Attorney Joseph E. Balmer is head of the estate planning and probate department at Holzfaster, Cecil, McKnight & Mues and is one of only 17 attorneys in the Dayton, Ohio area to be certified specialist in estate planning and probate administration.
Many individuals first think about estate planning when they get married. They realize that, at a minimum, they should have a will, general power of attorney and power of attorney for health care. They may later amend these documents due to life changes or changes in their financial position. However, one might be surprised to know that a recent survey by PNC Wealth Management disclosed that 30% of adults with financial assets of $500,000 or more did not have a will! A recent Harris Interactive survey of the general population found that 58% of all adults had no will. One might be even more surprised that if he or she had a will and became divorced, he or she may be no better off than if he or she had no will.
Fortunately, under Ohio law, if one is divorced, unless the will specifies otherwise, one’s ex-spouse is deemed to have predeceased the individual; and thus, will not inherit … Read More... “Why One Should Not Postpone Post-Divorce Estate Planning”
Growing up in a small and rural community in Southwestern Pennsylvania, I was truly fortunate to be reared by a hard-working Father and a loving “stay-at-home” Mother. She taught the four of us so many things by example and by so many proverbs. One of her favorites was “You get what you pay for!” To her, that meant that you purchased fewer items of high quality personal goods or articles of clothing rather than more items of lesser quality or durability.
Valentine’s Day is the start of the busy season for Dayton divorce lawyers. Many couples wait until after the holidays and it gives them time to file their taxes “jointly” and receive a larger refund. It also can be a reckoning day when people decide that they deserve better.
You may not be aware that, years after you have prepared a separation agreement, it may have a direct bearing on whether your clients are covered under their auto or homeowners’ insurance policies in a variety of accident scenarios.
This is an appropriate time to reflect upon memories of past Christmas celebrations and traditions. In our family, we were very involved with a Christmas project providing gifts for needy children for many years while our sons were growing up. As a family, we spent countless hours working at the Center. We have tried to instill upon our family the importance of sharing and helping others. It is too easy this time of year to become consumed by all the shopping, decorating, numerous errands and superficial things. Focus can be lost on real matters of consequence, such as the meaning and importance of family. Regardless of one’s religious convictions, this is an excellent time to reflect upon our core values and aspire to do what we each can to make the lives of others around us better, even if it is in some small seemingly insignificant way.
Have you discussed with your significant other how the household finances will be managed? This is an often overlooked question that newlyweds fail to discuss. Among other reasons, “money problems” are cited as one of the leading reasons for divorce. It is, therefore, paramount for couples to share a similar outlook on money matters before they get married.
Thanks to Ohio’s Long-term Care Partnership Program, which became effective in September of 2007, it is now possible to protect more of one’s assets from Medicaid spend down through the use of certain long-term health insurance policies. However, certain criteria must be followed and it is important to purchase any such policy from an experienced long-term health care insurance professional.