Using pre-printed forms and drafting a will without legal assistance is “penny-wise and pound-foolish.”
Wadsworth, Ohio (PRWEB) March 13, 2017
Ohio estate planning starts off with a well-crafted will. The whitepaper discusses the minimum requirements for a will. The person executing the will must be at least eighteen years old and his or her signature must be witnessed by two people. Wills serve valuable functions beyond simply setting forth who will inherit one’s property. Wills designate executors, eliminate the need for expensive bonds, and can name guardians for one’s children.
The whitepaper examines the pitfalls in using online legal document services. One court held that one of these wills was invalid because it was incomplete. This led to a result that was very different than the one the person intended. One of the justices commented that this case of using pre-printed forms and drafting a will without legal assistance “penny-wise and pound-foolish.”
Taxation of estates is also reviewed. The Ohio estate tax was repealed effective January 1, 2013. However, the federal estate tax starts after at $5.34 million, at a rate of 40%. One was to avoid taxation is to give up to $14,000 annually per recipient during the person’s lifetime.
The white paper also looks at how annuities can be an essential part of an estate planning package. An annuity is an insurance product, which does one of the following: pays you back in payments over time; pays you back when you decide to draw the money out; or pays named beneficiaries when you die. An immediate annuity pays fixed payments over a certain number of years or over your lifetime. A deferred annuity earns interest and dividends until you decide to withdraw the money.
Finally, the publication examines a 2016 Ohio Supreme Court ruling allowing punitive damages against a decedent’s estate. Punitive damages are designed to punish wrongdoers. The estate argued that the wrongdoer was dead and that punitive damages would not deter this particular wrongdoer, but would simply punish the estate. Some other state courts follow that line of logic. The Ohio Supreme Court disagreed with that argument and allowed punitive damages.
About Attorney Daniel Gigiano
Daniel F. Gigiano, Esq. graduated from Loyola University Chicago School of Law and has practiced law since 1993. Attorney Gigiano is the owner of Daniel F. Gigiano Co., L.P.A. located in downtown Wadsworth, Medina County, Ohio.
Attorney Gigiano practices law in the following areas: OVI/DUI, Bankruptcy. Business Law
Civil Litigation, Collections, Criminal Defense, Divorce & Family Law, Estate Planning, Foreclosure Defense, Personal Injury, Probate, and Real Estate.