MYTH: Trusts are only for the Rich and Famous

There are a lot of people who benefit from a Trust, but it’s not only for the Rich and Famous.

What is a Trust?

A trust is a legal relationship in which one person or trustee holds property for the benefit of him or herself or another, known as a beneficiary.

A Trust generally involves at least three people: (1) the person who creates the trust, known as the grantor or settlor; (2) the person who holds and manages the property for the benefit of the grantor or another, known as the trustee; and (3) the person who is entitled to the benefits, known as the beneficiaries. Read More …

What you need to know about a Will.

What is a will?

It is a revocable transfer that takes effect on death.

There are certain requirements for a will. First, you must be of legal age to make a Will. Second, you must be of sound mind, which means that you should know that you’re executing a Will, know the general nature and extent of your property, and know the objects of your bounty (i.e. who is expected to share in your estate). Third, you must intend to transfer your property. Fourth, the will must be written, properly signed, and witnessed. Last, if all the above requirements are met it must be properly executed. Read More …

8 Real Estate Pitfalls to Avoid When Hiring a Realtor

Pitfall # 1: Family/ Friend selling real estate. Use real standards when selecting a real estate agent. Make sure they have credentials and you get references. Your friend may be upset that you’re not using them, but a true friend will understand and appreciate that this is a business decision and will offer their credentials and compete for the listing. Plus, what happens if there’s a problem… do you want to damage your friendship? Read More …

1031 Exchange — It’s real and you can do it!

If you’re a real estate investor, then you’ve heard about a 1031 Exchange. Well, what is it really?

A 1031 Exchange allows an investor to defer paying capital gains taxes on an investment property when it is sold, as long as another “like-kind property” is purchased with the profit gained by the sale of the first property.  Yes, that’s right; you get to defer paying taxes until a later date if you buy a “like-kind property.” Read More …

Squatter’s Rights – Real in Ohio?

I’m sure you heard someone mention squatter’s rights over the years. It commonly comes up when someone is discussing a piece of land that has been vacant for many years. Yes, squatter’s rights are real, and they’re real in Ohio, too. The legal term for squatter’s rights is adverse possession.

Adverse possession allows someone who actually possesses the land of another for a certain period of time to claim legal title to that land without ever having to pay for it. Read More …

Registered Agent — Does your business need one?

A “Registered Agent” is also known as a “Statutory Agent.” This is a person or entity that has been designated on the Articles of Incorporation for Corporations or the Articles of Organization for LLCs. A statutory agent for a business can be any individual who lives in the state or any entity licensed to do business in the State of Ohio with a business address in Ohio.

Typically, a statutory agent is responsible for accepting service of official and legal documents on behalf of the business, and for promptly providing the business and owners with these documents. It is important that the statutory agent complete a signed written acceptance of appointment with his/her current address and submit it with the filing of the Articles of Incorporation or Organization. Read More …