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Wood + Lamping - Estate Planning / Elder Law

Wood + Lamping - Estate Planning / Elder Law

著者： Joe Strecker Productions
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 Mark Reckman has been with Wood + Lamping since 1979 and has served as the head of the Real Estate and Probate Practice Areas as well as managing partner of the firm.

Currently, Mark’s practice spans Medicaid, estate planning, probate, real estate, and small business. Mark is a founding member of TriState Care Partners, which is a referral network of Cincinnati health care providers dedicated to enabling seniors to age in the place they call home.

Since 2006, Mark has been selected annually for inclusion in Ohio Super Lawyers®. Mark was recently selected by his peers for inclusion in The Best Lawyers in America© 2014. He has been named one of Cincinnati's "Leading Lawyers" by Cincinnati Magazine annually since 2007. Mark was also a member of Class XI of Leadership Cincinnati. In 2017, Mark received an award from the PLAN Southwest Ohio committee. PLAN is a non-profit whose mission is to serve those with serious disabilities. Mark has been involved in their initiative since their inception.

Mark appears biweekly on the 55KRC radio show Simply Money and enjoys travel, tennis, and scuba diving.Copyright Joe Strecker Productions 個人ファイナンス 経済学
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  • Dan Perry - What are estate taxes?

    Dan Perry - What are estate taxes?
    2025/07/03
    What Are Estate Taxes? I. What is the Death Tax?· There has been a lot of talk this week about the Trump Tax Bill, what is in it, what’s included, and in my practice this always conjures up talk about the death tax or the estate tax.· The estate tax is a tax assessed on the total value of your assets which transfer at death to heirs or beneficiaries.· As of 2025, the estate tax only applies for estates worth more than $13.99 million per individual, or $27.98 million for married couples who elect portability upon the death of the first spouse’s death.· You can leave an unlimited amount of assets at death to your spouse without incurring estate taxes. However, this means that the estate tax exemption is wasted upon the death of the first spouse. Portability permits the transfer of this unused estate tax exemption to the surviving spouse creating a $27.98 million estate tax exemption for the surviving spouse in 2025.· If you have an estate that exceeds this threshold, the excess is taxed at rates up to 40%. · If you have an estate worth $15 million, only $1.01 million above the exemption is taxable. · However, this high exemption is currently temporary. Unless Congress acts, it’s set to sunset to approximately $7 million per person starting in 2026, subjecting more estates to the estate tax. · Under the Biden Administration, there was discussion of reducing the estate tax exemption to $3.5 million. Under the new Trump Tax Bill proposal, there is discussion in making the exemption $15 million per individual in 2026 and making the exemption permanent.· Therefore, we are in this waiting period on how new estate tax legislation will affect estate planning going forward. II. State Estate Taxes and Inheritance Taxes· There are some states which impose their own estate taxes and inheritance taxes.· Unlike estate taxes, which is paid by the estate, inheritance taxes are paid by the persons inheriting the assets.· Kentucky inheritance tax can reach as high as 16%, however, close family members, such as spouse, children, grandchildren, siblings, are exempt from the inheritance tax.· It is important to watch out for inheritance taxes if your state has an inheritance tax which applies. III. How Do You Limit Estate Taxes· There are ways to limit estate taxes when your estate may be subject to estate taxes. · Lifetime Giftingo You can gift up to $19,000 per person annually without touching your lifetime exemption.o You can gift $13.99 million in taxable gifts during your lifetime. However, every taxable gift you make, reduces your lifetime exemption from the estate tax, so you need to be careful.o A couple could gift $38,000 to each child or grandchild every year· Irrevocable Trustso Transferring assets to an irrevocable trust can remove those assets from your taxable estateso One such option is with an Irrevocable Life Insurance Trust§ This is a trust in which the death benefit that pays upon your death will be owned by the ILIT.§ This can provide a cash free benefit for your beneficiaries named in the trust. However, it can also be used to provide liquidity for anticipated federal estate taxes.§ I have represented many family farms in the past, and the issue in those situations are that the estate will be taxable, but there is very little liquid assets. The surviving family would not want to sell the farm just to pay the taxes. This is where an ILIT can be very beneficial.· Charitable Givingo Donating to charities through your estate reduces your taxable estate and can offer income tax deductions.o Charitable trusts to benefit both a charity and your heirs can be especially beneficial IV. How to Plan in 2025· With the federal exemption set to be cut in half and no idea when Congress is going to act, 2025 is a critical year to act and engage in estate tax planning.· Portablity lets the surviving spouse inherit the deceased spouse’s unused estate tax exemption.· However, you must file an estate tax return to claim it.· Higher net worth families might lock in the current $13.99 million exemption before it shrinks with a Spousal Lifetime Access Trust· Don’t forget to review your plan annually – asset values can grow faster than you expect, pushing you over exemption limits.
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    9 分
  • Dan Perry - Everyone needs an estate plan

