With a legacy of more than 165 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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