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Taxation & Estate Planning

The Ohio Trust & Estate Blog

Ohio law on Trusts, Estates and their legislation and litigation.
By Michael D. Bonasera, Esq.

Post Frequency: 0.5/day

Last Entry: December 18, 2012 at 14:46:48

You Must Check This Out

Posted on July 29, 2010
Frequent readers will notice the new badge in my right sidebar… Its for the film, Leading Ladies. I’ve written here before about this film. Friending them on Facebook, via that little badge down there on the right, will help get the word out so more of you can see this fantastic and important movie...

New Estate Tax Fix Introduced

Posted on July 14, 2010
Last night, as part of the jobs bill, Senators Blanche Lincoln (D-Ark.) and Jon Kyl (R-Ariz.) introduced legislation creating a permanent fix for the estate tax. According to this story at TheHill.com: Their proposal would require Democratic leaders to amend the small-business jobs bill with a provision that sets the estate tax at 35 percent [...

So You Say You Want To See A Trust That You?re A Beneficiary Of And An Accounting Of The Trust?

Posted on July 08, 2010
Well ok then! If its an Ohio trust, all you have to do is ask. Under Ohio law, the Trustee of a Trust is obligated to give a copy of the trust to the beneficiaries that ask for it. The same goes for an accounting of the trust as well. Ohio Revised Code Section 5808...

The Responsible Estate Tax Act (RETA)

Posted on June 25, 2010
The Responsible Estate Tax Act is the irksome name of the act introduced this morning by Senators Sanders (I-VT), Harking (D-IA) and Whitehouse (D-RI) to remedy the impending doom of 2001 when the estate tax is (re-)released like the Cracken upon an ill-prepared populace… However, its at least something, hence my first post in some [...

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Interview With Professor Daniel Pinello

Posted on June 02, 2010
I am excited to be interviewing soon with Professor Daniel Pinello for his new book on the effects of state constitutional amendments that ban marriage, civil unions, domestic partnerships, etc. (called Super-DOMAs) for lesbian and gay pairs. Dan contacted me a couple weeks ago and in addition to being a very nice man, he appears to [...

Estate Tax Deal? ? Support Growing For a Choice

Posted on April 16, 2010
This is kind of novel so I thought I’d mention it: From this post at The Hill.com: Senate Republican Whip Jon Kyl (R-Ariz.) wants taxpayers to have options on how to pay for an estate tax. Under the senator’s plan, beneficiaries could choose to either abide by current law or agree to whatever Congress passes...

Probate Creditor Deadlines Are Important

Posted on April 11, 2010
The above is actually important to point out. Should be self-evident right? Nope. Too many talented and experienced attorneys blow their cases for failing to adhere to probate creditor claim rules and time lines. This post by Juan Antunez of The Florida Probate & Trust Litigation Blog is a perfect example of how wrong things can [...

Ohio Supreme Court Chief Justice Moyer dies at 70

Posted on April 03, 2010
From the AP: COLUMBUS, Ohio ? Ohio Supreme Court Chief Justice Thomas Moyer, who was the longest-serving sitting state Supreme Court chief justice in the United States, died Friday at age 70. … Pfeifer said Moyer’s health had deteriorated over the past weeks but he was in court on Tuesday, despite looking “very ill,” and [...

Presenting: Leading Ladies

Posted on March 16, 2010
We don’t always get the most entertaining clients… Sometimes we don’t even get clients that we like. However, recently I had an opportunity to offer a small amount of counsel to a little movie that became very big, and is about to get even bigger! And today, I am proud to present the official trailer.

Asset Protection For The Middle Class?

Posted on March 05, 2010
Gary Vawter called me the other day with a question I get quite a bit: “What do you most often recommend to your planning clients who come in asking out asset protection?” What I first tell them is not to do it in a vacuum. To be useful, asset protection planning should only be done in [...

Carter Ruml and The KYEstates Blog

Posted on February 23, 2010
I had a nice conversation with Cater this morning about his new blog at http://kyestates.com/. Though its not been active for long he’s already got an impressive amount of content and, because I don’t think there’s another blog focused on KY estate, trust & probate law issues, I can garuntee I’ll be back frequently! I’ve [...

Snowed In

Posted on February 16, 2010
They closed my office today… Don’t know if that’s ever happened before.

Estate Tax Compromise ? UPDATE

Posted on February 12, 2010
See that post just below this one? The one about the possible estate tax compromise? Yeah… Never mind. Sounds like Mr. Reid just trimmed down that jobs bill from $85 to $15 billion: The extenders that were removed include billions of dollars for research and development and a GOP priority to trim down the estate tax — [...

Possible Estate Tax Compromise Connected to the Jobs Bill

Posted on February 12, 2010
Don’t let a lack of political will (or ability!) fool you… According to this story at The Hill.com, “Senate leaders are working on an estate tax deal to make it easier to move a bipartisan jobs bill.” These days I’ve taken to pronouncing “bipartisan” the same as “unicorn” but the proposed quid pro quo seems reasonable: The [...

Fantastic Advice for 3d Year Law Students

Posted on February 01, 2010
“Find your niche.” This is the advice from one of my favorite bloggers out there, Joel A. Schoenmeyer of the Death & Taxes Blog. And it’s familiar advice too. My dad is forver extolling the virtue of, what he calls, “being a star...

