Blog Entries - tag: 'Estate Planning'

Trump's Estate Tax

Posted on: August 16, 2018
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
On December 20th, 2017 Congress passed the "Tax Cuts and Jobs Act", which become law on January 1, 2018. The new exemption more than doubled the previous year’s estate tax exemption of $5,490,000 per individual to $11,180,000. For married couples, read more …

Online Taxation

Posted on: July 20, 2018
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
// // Supreme Court premits the Taxation of Online Sales by Out-of-State Companies // // The U.S. Supreme Court has given state and local governments the rightto impose sales taxes on out-of-state sellers, including read more …

Rights Afforded to a Surviving Spouse in Ohio

Posted on: April 12, 2018
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
In addition to your will, intestate succession (the states will established for people who do not draft their own will) or other non-probate transfers, the Ohio Revised Code (Section 2106) grants special rights to a surviving spouse.  In read more …

The Good Funds Law and Real Estate Closings

Posted on: January 22, 2018
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
The Good Funds Law (O.R.C. Section 1349.21) was amended on April 6, 2017 then amended again on September 9, 2017  to require tighter controls on transactions involving the sale, purchase, or refinance of of residential real estate.  This law, read more …

Trump's Tax Bill - How does it effect Estate Taxes

Posted on: December 29, 2017
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
The new tax bill known as “Tax Cuts and Jobs Act of 2017” includes significant changes to the federal estate, gift and generation-skipping transfer (“GST”) tax laws, which became effective January 1, 2018.  While there has read more …

Calculating the Required Minimum Distribution for ANY Beneficiary of an Inherited IRA

Posted on: November 14, 2017
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
CALCULATING THE REQUIRED MINIMUM  DISTRIBUTION FOR ANY INHERITED IRA BENEFICIARY FACTS  Thelma dies and names John (non-spouse) as beneficiary on her IRA beneficiary form.  A new account is created for John titled "Thelma Inherited IRA read more …

No Estate Tax in Ohio?

Posted on: August 1, 2017
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
The Ohio Estate Tax was repealed January 1, 2013.  The Federal Estate tax has an exemption of 5.49 million (Indexed for inflation).  You could, nevertheless, still be subject to estate taxes if you inherit from someone who lives in a state that read more …

History of the Federal Estate Tax

Posted on: May 18, 2017
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
Federal Estate Tax History. An estate tax is a tax levied on an heir's inherited portion of an estate if the value of the estate exceeds an exclusion limit set by law.  The estate tax is mostly imposed on assets left to heirs, but it does not apply to read more …

Changes in Ohio Probate Law

BILL SUMMARY - Ohio Legislative Service Commission Probate Law -Specifies that a will deposited by or for the testator in the office of the judge of the probate court of the county in which the testator lives may be so deposited before or after the read more …

Presentation of a Claim in an Estate

Posted on: April 19, 2017
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
Estate Claim Must Be Presented Directly to Executor/ Administrator THE RULING: The Ohio Supreme Court ruled that Ohio law requires a claim against an estate to be filed within six months after the death of the decedent mailed directly to the Executor or read more …

Probate

Posted on: April 21, 2016
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
In re Estate of Harmon In action against executor for recovery of assets of estate, trial court had jurisdiction to render a summary judgment to plaintiff where the judgment covered use of funds by executor, even though some of the funds were used to improve read more …

ROTH PROPOSAL

Posted on: April 5, 2016
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
OBAMA's PROPOSED 2015 BUDGET: Mandatory ROTH Required Minimum Distributions (RMD) The rule to impose RMDs would bring Roth IRAs into line with traditional IRAs, which already require mandatory distributions at age 70 1/2.  All qualified distributions read more …

PROBATE BATTLE

Posted on: March 22, 2016
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
BUSINESS SUCCESSION PLANNING IS EXTREMELY IMPORTANT BUSINESS MANIPULATION TURNS INTO 547 MILLION DOLLAR JUDGMENT Reproduction of an Article from the Cincinnati Enquirer by Andrew Wolfson, @adwolfson9:09 a.m. EDT March 22, 2016 In a read more …

Settlor's Intent

Posted on: March 4, 2016
Tags: Wiils, Trusts, Estate Planning, Cincinnati, Ohio, Kentucky, Wealth Management
Effectuating a settlor’s intent is supposed to be a primary guiding principle of trust law. For centuries, courts have stated that their primary purpose in a trust case is to give effect to the “settlor’s intent.”1 Yet, the read more …