Middletown, Ohio Legal Blog

Wanting to expand a business takes consideration

Starting a small business can seem as if a person's dreams are coming true. In time, it may be right to take steps to expand a business, but it is important not to do too much too fast. If Ohio business owners get ahead of themselves, they could wind up in difficult positions that put their companies at risk.

For many companies, one of the first steps in expanding is hiring more workers to carry out the necessary duties. Of course, it is important that companies do not hire too many people and avoid hiring people who do not suit the positions. If too many people are hired or employees cannot perform their jobs well, a snowball effect of problems could result, especially when it comes to expenses.

Understanding beneficiaries relating to probate

Many people anticipate receiving something from a loved one's estate after he or she passes. Of course, some people may not know exactly what those bequests are or even what it means to be a beneficiary. When it comes to settling the estate during probate, beneficiaries play an important part.

If an Ohio resident is a named beneficiary, it may mean that he or she is entitled to the assets in a trust or another type of account due to a legal designation made by the account holder before his or her passing. If a person is named the beneficiary of a specific account, like an IRA, that designation allows the assets to avoid going through probate. If someone is named as a beneficiary in a will, the assets will first have to go through the legal process before distribution.

A personal touch could go a long way in real estate deals

Moving forward with buying a home is a major life event. While it can certainly be an exciting time, real estate transactions are also complicated. As a result, many Ohio residents may need help and information throughout the various stages of the process in efforts to hopefully obtain the homes they desire.

In particular, individuals may wonder how to make an offer on a home. Typically, it is wise to make an offer below the asking price of the house. This move may not always work out in the buyer's interest because the seller could reject the offer. However, negotiations commonly take place, and offers and counteroffers can go back and forth until an agreed-upon price is reached.

A short FAQ on special needs planning

Most people don’t want to think about estate planning. Inevitably, the process forces people to think about what will happen after they’re gone. But estate plans give power to those who use them. They allow you to care for your family members and make their lives easier. And they allow you to create tailored, long-term plans to help children with special needs.

As the Ohio Developmental Disabilities Council notes, the parents of special needs children have more reason to plan their estates than nearly anyone. This is true even if you’re squarely in the middle class and just managing your mortgage and insurance payments every month.

Even with a will, probate proceedings can take time

Many people enjoy being surrounded by a loved one's things after his or her passing. It can allow Ohio residents to retain a sense of the person and possibly allow them to deal with their loss better. Of course, a decedent's property typically cannot go untouched forever, and probate proceedings need to be completed.

Hopefully, an individual will have created an estate plan before his or her death to help manage the final affairs of the estate. It can certainly be difficult for surviving loved ones to let go of assets, but it usually must happen in order to complete probate. The decedent's nontitled property, solely owned property, investments and other probate assets will need to go through the legal process and be distributed to the applicable beneficiaries.

Considering a co-owner when starting a business

Taking the step to open one's own business is a major decision. Some Ohio residents may dream of starting their own company for years before moving forward with plans, and others may never feel that the time is right to follow this dream. In some cases, it may help individuals to consider the idea of having a co-owner for their business.

Co-ownership can certainly have its pros and cons. Having more than one owner could help lessen the amount of stress that would otherwise be placed on one person by dividing the obligations necessary for starting and operating a business. The division of financial and legal obligations also means that individuals can divide the benefits that can come from operating a successful company.

Succession planning can be broken into manageable steps

Do you know what will happen to your business if you pass away unexpectedly? Do you have a plan for your business after your retirement? If you cannot answer these questions, you probably do not have a succession plan in place.Without a succession plan, it may be difficult for your business to continue beyond your retirement or unexpected death. Without clear direction, family members may fight each other for control of the business. Alternatively, there may not be anyone willing and qualified to step into your shoes. Neither option bodes well for the business.

Professional help is often useful for real estate deals

Most Ohio residents will move at some point in their lives. If they are moving as adults, they may have the obligation of ensuring that their homes are sold. Of course, real estate can be a tricky industry to navigate, and it is easy for simple mistakes to put deals at risk.

One mistake that sellers could make it not working with a real estate agent or working with the wrong agent. Trying to sell a home on one's own could set a person up for problems because he or she likely does not have the extensive knowledge necessary to understand how to complete a successful transaction. On the other hand, if a person chooses the first real estate agent he or she comes across, that agent may not have the particular experience or insight to make a transaction as successful as it could be.

Probate administration may involve selling real estate

When an Ohio resident is named as the executor of an estate, he or she has a number of steps to take in order to close the remaining estate. In some cases, probate administration may include having to sell real estate that the loved one left behind. This type of action can make settling an estate more difficult, especially if the executor does not have real estate knowledge.

Hopefully, the decedent will have created a will indicating what steps should be taken with remaining real estate. If the wish is that the property is sold, the executor will need to handle that task. However, if a will or other estate document addressing a house does not exist, the executor will have to follow state laws regarding the process of parting with a home.

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