Middletown, Ohio Legal Blog

Purchasing real estate takes a lot of consideration

Buying a home is one of the biggest purchases that Ohio residents will make. As a result, it is important that they understand what they are looking for and what the process of purchasing real estate can entail. First-time homebuyers may especially need to pay attention to certain aspects before moving forward with signing the paperwork.

First, it is important that individuals understand how much they can afford. Taking this step at the beginning could prevent individuals from falling in love with a home only to find out later that they cannot afford it. It is also important to remember that the price tag on the house is not the only expense to worry about. Closing costs, inspection fees, realtor fees and ongoing maintenance of owning a home should all be considered.

Why do many business owners not have a succession plan in place?

Running a business can be hectic, requiring you to constantly put out whatever fires pop up every day. The time-consuming nature of the job, however, is causing owners to overlook a key component of their long-term viability: succession planning.

According to a CNBC report, one survey found 80% of business owners without a succession plan in place blamed their busy schedule. In addition, 40% said taking time to work toward a succession plan simply wasn’t worth it, with the day it will be needed still far in the future. That might be a mistake.

Mishandling an estate can cause problems during probate

When it comes time to settle a person's estate, the executor has a serious responsibility. If he or she makes any mistake during the probate process, it is possible for serious issues to result. Those issues could range from the executor being personally liable for correcting those mistakes to having to handle litigation from disgruntled beneficiaries or other parties.

Undoubtedly, Ohio executors want to ensure that they handle the decedent's final affairs correctly. They may be eager to get started to ensure that they do everything properly, but being too hasty in some actions could cause problems. For instance, if the executor receives bills for the estate, such as credit card bills or utility bills, it may not be a good idea to pay those immediately. A deceased individual's creditors have an order of priority in which they must be paid. Paying others too soon could cause financial issues for the estate.

Business owners understand the need of looking to the future

Once businesses get off the ground, the need for information and to stay on top of matters does not end there. Many Ohio business owners understand the importance of continual growth for their companies and looking toward the future. Remaining stagnant can cause a number of problems for any company.

In efforts to combat falling behind in the business world, companies need to remain adaptable. Company owners who are willing to alter their views and mindsets in order to remain current may have a greater chance of keeping their businesses moving toward success. In some cases, that could even mean having to rethink decisions that were already made and possibly restructuring some business goals. The business world is constantly evolving, and companies need to do the same.

Signing estate documents during probate as the executor

Making mistakes when closing a person's estate can cause major turmoil. The executor needs to ensure that he or she does everything correctly in order to avoid additional issues with creditors, beneficiaries or others associated with the estate and to avoid taking on personal liability for estate issues. Probate is a process during which mistakes could easily be made, but careful consideration may help mitigate those chances.

One detail that Ohio executors need to pay close attention to is how they sign documents on behalf of the estate. The executor will need to handle a lot of paperwork during the probate process, and signing documents will come along with it. If a person signs a document without indicating that he or she is the executor of the estate, it is possible that the person could end up individually responsible for whatever the transaction entails.

Finding the right lease for commercial real estate

Businesses need commercial space in which to operate. If an Ohio business owner is looking to open the company's doors for the first time or needs a larger space to operate, finding the right commercial real estate is important. Of course, after finding the right space, ensuring the right lease terms is also wise.

There are four types of commercial leases that may be worth considering. First, individuals may consider the gross lease. With this type of lease, the landlord maintains the financial responsibility for operating costs of the space, though possible exceptions could exist, and the payment for the space usually does not change month to month. Another type of lease is the triple net lease, or the NNN lease, which involves the tenant paying part of the operational expenses. The tenant may need to pay rent, insurance and maintenance costs.

Mergers may benefit businesses in e-commerce

These days, many businesses operate solely through e-commerce. While this business approach certainly has its advantages, it does bring into question how to handle certain actions that many traditional companies typically carry out. For instance, when it comes to expanding and gaining market shares for different industries, mergers may be the way to go.

One Ohio company may approach another with the idea to merge. During a merger, two or more companies essentially combine forces in efforts to expand and grow in a way that they may not have been able to had they continued working independently. Often, the two companies will combine their brands and resources, and they may even attempt to combine their workforces. However, because mergers can cause an overlap in certain areas, there is a chance that some employees could lose their jobs as a result.

Probate obligations must be met before asset distribution

Though many people may want to receive a portion of a deceased loved one's estate soon after the person's passing, there are many hoops to jump through first. Often, Ohio residents will leave behind a will that details their final wishes, and their estates will need to go through the probate process. As a result, heirs and beneficiaries may have to wait a considerable amount of time before receiving any assets.

Numerous steps are involved with settling an estate, and the outcomes of those steps could affect property distribution to heirs and beneficiaries later. First, the executor of the estate needs to inventory the remaining assets and obtain the value of those assets. If the value of the estate overall reaches or exceeds a certain amount, it is possible that estate taxes could apply.

Estate planning considerations for small business owners

Small business owners’ work and personal lives are often closely intertwined. If you are the owner of a business, you know that the work never stops, and you are never off the clock.

After spending so much of your life pouring your heart and soul into your business, it is important to set aside some time to create an estate plan that factors in your business.

Some Ohio residents may second-guess real estate purchases

Feeling nervous about buying a home is understandable. After all, any real estate transaction is a major step, and anyone could have second thoughts about following through with such a purchase. Of course, homebuyers do not want to end up stuck in a situation where they cannot make a decision about moving forward with a sale, so it is important to lessen the likelihood of buyer's remorse.

If prospective Ohio homebuyers are questioning their decision to buy a home, they may need to take a step back and assess the situation. While it is understandable to wonder whether the right decision has been made, it is still wise to remain realistic. For instance, parties may want to look at the home that they have chosen and compare it to their wants-and-needs list. If the home meets those needs and some of the wants, parties may feel more comfortable about the decision they made and chalk the nervousness up to first-time homebuying.

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