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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

Maryland Authorizes Pet Trusts

Posted on April 18, 2009
On April 14, 2009, Maryland’s Governor O’Malley signed into law House Bill 149 which authorizes statutory pet trusts. Professor Berry gives us some of the key features of the statute in this post: The animal must be alive during the settlor’s lifetime...

To Restate Or Not To Restate - That Is The Question

Posted on April 18, 2009
Professor Berry tangentially raises the above question in a post today on the Wills, Trusts & Estates Prof Blog via his telling of the case of Soefje v. Jones, 270 S.W.3d 617 (Tex. App.?San Antonio 2008, no pet. h.). The case pits brother against sister in a dispute over the meaning of a trust amendment to [...

Gay marriage, by legislature, in Vermont

Posted on April 07, 2009
Someone asked me the other day: Michael, why are so many of your blog posts about gay marriage?” “Well”, I replied, “Because tyranny, like hell, is not easily conquered.” I know, I’m pretty awesome right?! Well, in truth, I am only that which Thomas Paine made me...

The Estate Tax = Smart (The Universe In Balance)

Posted on April 06, 2009
Well, maybe not the universe, but at least this blog. Balancing my earlier post on why the estate tax is bad comes this April Fools Day Editorial in the NYT: The Forgotten Rich. I don’t think the rich have been entirely forgotten recently even though many of them wish they had been, but the article makes some [...

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Senate Passes Amendment to Reduce Estate Tax & Raise Exemption

Posted on April 03, 2009
Lots of movement on this in the last week. This morning Brad Wrightsel wrote here about the Senate having passed “a nonbinding but symbolically important amendment” rasing the exemption to $5 million and lowering the rate to 35%. The Hill, The New York Times, Fox News and the Wall Street Journal all carry their own versions of the [...

Iowa Supreme Court Strikes Down Gay Marriage Ban

Posted on April 03, 2009
This is what happens when I schedule early morning meetings… Everyone else gets the good stories out first. The ABA Journal, The Volokh Conspiracy and Professor Berry’s ever-timely Wills, Trusts & Estates Prof Blog all wrote this morning to report on the Iowa Supreme Court striking down the state’s ban on same-sex marriages...

The Estate Tax = Stupid

Posted on April 02, 2009
Professor Beyer beat me to it… He found this great article on why the estate tax is dumb/evil. He credits Patrick Sylvester of The Sylvester Law Firm, PC, and its really so good that I had to thank Mr. Sylvester in this post as well. The Good Professor excerpts the following and I thought it [...

Estate Tax News: Proposed Exemption Fixed at $3.5 Million

Posted on March 28, 2009
From this story (3/26): Senate Finance Committee Chairman Max Baucus (D-Mont.)today announced legislation that would make existing tax breaks permanent for working families and individuals including the child tax credit, marriage penalty relief, and lower middle-income tax rates among other provisions...

Reverse Mortgages After The Obama Stimulus - More Options

Posted on March 26, 2009
I wrote previously about reverse mortgages and their uses, but this seemed worth commenting on. Looks like the stimulus package has beefed up the loan amounts available and capped some of the fees: Reverse mortgages have been around for a while, but because of recent changes now look more appealing...

Oops?

Posted on March 19, 2009
Big ups to Saul Elnadav of Vishnick McGovern Milizio LLP! Saul is the pulbisher of the New York Trusts & Estates Law Blog. Saul wrote me last night to let me know that my RSS feed wasn’t working properly, which I was completely unaware of...

Dana-Faber Cancer Institute Says: Pious Fight Death Hardest

Posted on March 18, 2009
An interesting article from Slashdot today linking to this BBS story: A US study suggests that people with strong religious beliefs appear to want doctors to do everything they can to keep them alive as death approaches. The study, following 345 patients with terminal cancer, found that ‘those who regularly prayed were more than three times [...

Anna Nicole Smith Case Update(s)

Posted on March 13, 2009
Special thanks up front to Professor Berry for these updates. Without his lasting diligence I would have been forced to get my news from other, much less reputable places ;). 1. Linking to this post at The Daily News, the Good Professor reports that a writ was filed before the U...

Best. Law Review. Title. Ever!

Posted on March 13, 2009
Is It Really Possible to Do the Kessel Run in Less than Twelve Parsecs and Should It Matter? It looks to be a great article about the myriad little inaccuracies in sci-fi films and what happens when we accept these inaccuracies as fact. The sub-title is Science in Film and its Policy Implications...

AMT TidBits

Posted on March 08, 2009
Fairmark: “AMT Deficit” Goes On-Budget; Change Has Profound Implications, by Kaye A. Thomas: The Obama administration is poised to make a stunning change in budget policy. The change will add over $1 trillion to the projected federal debt ? and that’s good...

Another Ohio T&E Blog!

