Dayton, Ohio – Coolidge Wall Co., L.P.A. is pleased to announce that Michael Ruffolo has joined the firm as an associate in its Corporate & Business, Estate Planning and Probate, and Tax Departments. Within corporate/business, Michael provides services to clients pertaining to mergers and acquisitions, corporate formations, business and operations, general business counsel, and corporate governance. In tax, he assists clients on federal, state, and local tax issues. Michael’s estate planning practice includes assisting clients in all aspects of the preparation and administration of estates. Michael graduated from the University of Dayton School of Law in 2023 with a certified concentration in …
The Passage of Time Can Minimize the Effectiveness of Your Estate Plan
Estate planning is the process for how you transfer your personal and investment assets, business interests, and wealth in general to heirs and others. This process can be very important for anyone who wants to be certain that their loved ones are adequately provided for and taken care of, and that the process is streamlined and cost effective. When done properly, estate planning aims to allow you to pass on your assets as you see fit, minimize the tax issues associated with transfer of wealth, avoid probate court proceedings to transfer title to certain assets, and provide protections for your …
Choosing the Right Fiduciary: ‘Tis a Reason to be Folly
“Where ignorance is bliss, ’tis folly to be wise.” This oft quoted line originates from Thomas Grey’s “Ode on a Distant Prospect at Eton College.” In modern parlance, this line is bifurcated and inserted casually into playful conversation. The saying “ignorance is bliss” is most often associated with a state of being lethargic with one’s mind and yet fulfilled, nonetheless. A closer look at Mr. Grey’s poem suggests a theme that is less about reconciling one’s choices by resorting to apathy. Instead, it serves as a gentle reminder that acting wisely and with conviction in the present may serve to …
Estate Planning for the 18 Year Old
When my son, Sam, celebrated his 18th birthday, I gave him (surprise!) his very own set of estate planning documents. They were not as popular as, say, a Land Rover, but they were definitely at the top of “my” list. Why? Because he was now an adult and I was now persona non grata. My son’s 18th birthday terminated many legal rights that I had previously taken for granted. He was now an adult. I could no longer consult with his doctor due to HIPAA regulations (although the billing office had no such qualms). I was unable to endorse Grandma’s …
New Rules Governing Adult Guardianships
In 2014, the Columbus Dispatch published a five-part investigative report highlighting guardianship abuse in Ohio. During the course of the series, the Dispatch identified lawyer Paul S. Kormanik as a Court appointed guardian of over 400 incompetent adults. Mr. Kormanik did not meet with his wards on a regular basis, if at all, and was quoted as saying that nursing homes acted as his eyes and ears. The series “Unguarded” uncovered a system that left the elderly, the mentally disabled, and the mentally ill vulnerable to abuse, exploitation, and neglect. In response to the series, the Ohio Supreme Court initiated …
Is Your Estate Plan Up-To-Date?
In Being Mortal, an incredibly rich and revealing book about what people care about as they age, Dr. Atul Gawande described how impressed he was by the importance people placed on maintaining control of their lives. Estate planning helps you maintain control during, and after, your life by allowing you to make decisions now to carry out your wishes later. Just as our lives and circumstances change frequently, so does the law. We visit our dentists and doctors regularly for a “check-up.” When did you last schedule a “check-up” of your estate planning documents? Are your documents up-to-date (or are …
Identifying Inheritance Fraud
Inheritance fraud involves using deceit or misrepresentation to obtain undeserved assets or property from a decedent. While it may sound like something that could never happen to you or anyone you know, inheritance fraud occurs more frequently that you might imagine. Consider the following examples of inheritance fraud: Forgery – Typically, forgery is the most widely recognized type of inheritance fraud. An heir, bitter over his or her inheritance (or lack thereof), could forge certain terms of a will or the signature of the testator, or even fabricate an entire will. Elder abuse – Elder abuse may be physical, sexual, …
Use Caution When Choosing a Fiduciary
A well-publicized case out of Summit County highlights the importance of choosing your fiduciary wisely. Former radio personality Howie Chizek died in June 2012, leaving an estate with an estimated value of $1.6 million. The executor for his estate was an attorney named Charles M. Morgan. In addition to filing important probate documents late, the executor failed to file Ohio estate taxes, allowing interest and penalties to accrue for months after the estate tax return should have been filed. An executor has a number of important responsibilities, including, for example, filing inventories and other documents with the probate court in …
What happens to our digital property when we die?
As is often the case, sometimes it takes a while for the law to catch up with society’s technological advances. Since the Internet is invisible, most people forget that their intangible digital assets are just as real as their tangible personal property. Currently, there are an estimated thirty million Facebook accounts that belong to people who are deceased. According to McAfee, in 2011 American consumers valued their digital assets, including online gaming, photos, music, client lists, bank accounts and bill-paying accounts at an average of $55,000 per person. And yet, few people plan for what will happen to those digital …
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