by Brenden | Dec 5, 2023 | Estate Planning
Estate planning is an important process that helps individuals and families prepare for the future by organizing their assets and making arrangements for the distribution of their property after they pass away. However, despite its importance, many people in Ohio make mistakes when it comes to estate planning. In this blog post, we will discuss some of the most common mistakes that people make and provide tips on how to avoid them.
Most Common Mistakes:
1. Not having a will. One of the most common mistakes that people make is not having a will. A will is a legal document that outlines how an individual’s property will be distributed after they pass away. Without a will, the state will determine how your property is distributed, which may not be in accordance with your wishes. It is important to have a will in place so that you can ensure that your property is distributed according to your wishes.
2. Not updating your will. Another mistake that people make is not updating their will. A will should be updated periodically to reflect changes in an individual’s life, such as the birth of a child, the acquisition of new property, or the death of a beneficiary. Failure to update a will can result in the distribution of property that does not align with an individual’s wishes.
3. Not creating a power of attorney. A power of attorney is a legal document that allows an individual to appoint someone to make decisions on their behalf if they are unable to do so. Without a power of attorney, a family member may need to go through the court system in order to make decisions on your behalf, which can be a lengthy and costly process.
4. Not discussing your estate plan with your beneficiaries. It is important to discuss your estate plan with your beneficiaries so that they understand your wishes and can carry them out after you pass away. Failure to do so can lead to confusion and disputes among family members.
5. Not considering tax implications. When estate planning, it is important to consider the tax implications of your plan. Failure to do so can result in a significant tax burden for your beneficiaries.
6. Not reviewing your plan regularly. Your estate plan should be reviewed regularly to ensure that it still aligns with your wishes and that it takes into account any changes in your life.
Final Thoughts
In conclusion, estate planning is an important process that helps individuals and families prepare for the future by organizing their assets and making arrangements for the distribution of their property after they pass away. However, many people in Ohio make mistakes when it comes to estate planning. To avoid these mistakes, it is important to have a will in place, update your will periodically, create a power of attorney, discuss your estate plan with your beneficiaries, consider tax implications, and review your plan regularly. By following these tips, you can ensure that your property is distributed according to your wishes and that your loved ones are taken care of after you pass away.
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by Brenden | Nov 28, 2023 | Property Tax
A hearing at a County Board of Revision in Ohio can be a daunting experience for property owners who are concerned about the amount of taxes they are paying on their property. However, with a little bit of preparation and knowledge of what to expect, you can feel more confident and in control of the process.
Important Steps
1. Introduction: Understanding the Purpose of a County Board of Revision Hearing
2. Preparing for the Hearing: Setting a Date and Gathering Evidence
3. Presenting Your Case: Submitting Evidence and Testimony
4. The County’s Presentation: Understanding the Assessed Value of Your Property
5. The Decision and Next Steps: The Outcome and Possibility of an Appeal
What to Expect
The first thing to keep in mind is that the purpose of a hearing at the County Board of Revision is to give property owners an opportunity to contest the value of their property as assessed by the county. This value is used to determine the property taxes that you will be required to pay. If you believe that the assessed value of your property is too high, you can file a complaint with the County Board of Revision to have the value reviewed.
When you file your complaint, you will be given a date and time for your hearing. This will typically be several weeks or months after you file your complaint, so it is important to plan accordingly. On the day of your hearing, you should plan to arrive at least 30 minutes early to allow yourself time to check in and get settled.
Presentation
During the hearing, you will be given the opportunity to present evidence and testimony to support your complaint. This may include documents such as property appraisals, sales records, or photographs of your property. You may also be able to call witnesses, such as real estate agents or property appraisers, to testify on your behalf.
The county will also have the opportunity to present evidence and testimony to support their assessed value of your property. This may include comparable sales data, photographs, or other information about your property.
Once both sides have presented their evidence and testimony, the County Board of Revision will make a decision on your complaint. This decision may be made immediately following the hearing, or it may be delayed for several weeks or months.
