Merry Christmas

I am done posting for the year and will resume posting in the new year.  Until then, enjoy the best Christmas song ever by Darlene Love.  

Gift Tax Non-Compliance?

The IRS is requesting information from various states, including Ohio about real estate transfers between parents and children from 2005-10 for purposes of determining gift tax compliance. If you made or received such a gift, you should file a Form 709 immediately.

Treating Children Differently

If someone wants to leave differing inheritance amounts to her children, she should explain the reasons for doing so. Also, she should make sure that her estate planning documents reflect her current wishes, not her wishes from several years ago when relationships and asset values might have been different.

Designating A Guardian

Some people refrain from implementing an estate plan because they can not agree on a guardian. However, an imperfect choice is better than no choice which will put the guardian decision before a probate judge.

Protecting an Inheritance

Trusts offer uniquely tailored ways to protect children from blowing their inheritance.

Survivors Not Responsible for Debts of Decedent

In Ohio, creditors have six months after death to file a claim against the estate to secure payment for the debt of a decedent. After that time, the claim is forever barred. However, some creditors/collection agencies still attempt to collect from surviving spouses and family members by appealing to their guilt.