Posted In: Trusts & Estates
Trusts & Estates Blog: Postnuptial Agreements are Now an Estate-Planning Tool for Ohio Practitioners
By Brandi L. Doniere on May 16, 2023
On March 23, 2023, Ohio joined 48 other states in allowing married partners to enter into postnuptial agreements that alter their marital legal rights. The newfound legality of postnuptial agreements increases the tools available to both domestic relations and estate planning attorneys. Such agreements will undoubtedly be useful for settling potential family law issues, as spouses can now modify outdated prenuptial agreements to account for changed circumstances, and married couples can divide their assets and agree to financial support if they should ever separate or divorce....
Posted In: Trusts & Estates
Trusts & Estates Blog: Changes to RMDs, 529 Plan Rollovers and Matches to Qualified Plans for Student Loan Payments: Key Provisions of the EARN Act (Secure 2.0)
By Christopher T. Teodosio on February 21, 2023
On December 29, 2022, the Enhancing American Retirement Now (EARN) Act was signed into law. The EARN Act includes several key provisions that may impact how you plan for retirement, including, as detailed below, changes to required minimum distribution (RMD) rules; adding a provision to allow savers to rollover a Section 529 Plan to a Roth IRA; and providing employers the opportunity to treat student loan payments as retirement contributions for purposes of an employer match....
Posted In: Trusts & Estates
Trusts & Estates Blog: What You Should Know About the REAL ID (or Federally Compliant Driver's License)
By Lori R. Kilpeck on September 21, 2022
Clients should make note that a standard driver's license will no longer be acceptable for air travel for passengers over the age of eighteen (18) years beginning May 3, 2023. Instead, a REAL ID (or federally compliant driver's license), US Passport or other limited forms of acceptable identification will be required for air travel....
Posted In: Trusts & Estates and Tax - Business & Corporate
Trusts & Estates Blog: Estate Planning for Individual Retirement Accounts Under the SECURE Act
By George P. Millich, Jr. on June 21, 2022
On January 1, 2020, the Setting Every Community Up for Retirement Enhancement (SECURE) Act came into effect drastically changing the dynamics of naming beneficiaries of Individual Retirement Accounts (IRAs). The IRS recently issued Proposed Regulations in an effort to provide additional guidance and clarification on the manner in which the SECURE Act applies to IRA beneficiaries. One of the most significant impacts of the SECURE Act is how it affects the timing of required minimum distributions and the length of time in which assets of an inherited IRA can remain in the IRA for the benefit of a designated beneficiary....
Posted In: Tax - Business & Corporate and Trusts & Estates
Trusts & Estates Blog: Taxes and Your Estate Plan
By Lori R. Kilpeck on March 18, 2022
We spent a great part of 2021 reviewing and analyzing tax proposals which would greatly impact estate planning and strategies to minimize the impact to your estate plan. The good news is that many of our immediate concerns were removed from proposed legislation in the final version of the Build Back Better bill in late 2021, and following is a summary of the current exemptions for estate and gift taxes....
