Cleveland, Ohio estate planning attorney, Daniel A. Baron, offers the following helpful answers to Powers of Attorney: What is a Power of Attorney? A Power of Attorney is a legal document you use allowing another designated person, of your choosing, to act on your behalf. It is a legal relationship in which you are the […]
Whether you’re planning for retirement or the life of your business after your death, it’s imperative to develop a business succession plan to sooner rather than later. There is no “one plan fits all” when it comes to developing a succession plan for your business. And given that the economy is constantly changing, it isn’t […]
Cleveland, Ohio business succession attorney Dan Baron offers the following on estate planning and business succession: You’ve spent a lifetime building your business and now its time for retirement. Where do you start? When developing your business succession plan, it’s important to consider all of your options. Selling and/or transferring your business will have […]
Learn why a revocable living trust might be part of your estate plan and how you can work with an attorney to set one up.
Cleveland, Ohio Estate Planning and Elder Law Attorney offers the following: The main benefit of a Qualified Terminable Interest Property Trust is being able to control your estate after your gone. In addition, there are several tax advantages for larger estates. Each spouse can set up a QTIP trust, leaving assets to the other in […]
Cleveland, Ohio Estate Planning Attorney Dan A. Baron offers the following on Testamentary Trusts. Testamentary trusts are a great way to plan and safeguard your assets for minor children. In other uses testamentary trusts can be used for beneficiaries with addictions or disabilities. Unlike most trusts, testamentary trusts are incorporated into your last will and […]
Cleveland, Ohio Estate Planning Dan A. Baron Explains the Difference Between an Executor and Trustee: Estate planning can be complicated and sometimes difficult to bear when charged with the responsibility as executor or trustee of an estate. If you have minor children, then you probably have set up some form of testamentary trust coupled with […]
Utilizing “QTIP” Trusts for Families in Second Marriages Estate planning in second marriages can be especially complicated when trying to secure the well-being of loved ones from a previous marriage. Much of the complexity arises from rights granted to a surviving spouse. In Ohio, spouses (male or female) are entitled to dower and elective share […]
How will Trump’s Presidency Affect Your Trust? With the impending inauguration of Donald Trump as our nation’s president, we would all be wise to prepare for a more conservative economic landscape that will likely include the elimination of some gift and estate taxes, lower overall rates, and new deductions. Particularly, if Trump moves forward to […]
If you’re an Ohio resident concerned with the medical care of a loved one, you should be familiar with Ohio’s laws regarding power of attorney. A financial power of attorney, also known as a durable power of attorney, is a legal document an individual (the “principal”) can use to appoint someone (the “agent”) to act […]