The most sweeping change in trust law since I started practicing 37 years ago has occured at the end of last month as Ohio adopted a whole new legacy/ asset protection trust chapter. In years past, the aggressive states of Alaska, Delaware, Nevada and South Dakota had attracted Ohio residents wanting to protect assets from creditors, because Ohio law was
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Nothing like a cliff hanger, or “fiscal cliff” to create confusion. But now we know the following: Ohio no longer has an estate tax, as of January 1, and the federal estate tax did revert to the $1M federal exemption, which will be replaced retroactively with a $5M exemption when the tax relief bill becomes law, but a higher 40%
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It is hard to understand, if you are logical, why we are still looking at a January 1 reversion to old federal estate tax rates – $1 M exemption. But somehow in our dumb-downed public discourse, it makes sense to let income taxes go up, so politicians can claim to reduce them in January, and likewise, restore retroactively the federal
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As a relative ages and looses mental capacity, we often face the question of what to do when the senior is no longer able to manage on their own. Our hope and our advice is to seek the least intrusive tool that will accomplish the goal while maintaining as much autonomy for our elder as possible. The first stage is
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I am frequently asked this question and my response is one of those great lawyer dodges, “It depends”. It really does, because there are a lot of factors to consider. If cash flow is a problem for seniors, especially those with significant equity in their home and perhaps a line-of-credit with a balance, AND they intend to stay in their
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If you work in a social service business, which includes our elder law firm, you quickly realize how blessed your life is compared to the problems many face. Our hearts often break when we hear from a client about developing disability, or a dysfunctional family, or a failing business. Only by faith in the Great Physician can you develop the
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The public is well-educated to think a will is important – IT IS! But with folks living into their 80′s, 90′s and beyond, the most important document and most used document we prepare as elder law attorneys is the durable financial power of attorney. When one gets sick, is injured, or just confused, bills and responsibilities continue. Where one has
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Veteran’s Day has come and passed for another year. But daily, veterans and their surviving spouses deal with the problems of old age in a country that owes them an eternal debt of gratitude. We find often when we work with vets and spouses on estate planning that the tax-free Aid and Attendance benefit from the VA has been overlooked
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I have been asked on occasion what an “elder attorney” does. Good question. Just as we know doctors have different knowledge bases and practice specialties, so do attorneys. An elder law attorney is one who has focused on the problems presented by aging: long-term care, asset preservation, disability, estate planning, tax planning, and business succession are some of the major
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We deal with many seniors and their families where cancer has come knocking. We keep an eye on treatment developments because of our concern. And, in today’s American Institute for Cancer Research news, we read the study results that about 20% of pancreatic cancer can be prevented. WOW! How? Maintain a healthy weight and prevent belly fat. Go to www.aicr.org/enews
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