everyone plans ahead, so we are here to help minimize the delays associated with some of the most common reasons for delays in a probate estate.
The Pros and Cons of Powers of Appointments
An often misunderstood but common estate planning tool that can appear in estate planning documents is the power of appointment. Not to be confused with a power of attorney (the document that allows you to delegate certain powers to an agent to act on your behalf...
Q & A on Probate Basics in Ohio
What is Probate? Probate is the legal process in which a deceased person's will is validated, their assets are identified, debts are paid off, and the remaining property is distributed to their beneficiaries. What is an Executor? An executor, also known as a personal...
Do Not Leave Your Minor Children’s Future to Luck
Young parents work hard to create a wonderful life for their children and pass on wealth to them in the future, but they also need to create a plan for their children’s care if something happens to them.
Slicing Your Estate Planning Pi(e)
With only a few possible exceptions, you are free to use your estate plan to slice up your wealth for the benefit of anyone you choose. Some common beneficiaries you may choose are spouses or other significant others—such as your boyfriend, girlfriend, or partner—and children.
Ladies, You Need an Estate Plan
It is important for women to take care of themselves through financial and estate planning designed to provide for their own future needs, which may differ from those of their male family members, as well as family members who may be dependent on them.
Not All Beneficiaries are Created Equal (i.e. Life Isn’t Always Fair)
Probate Estate administrations can easily turn into puzzles that can be difficult to unravel. The Executor, the person nominated in the Will to administer the Estate, has a fiduciary duty to ensure that the assets are distributed to the correct beneficiaries. If...
Winter Planning for a Great Spring Part 3 of 3
Spring Break Checklist After a long, odd Ohio winter, many of us—from the young and to the more mature—are ready to make plans for spring break. Here are a few important reminders, whether you plan to travel to take advantage of warmer weather by traveling or enjoy...
Winter Planning for a Great Spring, Part 2 of 3
The Deceased Spouse’s Unused Exemption Amount: a Spouse’s Final Gift Spouses often work together to build wealth for themselves and their children. Congress recognized this by enacting the gift and estate tax portability election as part of the 2010 Taxpayer Relief,...
Winter Planning for a Great Spring, Part 1 of 3
Retirement Planning Update Although we are still in the midst of an erratic Ohio winter, spring is on its way. It is important to remember upcoming April deadlines for retirement contributions and required minimum distributions (RMDs), but there have also been some...