    Dan Perry - Everyone needs an estate plan
    2025/06/04
    Why is estate planning a necessity for everyone over 18, not just the wealthy, and learn how to safeguard your assets and ensure your wishes are honored. We explore the critical components of estate planning, including the last will and testament, trusts, power of attorney, and healthcare directives. Dan shares real-world examples to highlight common pitfalls, such as neglecting to update plans after major life changes, which can complicate probate and lead to legal challenges. Regular reviews of your estate plan every three to five years are key to keeping everything aligned with your current life situation.

    Dive deeper into the world of trusts, especially their role in Medicaid and tax planning. We discuss the importance of setting up and funding a trust well before applying for Medicaid, ideally five years in advance, to protect your assets. Dan also sheds light on the strategic use of irrevocable trusts for larger estates and the significance of "see-through" language to secure tax benefits for IRAs and 401(k)s beneficiaries. With these insights, you'll be well-equipped to navigate the complexities of estate planning and ensure your goals are met, making this a must-listen episode for anyone looking to secure their financial future.
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    9 分
  • Dan Perry - What is Probate and Should I Avoid It?

    Dan Perry - What is Probate and Should I Avoid It?
    2025/05/21
    I. Have you ever wondered what happens to your assets and property after you pass away? · After you pass away all the property that you own and the debts that you have must be administered through a public court process called probate. · The word probate actually comes from the Latin word, as us lawyers always have to use Latin phrases, “to prove.” · You see, for the title to your property (whether that is real estate, your car, your bank accounts, etc.) to change to your heirs and family, a probate process must occur. II. What is probate? · As I mentioned, before title to property can change to your family, that property must be administered through a process called probate. · Probate is a public court proceeding in which all of your assets, property, and debts are listed in public court documents. · There are a number of public court pleadings (i.e., inventory of assets, accounting, etc) which are filed with the court, as well as a number of court hearings that occur. · At the end of the court proceeding, the assets which remain are distributed to your family members either according to the will or according to state law, after all valid debts have been paid. · Example: o Imagine for a minute Jane, who passed away with a house and bank accounts. In order for Jane’s children to receive the house and bank accounts, Jane’s children had to go through probate before those assets could be transferred. · Many people think that if you have a will you do not go through probate. However, that is not true. Whether you have a will or not, your property will need to be administered through the probate court process. III. Why does probate exist? · Probate Court to ensure debts are paid and assets are distributed either according to law or according to a person’s last will and testament.Probate court is there to make sure that if a person leaves a last will and testament, that the will is determined to be valid according to law. Remember the word probate I mentioned early is Latin for the phrase “to prove.” Well, the will needs to be proven to be legally valid. · Probate court is also there to settle any disputes and disagreements among the heirs or beneficiaries IV. “I hear probate is bad?” · Probate is time-consuming. This means that there will be delays for asset distribution to heirs or beneficiaries of the estate. · The average probate case can last anywhere from 6 months (more likely a year) to two years or more. · Even if you have a will, the will must be admitted to probate. · The executor that you name in your will has no power until the will is admitted to probate and the executor is given authority by the court to act on behalf of the estate. · Probate is also costly. Court costs, attorney fees, and executor fees can add up quickly ($15,000 or more even for simple estates is not unheard of). · Probate is also a public process. Every asset you own and debt that you have will be listed on a public court document than anyone can look up regarding your probate estate. V. Should you avoid probate? · Having practiced as an attorney since 2011, I have seen both simple estates and complex estates go through the probate court process. In nearly every case, my clients have said:o This took a long timeo This process was extremely expensiveo I wish mom or dad knew how to avoid this · In general, I have found that families which plan to avoid probate enjoy a simpler estate settlement process than those who go through probate VI. Ways to avoid probate · Joint Ownershipo Any assets held jointly with right of survivorship will not go through probate.o Instead those assets will immediately go to the surviving joint-ownero Think, real estate owned by a married couple with right of survivorship. The surviving joint owner takes full ownership outside of probate.o The same can be true for jointly held bank accounts · Beneficiary Designationso Designating beneficiaries on your investment accounts, retirement accounts and life insurance can ensure that those assets do not go through probate as well.o Those assets pass to the named beneficiary outside of probate. · Living Trustso Living trusts are a way to avoid probate as well.o I would say that most of my clients prefer to establish a living trust.o A living trust is a legal document and entity in which a person (called a grantor or settlor) establishes a legal entity known as trust ...
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    8 分

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