Middletown, Ohio Legal Blog

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.

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.

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