Have You Been Named as an Executor of Estate in an Ohio Probate or Trust?
By Daniel A. Perry, Esq. If you have been named executor or a trustee in an Ohio Probate or a Trust, you likely have many questions. One of the main responsibilities of this role is to act as a fiduciary, which means that you must always act in the best interest of the estate and its […]
Legal Planning Every Young Adult Should Have
By Daniel A. Perry, Esq. The coronavirus pandemic has completely changed our way of life and it will continue to do so at least for the near future. As a young, healthy adult, you may be thinking that you do not need worry about the coronavirus. As cases have seen an uptick in recent weeks, severe […]
What is Offshore Asset Protection?
By Daniel A. Perry, Esq. When we hear about offshore asset protection and offshore banking, many people tend to conjure up images of the Panama Papers scandal and Jordan Belfort hiding money overseas. As mentioned in prior articles, you should never transfer assets with the intent to defraud a creditor. Offshore asset protection does not include […]
PPP Loan Forgiveness Applications May Be Subject to Denial and Delay
By Daniel A. Perry, Esq. On March 27, 2020 the United States government signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. A key part of this legislation included the Paycheck Protection Program (PPP), which provided two-year loans of up to $10 million with an interest rate of 1%. Individual small businesses were […]
Is it Time to Reconsider an Intentionally Defective Grantor Trust?
By Daniel A. Perry, Esq. As we navigate the COVID-19 pandemic and review legislation which has passed and is pending, one cannot help but debate whether an amendment to the Federal Estate and Gift Tax may be on the horizon. The Federal Estate and Gift Tax is a tax which is levied upon assets which are […]
How to Budget for Long-Term Care Expenses
By Daniel A. Perry, Esq. When families acknowledge the fact that they need to budget and plan for long-term care expenses, it is usually the result of a terrible experience involving their loved ones. I have heard all the stories in my practice of helping families navigate these complex legal issues. Typically, the story begins in […]
You Received Your PPP Loan — Having It Forgiven May Be Another Story!
By Daniel A. Perry, Esq. There is no doubt that 2020 has been a challenging year for small businesses. A global pandemic has upended our way of life. As of May 19, 4.9 million people have been infected worldwide resulting in more than 300,000 deaths. Not to overlook the health ramifications of this pandemic, but the […]
The Dangers of Underreporting Family Limited Partnership Income
By Daniel A. Perry, Esq. A Family Limited Partnership (FLP) is a family-controlled business entity which provides liability protection and a manner to transfer business assets, and other assets, to the next generation without giving up control during the owner’s lifetime. When it comes to family businesses, this can be a very powerful estate planning tool. […]
How to Protect Life Insurance Proceeds from Creditors
By Daniel A. Perry, Esq. I was speaking with a client recently as part of their comprehensive estate and wealth planning and they asked if their life insurance proceeds would be protected from creditors in the event of their death. This is a very common question and the answer depends almost entirely upon state law. In […]
IRA Distribution Tax Planning Under the CARES Act
By Daniel A. Perry, Esq. The Coronavirus Aid, Relief, and Economic Security Act (commonly referred to as the CARES Act) was signed into law by President Trump, following bipartisan support, on March 27, 2020. In total, this was a $2.2 trillion-dollar stimulus package. Since then, there have been discussions in Washington D.C. regarding a second and […]