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 …
Advanced Directives: Something to Think About
With a legacy of more than 170 years of service to clients in Dayton, throughout Ohio, and beyond, we understand the importance of time. You should know the right time to create or sell a business, the right time to grow your assets and the right time to decide where those assets should go when you are no longer able to take care of them yourself. Estate planning is an essential process to care for yourself, your loved ones and the wealth you have built and nurtured over a lifetime. The preparation of advanced directives is a key aspect of …
Asset Protection: Sometimes, being attached to your spouse means that your creditors cannot attach your assets
HISTORY LESSON: Back in days of yore (2/9/72 – 4/4/85) in Ohio, a form of property ownership known as Tenancy By the Entirety (TBE) was recognized. The TBE form of property ownership harkens back to times when women had much less control over their affairs and needed to be protected from their husband’s debts. It is useful now to protect assets from creditors. “TBE” EXPLAINED: The general principle behind TBE property is that it is not owned part by husband and part by wife, but entirely by a fictional third-party made of the union of husband and wife. As such, …
What Is Portability and Why Should I Care?
It is official: Congress made the lifetime $5M (adjusted for inflation) estate and gift tax exemption permanent at the end of 2012. For individuals who die in 2013, $5.25M of their lifetime and at death transfers are excluded from the 40% estate and gift tax. Congress also did married couples an additional favor – they also made portability permanent. Portability allows a married couple to combine their lifetime exclusion amounts – $10.5M per couple in 2013. If one spouse dies having used less than their $5.25M exclusion amount, their surviving spouse may add the remainder to their own personal exclusion …
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