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Huntington Business & Commercial Law Blog

DAP Trusts and Asset Protection for Physicians

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Physicians dedicate their lives to acquiring the knowledge and skills to help others and to building a practice and reputation. These efforts often offer substantial personal and financial rewards. However, those who work in the medical field also endure a high risk of personal liability. Asset protection for physicians is an important part of financial and estate planning.

Estate Planning for Business Owners: Do You Have a Business Succession Plan?

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When you own a business, estate planning and business succession planning are emphatically entwined. Estate planning for business owners requires careful consideration of the impacts of your business succession plan on your life, retirement goals, and family. These objectives must be balanced and coordinated with your wishes for the future of the company, business partners, and employees.

Why Communicating Your Estate Plan to Your Family is Essential

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Estate planning can be a complex process. If you have a thorough, updated plan in place, you probably feel confident that your last wishes will be carried out. However, an important part of the process is often neglected--communicating your estate plan to your family and heirs. Sadly, if you fail to tend to this aspect of successful estate planning, your family could still be left in emotional and financial turmoil despite your efforts to document your wishes and provide a smooth transition of wealth.

Gun License Reciprocity: Concealed Carry Laws Also Apply to Gun Trust Firearms

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Americans are afforded the right to bear arms by the Second Amendment of the US Constitution. However, interpretations of the Amendment vary. And, until federal lawmakers pass national reciprocity legislation, gun owners must follow a patchwork of state laws on possessing and carrying firearms. Because regulations vary so widely, gun owners who are traveling across state lines must be aware of gun license reciprocity and concealed carry laws in states they plan to traverse or visit.

Will Ancillary Probate Issues Affect You?

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The term "probate" is not so unfamiliar--it conjures up thoughts of will administration, will contests, and sometimes mounds of paperwork. Probate assets are those that have no built-in survivorship feature, so it is up to a probate court to determine the proper disposition of those assets through a valid will or the laws of intestacy. But uncertainty can arise when a decedent dies while owning property that is located out-of-state. Regular probate or "domiciliary probate" proceedings take place in the decedent's domicile or state of residence for the property located in that state, but what does an attorney do about the property located elsewhere? Such cases may require the opening of a separate probate estate for ancillary probate proceedings.

State Taxation of Trust Income: The US Supreme Court Has Spoken

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Little did Joseph Lee Rice III know that, way back in 1992, when he created the Kimberley Rice Kaestner 1992 Family Trust, his descendants (the trust beneficiaries) would find themselves making claims before the Supreme Court of the United States someday; yet, some 27 years later, that is exactly the taxing situation in which the trust, the trustee, and the trust beneficiaries find themselves.

DAP Trusts: Asset Protection for Frequently Sued Occupations

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Estate planning can be a complicated and confusing process. Part of estate planning is protecting your assets during your lifetime, for your own continuing support as well as to provide for your loved ones after you die. There are many options for asset protection for frequently sued occupations. One is the creation of a domestic asset protection trust (DAP trust).

The Essentials of Contesting a Will in Ohio

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The death of a loved one brings a variety of changes, including grief and the winding up of the deceased's estate. Normally, the decedent's will directs the distribution of assets and debts, but what happens when someone disputes the will itself? The result is a will contest, a challenge to the validity of the will. Contesting a will in Ohio requires a thorough understanding of estate planning and probate in Ohio.

A Map to the Probate Process Without a Will in Ohio

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Life does not have a predetermined expiration date. When a loved one dies unexpectedly and without a will, the grief of those remaining face is compounded by having to deal with the probate process without a will in Ohio. When happens, the surviving family and friends need to know how to settle the estate without the guidance provided by a will.

Need to Know How to Modify an Ohio Will?

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If you have ever written a will, perhaps you remember thinking as you wrote it that it was truly your "last" will and testament, to be stored away and not retrieved until your death. Times change, however, and so do people, relationships, and feelings; oftentimes, this requires that you revisit your will to make sure it reflects your wishes. If you feel that a change is required for your own will, or perhaps for the will of a loved one, knowing how to modify an Ohio will requires a bit of investigation. When you need to modify a will in Ohio, you should consider several matters to ensure that your modified last will and testament carries out your intentions.
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