The Federal estate tax exemption sits at $3.5 million. As such, many people fail to include tax planning in their estate plan. However, many states impose their own estate tax. Self-planners do not consider the local tax and assume any state rule would mirror the federal rule. This oversight leads to many heirs being shocked when a tax bill arrives for a smaller estate.
For example, Ohio imposes a tax on any estate valued at over $338,333. In other words, if a decedent - the person who dies - was close to paying off a house and carried a life insurance policy, his/her heirs are likely paying estate tax.
Kiplinger details this estate planning wrinkle here.
Monday, November 30, 2009
Wednesday, September 9, 2009
Local Roundup
NOT a recommended defense strategy, ever.
Cincy cops are in great peril over losing their jobs. Meanwhile this officer has been fired over sexual misconduct twice, and re-hired twice.
Cincy cops are in great peril over losing their jobs. Meanwhile this officer has been fired over sexual misconduct twice, and re-hired twice.
Monday, September 7, 2009
Forbes Article Urges People to Plan
Forbes knows a thing or two about money. In a recent article, the magazine argues that EVERYONE should take the time to sit down and plan their estate. Five Highlights from the article:
1. Even if you don't have an "estate," you need a plan.
2. Estate planning is more than cash. It's making sure your kids don't end up as wards of the state.
3. Don't saddle your heirs with a job of taking care of your affairs after you've passed. Do the work for them.
4. Estate planning helps you think about your future. Your goals, dreams, things you want to facilitate for your heirs.
5. Estate planning also expresses certain medical decisions, in case you can't make them for yourself.
Take the time to call your attorney today to get your affairs in order.
1. Even if you don't have an "estate," you need a plan.
2. Estate planning is more than cash. It's making sure your kids don't end up as wards of the state.
3. Don't saddle your heirs with a job of taking care of your affairs after you've passed. Do the work for them.
4. Estate planning helps you think about your future. Your goals, dreams, things you want to facilitate for your heirs.
5. Estate planning also expresses certain medical decisions, in case you can't make them for yourself.
Take the time to call your attorney today to get your affairs in order.
Wednesday, September 2, 2009
Local Roundup
A Cincinnati Lawyer calls for a Federal Investigation into public housing issues in Hyde Park.
Cincinnati's Archbishop bans a nun from teaching at Catholic schools because she thinks women should be ordained as priests. In other news, several Priests with molestation problems still permitted to teach at Catholic schools.
Even though Cincinnati is facing a massive deficit and cutting programs and public safety officers, City Council salaries will remain the same.
A former Ohio insurance agent is sentenced after taking proceeds from client's estates and putting them in his own bank account for "living expenses".
Warren County man beats up girlfriend, then argues Ohio's gay marriage law makes Ohio's Domestic Violence Law apply only to married couples. He loses and is given five years probation. Now he's going to jail over a stolen Nintendo Wii. Just to recap, beat your girlfriend, use the gay marriage defense, no jail time. Get a stolen Nintendo Wii, five years.
Cincinnati's Archbishop bans a nun from teaching at Catholic schools because she thinks women should be ordained as priests. In other news, several Priests with molestation problems still permitted to teach at Catholic schools.
Even though Cincinnati is facing a massive deficit and cutting programs and public safety officers, City Council salaries will remain the same.
A former Ohio insurance agent is sentenced after taking proceeds from client's estates and putting them in his own bank account for "living expenses".
Warren County man beats up girlfriend, then argues Ohio's gay marriage law makes Ohio's Domestic Violence Law apply only to married couples. He loses and is given five years probation. Now he's going to jail over a stolen Nintendo Wii. Just to recap, beat your girlfriend, use the gay marriage defense, no jail time. Get a stolen Nintendo Wii, five years.
Wednesday, August 26, 2009
Local Roundup
Ryan Widmer's Defense attorneys file appeal to allow a re-trial.
