When real estate is transferred in or out of a trust and it is receiving the Homestead Exemption, you must notify the County Fiscal Office of the change. The county will send you a short form to complete, and if the home is being transferred into the trust, will request select portions of the trust to ensure that you meet the requisite criteria. For more information on how to reduce your real estate taxes with the Homestead Exemption, see http://www.perlalaw.com/homestead-exemptions-reduction-in-real-estate-taxes-for-seniors-and-the-disabled/. For more information on the Homestead… Read the rest
Ready to take that trip this summer? Whether by plane, train or automobile, a scheduled trip can be a great motivator to get your affairs in order, especially for parents of minor children. The following is a list and brief description of basic documents you should consider or review before you pack your suitcase.
- Last Will and Testament. This document sets forth what will happen to your property when you die and who will handle your estate. It also can provide for who will take care of your minor children if you couldn’t and who would handle their inheritance and under what terms. In Ohio, a Will
Given the prevalence and cost of long-term care, all seniors and their families should be knowledgeable about Medicaid and the planning options available to qualify for Medicaid.
Why is Medicaid Planning Important?
The need for long-term care is common but the cost is staggering. Seventy percent (70%) of people over age 65 will need long term care during their lifetimes. The average nursing home stay is 2.4 years. The average annual cost of a nursing home room in the Cleveland Metropolitan area is $73,912.50.
Medicare pays the cost of a skilled nursing facility for up to 20 days, with a co-pay… Read the rest
What is the Ohio Homestead Exemption Law?
The Ohio Homestead Exemption Law gives qualified individuals occupying or owning a homestead a reduction on real estate, property, and manufactured home taxes. A “Homestead” is defined as a dwelling owned and occupied as a home by an individual whose domicile is in the State of Ohio, and who has not acquired ownership from a person, other than their spouse, that is related by blood or marriage. A housing cooperative that is occupied as home is also considered a Homestead for the purposes of the tax exemption. The standard exemption for qualified… Read the rest
Dealing with the death of a loved one is difficult enough. Handling the financial matters that come with it can be overwhelming and disorienting. The following is a list of initial steps to take when a loved one passes away. If the steps seem too much for you to handle in this challenging time, consider asking for the help of friends, family and a probate attorney.
Funeral and Burial
The funeral and burial or cremation arrangements must be made. It would be wise to review the deceased’s records to see whether any prepaid funeral arrangements were made. You may wish to prepare an obituary as well.… Read the rest