Tag: cleveland estate planning lawyer

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

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

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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What is a Pet Trust?

For many people, a dog or cat is a member of the family. Just like human family, a person may want to provide for animal family members in the event of the owner’s death or disability. Thanks to a relatively recent change to Ohio law, a Pet Trust can do just that.

Ohio law permits the creation of a trust for the care of an animal, commonly known as a Pet trust. The trust can provide for the care and support of any animal that is alive during the trust maker’s lifetime.

The trust maker generally would appoint a caregiver and a person, called a Trustee, who would make sure the terms of the trust are followed.… Read the rest

How Do I Make Changes to My Will?

Under Ohio Law, a Will, or a modification of a Will, known as a Codicil, must meet the same execution requirements. That is, it must be signed by the testator at the end with two individuals witnessing your signature.

Not uncommonly, individual will come into the office with their old original Wills marked up with changes that they want made. The markings can create a big problem. It can effectively invalidate the old will and not having met the execution requirements, not qualify as a codicil, leaving the person with no valid will.

If you want to make changes to your Will, the preferred method is to… Read the rest