The Newport School Superintendent lives in Ohio. And he wants to continue to, but Kentucky won't let him keep his job if he does. His case is now in the hands of the Kentucky Supreme Court. No word if his filing says he doesn't want to live in Kentucky because he thinks the school system in Ohio is better.
Two teens arrested for stealing from the Kenwood Towne Center Fountain. Their take? Over $150.00. Don't let anyone tell you the economy is rough. People are literally throwing money away.
Grant County KY homeowner lives 1/2 mile from fire station. His house catches on fire. He calls the Fire Department, they don't show up for hours.
Burglars steal truck from Sisters of Charity on the Westside. It's the Sisters of Charity, all they had to do was ask.
The Newport School Superintendent lives in Ohio. And he wants to continue to, but Kentucky won't let him keep his job if he does. His case is now in the hands of the Kentucky Supreme Court. No word if his filing says he doesn't want to live in Kentucky because he thinks the school system in Ohio is better.
Two teens arrested for stealing from the Kenwood Towne Center Fountain. Their take? Over $150.00. Don't let anyone tell you the economy is rough. People are literally throwing money away.
Grant County KY homeowner lives 1/2 mile from fire station. His house catches on fire. He calls the Fire Department, they don't show up for hours.
Burglars steal truck from Sisters of Charity on the Westside. It's the Sisters of Charity, all they had to do was ask.
Wednesday, August 19, 2009
Local Roundup
Busy times in Butler County. First a Guilty verdict in the big County political trial, while two alleged pedophilic pediatricians still await their day in a Butler County court.
Corryville Kroger reopens after mouse problem is supposedly solved. If this is your Kroger, keep your eyes peeled for varmints.
Covington's Police Chief is under fire. If this is your Police Chief, keep your eyes peeled for varmints.
Former Bengals' coach Sam Wyche may run for U.S. Congress. Good thing he doesn't live in Cleveland.
A side-effect of a poor economy, more break ins. A side-effect of more break ins, new neighborhood watch groups.
Corryville Kroger reopens after mouse problem is supposedly solved. If this is your Kroger, keep your eyes peeled for varmints.
Covington's Police Chief is under fire. If this is your Police Chief, keep your eyes peeled for varmints.
Former Bengals' coach Sam Wyche may run for U.S. Congress. Good thing he doesn't live in Cleveland.
A side-effect of a poor economy, more break ins. A side-effect of more break ins, new neighborhood watch groups.
Wednesday, August 12, 2009
Local Roundup
Cincinnati Police Chief says the city should fire cops who missed work in the "Blue Flu" work holdout last weekend.
The Blue Flu isn't stopping Cincy from getting another 2.9 million in stimulus funds, namely to go to the Police. Hopefully for Blue Flu shots.
Female cab driver bites would-be rapist, five years later, blood found in her car is used for DNA evidence to nab the criminal. This probably happens every day in New York City, but in Cincy, it's big news.
The "Kid Rock" defense probably won't work in a child porn case. Just saying.
King's Island's Son of Beast grounded for the rest of the year. But not because it's dangerous. No, because it's "not enjoyable."
Get county job supervising jail, look at porn on job, pleasure oneself on job, get fired. Sue County in Federal Court, claiming you are sex addict and should have been able to get treatment instead of being fired. Settle lawsuit. Only in Warren County.
The Blue Flu isn't stopping Cincy from getting another 2.9 million in stimulus funds, namely to go to the Police. Hopefully for Blue Flu shots.
Female cab driver bites would-be rapist, five years later, blood found in her car is used for DNA evidence to nab the criminal. This probably happens every day in New York City, but in Cincy, it's big news.
The "Kid Rock" defense probably won't work in a child porn case. Just saying.
King's Island's Son of Beast grounded for the rest of the year. But not because it's dangerous. No, because it's "not enjoyable."
Get county job supervising jail, look at porn on job, pleasure oneself on job, get fired. Sue County in Federal Court, claiming you are sex addict and should have been able to get treatment instead of being fired. Settle lawsuit. Only in Warren County.
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