Do You Send Your Child To a Private K-12 School in Ohio? Don’t Miss Out on the Tax Savings (this year) from the Use of 529 Accounts.

Under IRS Code, 529 accounts were originally established to allow families to save for college expenses. Contributions could grow, tax free, and distributions could be made, tax free, as long as they were used on qualified expenses like tuition.

Under the Federal Tax Cuts and Jobs Act, effective January 1, 2018, 529 accounts can now be used for K-12 education. This is good news for families who send their children to private K-12 schools and not just the families who can afford to set aside funds to invest in a 529 account for private K-12 education. Even if you have just enough for tuition each year,… Read the rest

What happens to social security benefits when you die?

Are you or your loved ones receiving Social Security benefits? If so, you may wonder what happens to those benefits when the beneficiary dies.

What happens when a Social Security beneficiary dies without payment?

Social Security benefits are paid a month behind. For example, benefits due for the month of August are paid in September, those for September are paid in October, and so on. If the beneficiary was to die any time between the first of the month and their normally scheduled payment date, then their loved ones or legal representative of their estate may come forward and claim the benefit.… Read the rest

5 Big Potential Pitfalls of Being Together Without Getting Married

It is very common for couples to share many of the aspects of marriage without becoming legally married.  They may purchase a home together, have children together, have bank accounts together, etc. While many people have good reasons for such arrangements, it is important to be aware of the myriad of legal pitfalls that can come up. The following is a list of a few.

  1. Purchasing Real Estate Together or Living in Your Partner’s Residence. When a married couple gets divorced, regardless of whose name the real estate is titled to, if it was acquired during the course of the marriage or increased in
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Ohio Common Law Marriage- What you need to know.

Common law marriage was abolished in Ohio on October 10, 1991. However, a common law marriage that existed prior to the abolition date is still valid.

So how do you establish a common law marriage? You must show the following:

  1. An agreement to marry by parties competent to contact. If a party is unable to establish an agreement to marry by direct evidence, indirect evidence can be offered such as cohabitation and community reputation and proof that the parties were recognized in the community as husband and wife.
  2. Cohabitation as husband and wife.
  3. The parties must hold themselves out as husband and
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You’ve Transferred Your Home in or out of a trust. Have you notified the county for your Homestead Exemption?

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