The Decision
If the County Board of Revision decides in your favor, the assessed value of your property will be lowered, and your property taxes will be adjusted accordingly. However, if the County Board of Revision decides against you, the assessed value of your property will remain the same, and you will be required to pay the taxes based on that value.
In either case, it is important to keep in mind that the decision of the County Board of Revision is not final. If you are not satisfied with the decision, you have the right to appeal to the State Board of Tax Appeals.
Overall, a hearing at a County Board of Revision in Ohio can be a complex and intimidating process, but with a little preparation and knowledge of what to expect, you can feel more confident and in control of the situation. Remember to gather all necessary evidence and testimony, arrive early, and be prepared to present your case in a clear and persuasive manner.
Conclusion
In conclusion, if you believe that the assessed value of your property is too high and would like to contest the value, filing a complaint with the County Board of Revision is the first step. The hearing is the opportunity for you to present evidence and testimony to support your complaint and for the county to present their evidence and testimony to support their assessed value of your property. Remember that if the decision is not favorable, you have the right to appeal the decision to the State Board of Tax Appeals.
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by Brenden | Nov 13, 2023 | Business Law
The Corporate Transparency Act (CTA) is a new law that was recently passed by Congress and is set to take effect in the near future. This law aims to increase transparency and accountability in the business world by requiring certain companies to disclose their beneficial ownership information to the government. In this blog post, we will discuss what every business needs to know about the CTA and how it may affect them.
Requirements
The CTA requires certain companies to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Beneficial ownership refers to the individuals who ultimately own or control a company, as opposed to the individuals who may appear on paper as the owners or shareholders. This information will be kept confidential and will only be accessible to government agencies for specific law enforcement and national security purposes.
The CTA applies to companies that are formed under the laws of a U.S. state or Indian Tribe, and that are engaged in business, or that are formed for the purpose of engaging in business. This includes corporations, limited liability companies (LLCs), and other similar entities. It also applies to companies that are formed by filing a public organic record with the Secretary of State, such as a certificate of formation or articles of incorporation.
Important Things to Know
One of the most important things that businesses need to know about the CTA is that they may be required to disclose their beneficial ownership information to the government. This means that they will need to gather and provide information about the individuals who ultimately own or control the company. This may include information such as their name, address, date of birth, and government-issued identification number.
Another important thing for businesses to know is that the CTA imposes penalties for noncompliance. Companies that fail to disclose their beneficial ownership information as required by the CTA may be subject to fines and penalties. Additionally, individuals who knowingly provide false or fraudulent beneficial ownership information may be subject to fines, imprisonment, or both.
It is also important to note that the CTA does not require all companies to disclose their beneficial ownership information. However, it is essential to be aware of the law and its requirements in case your company falls under the scope of this law.
Conclusion
In conclusion, the Corporate Transparency Act is a new law that aims to increase transparency and accountability in the business world by requiring certain companies to disclose their beneficial ownership information to the government. Businesses need to be aware of the law and its requirements, as they may be required to disclose their beneficial ownership information to the government. Noncompliance may result in penalties and fines. Businesses should consult with their legal counsel to determine their obligations under the CTA and to ensure compliance.
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by Brenden | Nov 7, 2023 | Business Law, Small Business
S-corporations and C-corporations are two different types of business structures that are recognized under U.S. federal tax law. Both types of corporations provide limited liability protection to their shareholders, which means that shareholders are not personally liable for the company’s debts and liabilities. However, there are some key differences between the two types of corporations that can have a significant impact on how the business is taxed and operated.
What’s the Difference?
One of the main differences between S-corporations and C-corporations is the way they are taxed. C-corporations are considered to be separate entities from their shareholders, and they are subject to corporate income tax on their profits. In contrast, S-corporations are considered to be “pass-through” entities, which means that the company’s profits are passed through to its shareholders and taxed at the individual level.
