Category: Estate Planning & Probate

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

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 For more information on the Homestead… Read the rest

Get Your Affairs in Order Before You Take that Summer Trip

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.

  1. 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
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Homestead Exemptions- Reduction in Real Estate Taxes for Seniors and the Disabled

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