ALERT

Posted on January 18, 2010
Greg Herman-Giddens of the North Carolina Estate Planning Blog posted the below notice on his site and I thought it advisable to post the same here. Thanks Greg. As of January 1, 2010, there is no more federal estate tax. The estate tax has been replaced with a complex modified carryover basis regime...

No More Estate Tax in 2010 ? Well, kind of?

Posted on December 17, 2009
It seems official: The estate tax will lapse come January 1 of 2010. Everyone said it wouldn’t happen; it couldn’t happen! But yeah… Its gonna happen. With plenty of notice, our elected leaders just couldn’t get it done. I’m not saying it was an easy task...

Estate Tax Updates

Posted on November 30, 2009
I’m getting a lot of questions from readers on why I’m not posting on all the estate tax potentials that are out there or that have been proposed… While there is plenty to say on that subject, there’s really nothing too solid out there so I’ve decided to forgo speculating about what might happen in [...

Bo Schembechler Trust Battle

Posted on November 17, 2009
Andrew Mayoras posts a good story here about Bo Schembechler’s son suing his step-mom over his dad’s trust. Andrew writes: From an estate planning perspective, Bo did everything right to avoid a family fight after he passed. He created a living trust, which was quite detailed and left the income from his assets to his wife, Kathryn, passing [...

Ohio Fells Another Trust Mill ? UPDATE

Posted on November 01, 2009
My last post pointed to a Columbus Bar Association press release about Columbus Bar Assn. v. Am. Family Prepaid Legal Corp., Slip Opinion No. 2009-Ohio-5336, (available here as a PDF). In that case the Ohio Supreme Court found that “American Family Prepaid Legal Corporation (?American Family?) and its various allied entities and associates ? [...

Ohio Fells Another Trust Mill

Posted on October 19, 2009
From a Columbus Bar Association press release last Wednesday: The Columbus Bar Association announced today that the Supreme Court of Ohio, in a unanimous decision in Columbus Bar Assn. v. Am. Family Prepaid Legal Corp., Slip Opinion No. 2009-Ohio-5336, (available here as a PDF) took a momentous step to protect Ohio?s citizens from illegal trust mills [...

Income From Restricted Endowment Can Be Used For Construction Project at Cleveland Museum of Art

Posted on October 08, 2009
The Cleveland Museum of Art’s Endowment fund may use the income from four “art-purchase funds” to contribute to the cost of renovating the museum even though such use is against the original intent of such funds, the Cleveland Plain Dealer reported this morning...

The Case That Will Never End ? Anna Nicole Smith Investigated in Murder Plot

Posted on October 08, 2009
I thought all elements of this case had been covered… Oh how naive I can be. This article muses about Mrs. Smith’s possible involvement in a plot to kill her late husband’s son while they were battling over her husband’s estate...

The Future of The Estate Tax ? Rumor Round-Up

Posted on October 06, 2009
Much has been written of late about our evolving federal estate tax so I thought it prudent to aggregate the claims, guesses and rumors that are out there. I don’t know if this is meant to assist you with planning decisions or just to get a sense of which way the prevailing winds are a-blowin’ [...

New ?Asisted? Suicide Case in Austrailia

Posted on August 16, 2009
CNN reports that an Australian man, Christian Rossiter, recently won his right to die, by refusing food and water, from the Australian Supreme Court. The case is interesting for two reasons: 1) Chief Justice Wayne Martin wrote “Mr. Rossiter is not a child, nor is he terminally ill, nor dying...

An Update on The New Michigan Trust Code

Posted on August 15, 2009
The below is from a Plant Moran email blast that my dad forwarded to me this morning… Thought it was important enough to share. The MTC was signed into law by Governor Granholm on June 18, 2009 and will become effective April 1, 2010. However, the MTC will have immediate impact as individuals create or amend [...

The CBO ? Estate Tax Alternatives

Posted on August 08, 2009
The Congressional Budget Office has published the creatively titled: The Estate Tax and Charitable Giving. (warning, link is a PDF) The preface reads in pertinent part: This paper by the Congressional Budget Office (CBO) [...] examines the effect that changing the estate tax would have on donations to charity...

A Worst Case Scenario For The Estate Tax

Posted on August 08, 2009
Greg Herman-Giddens of the North Caroline Estate Planning Blog cites inside sources in the U.S. Senate for the following prediction: Congress will do nothing to reform the present estate tax laws. Rather, they will pass a one year extension of the status-quo and let the exemption fall to $1 million per person – which will [...

Heir to IBM Fortune Adopts Her Lesbian Parter in Maine ? Supreme Court Upholds Adoption?s Validity

Posted on July 24, 2009
This seemed as good a topic as any to ease myself back into the blog-o-webs, so here goes: According to this story at 39online.com (a CW network affiliate out of Houston), Maine’s highest court gave a legal victory Thursday to a woman who stands to stake a claim to a share of one of America’s premier business [...

Been a while

Posted on July 24, 2009
Coming soon… New Posts!!! I know. You’re excited. Its ok to admit how you feel, no one will judge you here.

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