Estate Planning

1. Get your books in order. A buyer evaluating your business will usually ask for at least three years’ worth of financial information. The more formal your statements, the better. In many situations, your income tax returns will be sufficient. 2. Understand your...

Answers from Paul Kellogg – Cincinnati Trust & Estate Attorney WHAT IS PROBATE? Historically, probate was the judicial process where a judge would determine if a will was valid or not. Nowadays, the term probate is used to describe administering an estate, the...

Every adult needs to have an estate plan. Estate planning isn’t just for the wealthy, it is for anyone who wants to make sure that their heirs receive what they want, when they want, and at the least cost, delay and inconvenience. With that being said, whether you are...

OHIO MEDICAID PLANNING Posted on – 05/13/2014 by PJK Medicaid is a joint federal and state program that provides medical assistance, including long-term care, to the poor who are elderly, blind or disabled. Medicaid is very different than Medicare.  Medicare is a...

If you have been nominated to serve as the Executor of an estate, here are a few quick pointers that will help you handle your responsibilities. 1.   Get Organized and Stay Organized.    Serving as an executor can become overwhelming to some people.  However, in my...

Qualified Plan and IRA Contribution & Catch Up Limits for 2014 401(k) – Contribution Limit                          $17,500 Catch Up Limit if over 50                $5,500 403(b) – Contribution Limit                          $17,500 Catch Up Limit if over...

Nearly 110,000 Ohio residents die each year, and many of them do not have even the most basic estate planning documents in place to protect their family and loved ones.  An individual who dies without a will is said to have died “intestate.”  Dying intestate results...

Over the years many friends and clients of Phillips Law Firm, Inc. have asked our lawyers whether they could use a trust to protect their property from future lawsuits and creditors. In general, our response was something to the effect of, “Yes, but you will have to...