This pass-through taxation can be a significant advantage for S-corporations, as it can help to avoid the “double taxation” that can occur with C-corporations. For example, if a C-corporation earns $100,000 in profits, it would be taxed at the corporate level, leaving $70,000 after corporate taxes. If the company then distributes the remaining $70,000 to its shareholders as dividends, the shareholders would then have to pay personal income tax on those dividends. With an S-corporation, the $100,000 in profits would be passed through to the shareholders and taxed at the individual level, avoiding the additional corporate tax.
Another difference between S-corporations and C-corporations is the number of shareholders they can have. S-corporations are limited to 100 shareholders, while C-corporations can have an unlimited number of shareholders. This can be a significant consideration for companies that are planning to go public or that have a large number of investors.
There are also some restrictions on the types of shareholders that S-corporations can have. For example, S-corporations cannot have non-resident alien shareholders, and they cannot have more than one class of stock. This can limit the flexibility of the business in terms of raising capital and issuing stock options.
Advantages
In terms of flexibility and management, C-corporations can have a board of directors, while S-corporations cannot. However, S-corporations can have more flexibility in terms of profit distribution. Unlike C-corporations, S-corporations are not required to distribute profits equally among shareholders, and they can choose to retain profits in the business if they wish.
Another advantage of S-corporations is that they are considered to be “Small Business Corporation” and they can enjoy certain tax benefits which are not available to C-Corporations.
Disadvantages
One of the main disadvantages of S-corporations is that they can be more complex to set up and maintain than other types of business structures, such as sole proprietorships or partnerships. They are also subject to more regulatory requirements, such as holding annual meetings and keeping detailed records of the company’s financial and operational activities.
C-corporations also have their own advantages and disadvantages. They are considered more stable and with more prestige. They can also raise capital more easily and attract more investors, but it comes with the trade-off of double taxation.
Final Thoughts…
In conclusion, whether to choose an S-corporation or C-corporation depends on the company’s specific needs and goals. S-corporations can be a good option for small businesses that want to avoid double taxation and have a relatively small number of shareholders. However, they may not be the best option for companies that are planning to go public or have a large number of shareholders, as they have restrictions on the number of shareholders and types of shareholders they can have. C-corporations, on the other hand, may be a better option for larger companies that plan to raise capital and have more flexibility in terms of profit distribution and management structure. It’s important to consider all aspects of each type of corporation, weigh the pros and cons, and seek professional advice to determine which structure best suits your business.
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by Brenden | Nov 1, 2023 | Estate Planning
A pet trust is a legal agreement that allows you to set aside money and property for the care of your pets in the event of your death or incapacity. Setting up a pet trust can provide peace of mind for pet owners, knowing that their furry companions will be taken care of and protected even after they are gone.
Establishing a pet trust
When setting up a pet trust, you will need to name a trustee, who will be responsible for managing the trust and using the funds to care for your pets. You will also need to name a beneficiary, who will be the person or organization responsible for physically caring for your pets. It is important to choose someone who you trust and who will be able to provide a loving and suitable home for your pets.
In addition to naming a trustee and beneficiary, you will also need to specify the terms of the trust, including how the funds will be used to care for your pets. This can include things like food, veterinary care, grooming, and other necessary expenses. You can also specify any special instructions for the care of your pets, such as certain types of food or veterinary treatments that they may need.
Once the trust is established, you will need to fund it. This can be done through a variety of methods, such as making a lump sum contribution, setting up a regular contribution plan, or transferring ownership of property or assets to the trust. It is important to work with an attorney to ensure that the trust is properly funded and that all legal requirements are met.
One of the benefits of setting up a pet trust is that it can provide long-term care for your pets, even if you outlive them. In this case, the remaining trust funds can be used to cover the costs of caring for other animals in need, such as those at a local animal shelter.
It is also important to keep in mind that pet trusts are subject to state laws, so it is essential to consult with an attorney who is experienced in this area. You should also regularly review and update the trust as needed, in order to ensure that it continues to meet the needs of your pets and to stay current with any changes in laws.
In conclusion
Overall, setting up a pet trust is a responsible and loving way to ensure that your pets will be protected and cared for even after you are gone. It can provide peace of mind for pet owners and ensure that their beloved companions receive the best possible care.
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