Joseph E. Balmer, Author at Ohio Family Law Blog

Postnuptial Agreements in Ohio – What is the Current Status?

postnuptial agreements premarital agreement estate planning

PUBLISHER’S NOTE:

Finally Ohio has joined 48 other states and is now permitting postnuptial agreements to be executed and recognized. This is extremely significant news for married couples in Ohio! Click the following blog articles about this law change. Also, please see our new Postnuptial Agreements help page by clicking here.

Will Ohio Allow Postnuptial Agreements And Amendments To Premarital Agreements? Proposed Changes Underway

Ohio has long recognized premarital agreements. A premarital agreement is a legal contract entered prior to marriage and in contemplation of marriage by two individuals to address the ownership and division of their property and property interests in the event of death or divorce. However, Ohio is in the minority in that Ohio has historically not allowed postnuptial agreements, which are agreements entered into between spouses after they are married. I wrote a blog article on postnuptial agreements on December 31, 2011. Click here to read it.

There are a couple of exceptions to this rule. Ohio Revised Code Section 3103.06 states that a husband and wife cannot, by any contract with … Read More... “Postnuptial Agreements in Ohio – What is the Current Status?”

LEGAL ALERT: The New SECURE Act – A Boon for Seniors But Not so Much for Their Heirs

Is The New Secure Act Too Good To Be True? Eligible Designated Beneficiaries Not Affected By New Law Signing

The president recently signed into law the Secure Act, which goes into effect on January 1, 2020, and which is an acronym for Setting Every Community Up for Retirement Enhancement Act. As the name suggests, the focus of the secure act is on retirement planning, but has several provisions. These provisions include raising the age for required minimum distributions of IRAs and 401Ks from 70 ½ to 72; allowing working individuals to make contributions to IRAs after age 70 ½; allowing small businesses to join group 401K plans; allowing 401K plans to include annuities; and allowing 529 plans to repay up to $10,000 in student loans.

The biggest positive changes are that you now no longer have to start taking minimum distribution from an IRA at age 70 ½, but can wait until you reach age 72 and also that if you are still working, you can continue to make contributions into an IRA after age 70 ½. These changes are meant to address the reality that the general population is living longer than ever before and working into … Read More... “LEGAL ALERT: The New SECURE Act – A Boon for Seniors But Not so Much for Their Heirs”

Elder Abuse – What Must You or Should You Do?

Prevalence Of Elder Abuse On The Rise – The Signs To Look For And Contact Information

With the population of senior citizens increasing at a rapid rate, so is the prevalence of elder abuse. It is important to understand what constitutes elder abuse, looking for signs of elder abuse, who must report elder abuse and what you can do to help.

Elder abuse is knowingly or negligently causing harm or a serious risk of harm to a vulnerable adult. Abuse includes neglect (where basic needs aren’t being met), exploitation (usually financial), physical abuse, emotional abuse and sexual abuse.

According to the Ohio Department of Aging, signs to look for include bruises, cuts or other physical harm, sudden behavior changes such as becoming less social, a caregiver who refuses to allow visitors to see the adult alone, unsafe or unclean living conditions, overuse or under-use of prescription medicine, poor personal hygiene or dehydration or malnutrition, previously uninvolved relatives showing sudden interest in the adult’s rights, affairs and possessions, unexplained sudden transfers of assets or finances to an individual, abrupt changes in a will, financial documents, bank accounts or banking practice or unexplained disappearances of funds or valuable possessions.

What

My Ex Is Named As Beneficiary On My Life Insurance Policy? What Happens If I Die?

life insurance policy beneficiary designation divorce

Divorce Effectively Acts As a Termination of the Beneficiary Designation..Right?

An issue that comes up more often than many may think is the following scenario: One spouse names the other spouse as beneficiary of a life insurance policy. Couple gets divorced. Beneficiary designation is never changed. Policy owner dies. Does the ex-spouse get the life insurance proceeds? For many years, this question was covered by case law arising from different jurisdictions, with some jurisdictions coming to the conclusion that if the beneficiary designation wasn’t changed, the ex-spouse still received the proceeds and others concluding that the divorce effectively acted as a termination of the beneficiary designation.

Clarity has been brought to this issue as it is now covered by statutory law here in Ohio, namely Ohio Revised Code Section 5315.33, which states that the termination of marriage revokes the designation of a spouse as a beneficiary. Two exceptions exist. One is if the designation of beneficiary or the judgment of decree granting the divorce specifically provides otherwise. Second is if the parties later remarry each other. Other than under those two exceptions, the termination of the marriage terminates the beneficiary designation, and the ex-spouse is deemed by law to … Read More... “My Ex Is Named As Beneficiary On My Life Insurance Policy? What Happens If I Die?”

Estate Planning and Digital Assets in Ohio

Who Can Access Your Digital Assets In The Event Of incapacitation or Death? RUFADAA In Ohio Explained.

Whether it be on-line bank accounts, social media accounts, e-mail accounts, etc., most people today have digital assets. When one becomes incapacitated or deceased, how does a fiduciary gain access to this information? First, one must become familiar with the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA).

Ohio, like a number of states has adopted RUFADAA. To read ORC Section 2137.01, click here. RUFADAA defines “digital asset” as an electronic asset to which a person has a right or interest. The extent to which a fiduciary has access to this information is determined under RUFADAA as follows:

First – The account custodian may have an on-line tool through which the user has provided direction as to the extent digital assets can be revealed to third parties.

Second – If number one does not apply, the owner can designate in estate planning documents (POA, Will, Trust) who can access this information and to what extent.

Third – If neither one nor two apply, the account custodian’s terms of service apply.

Fourth – If the terms of service do not address

The Ohio Supreme Court Gives a Win to Surviving Spouses Over Creditors

Ohio Supreme Court Rules That A Creditor Must Look At The Deceased Spouse’s Estate Before Pursuing A Surviving Spouse For Debt Payment

In a somewhat surprising decision, the Ohio Supreme Court on December 12, 2018, in Embassy Healthcare v. Bell provided some relief to surviving spouses for the debts of their deceased spouses under certain situations. Now, a creditor must look to the deceased spouse’s estate first before pursuing the surviving spouse for payment.

To understand the argument on both sides, one must first look to the existing statutory law. Under current existing Ohio statutory law, any creditor looking to be paid by a debtor’s estate must present a claim to the estate of the decedent within 6 months of the decedent’s death or the claim is banned forever. However, there is also the “necessaries statute” that states every spouse is directly responsible to care for his or her spouse if they are unable to do so. This has always been interpreted to mean that the surviving spouse is directly responsible for the funeral bill or last medical bills of the deceased spouse. Under R.C. 3103.03, the necessaries statute, the debtor spouse has primary liability for his/her own debts. The … Read More... “The Ohio Supreme Court Gives a Win to Surviving Spouses Over Creditors”

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