Posted on March 05, 2009
Bradley B. Wrightsel has been a friend and collegue for a number of years and has apparently been posting his own blog (The Ohio Estate Planning, Trust & Probate Law Blog) for a few of those years. And I had no idea! I’m so embarassed. Brad and his father Doug Wrightsel have been practicing together for [...

Debts Owed By A Decedent/Their Estate

Posted on March 04, 2009
An interesting, and disappointing article this morning from the NYT, “You?re Dead? That Won?t Stop the Debt Collector.” I’m not disappointed in the NYT, its a fine article I guess, rather, I’m disappointed by the number of people who are apparently willing to pay the debts of their deceased relative(s): The people on the other end [...

This Is A Good Idea

Posted on March 03, 2009
Gutsy. And a good idea.

Giving Property To Your Children - Talk To Someone First

Posted on March 01, 2009
What could go wrong? If you give property to a child, it could be at risk if that child is sued or files for bankruptcy. If you put money in your child’s name that they plan to hold on to for your future use, this could count against them if they need to apply for financial aid [...

Not T&E Law - But Seriously Rush, Maybe You Should Read That Which You Purport To Revere

Posted on March 01, 2009
At CPAC, Mr. Limbaugh exuberantly declared the following: We want every American to be the best he or she chooses to be. We recognize that we are all individuals. We love and revere our founding documents, the Constitution and the Declaration of Independence...

Adopting The Dead

Posted on March 01, 2009
Leave it to Michigan… ENROLLED HOUSE BILL No. 5828: (1) Beginning January 1, 2004, if an application for adoption has been filed under this chapter and all the requirements of subsection (2) for entering an order of adoption under this chapter have been met, the probate court may enter an order of adoption, even if the adoptee is [...

Attorney Layoffs Hitting Close to Home

Posted on February 20, 2009
… Gotta go. Gotta bill. Meanwhile, the Cleveland Plain Dealer reports on these layoffs by firms in its area: ? Thompson Hine is laying off 12 lawyers, five paralegals and 29 administrative workers. ? Roetzel & Andress is laying off 13 associates and 18 staffers...

I’m Having A Hard Time…

Posted on February 14, 2009
I’m having a hard time remembering when have been this incensed. With Judge Conahan serving as president judge in control of the budget and Judge Ciavarella overseeing the juvenile courts, they set the kickback scheme in motion in December 2002, the authorities said...

The American Recovery and Reinvestment Act of 2009 - House vs Senate Comaprison

Posted on February 12, 2009
An uber-thanks is due to Greg Herman-Giddens of the North Carolina Estate Planning Blog for the below chart. Best I’ve seen yet, thanks Greg. Its a “side-by-side comparison of the tax provisions in the House and Senate versions of ?The American Recovery and Reinvestment Act of 2009...

Eluana Englaro Update

Posted on February 10, 2009
Eluana Englaro, 38, died in the middle of a debate about her right to die last night after doctors stopped feeding her. It is probably more accurate to say: “after the withdrawawl of artificially supplied nutrition and hydration.” Details...

Estate Tax Changes? (aka: No One Has Any Real Idea What’s Going To Happen)

Posted on February 10, 2009
Notwithstanding one’s belief in mythical orthodonture-bartering fairies, we all need to keep an eye on where the estate tax is going. JLM of the Trust & Wealth Management Marketing Blog gives us the following three possibilities: Stay the same...

Abraham Lincoln’s 200th Birthday

Posted on February 08, 2009
The bi-centenial of Lincoln’s birth was yesterday. In honor thereof I thought to post a couple of my favorite pieces of writing by him. The Bixby Letter: In 1864, Massachusetts Governor John Albion Andrew wrote to President Lincoln concerning one Mrs...

Suing Your Estate Planning Attorney For Malpractice in Ohio

Posted on February 08, 2009
I have written before about some pretty poor estate plans; some so bad that I can’t imagine them having ever done anyone any good such that they now seem only to serve as wanton conduits for human despair. And I have also often commented that someone ought to sue such’n’such attorney for malpractice...

Same-Sex Spouse To Inherit Deceased Partner’s Estate

Posted on February 05, 2009
Saw this yesterday and its making its predictable rounds (here and here and here) today. The actual decision was hard to find so I offer it to you here (PDF). I enjoy these decisions; the ones whose menial size belies the hefty weight of their potential impact...

The Ever-Present Need For Living Wills and Health Care Proxies… Schiavo, Englaro and Many More

Posted on February 04, 2009
I’m reminded of the terrible case of Terry Schiavo when I see stories like this one on CNN this morning. I’m also reminded that this unfortunate collision between the perceived intent of the disabled individual and, well, any other force, can be so easily avoided...

Avoiding Probate vs Avoiding Taxes vs Medicaid Eligibility

Posted on February 02, 2009
This morning’s post is kind of a follow up to one of yesterday’s posts where I tried to elucidate the differences between planning to avoid probate and planning to “avoid” taxes. I was inspired this morning to write this brief follow up by Michael J...

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