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Cincinnati Law Blog

Who gets your great-grandmother's pearls?

As you begin the estate-planning process, you may be fortunate enough to have some property that will pass to beneficiaries of your choice without going through probate. This could include liquid assets such as your deposit, investment, and retirement accounts. It may even include some real estate and other large assets, depending on how one titles them.

You may breathe a sigh of relief that your largest assets will be secure upon your death. However, there may be valuable, but less obvious assets that you may not have considered. Many people forget about big-ticket items on the walls of their homes or in their jewelry boxes, for example. If you don't make a plan for items like these, it could cause a great deal of consternation and contention among your surviving family members.

5 tips to consider when choosing a business name

Taking realistic steps to start your own business can stir many emotions. You know you have a great deal of work ahead of you, but you look forward to reaching a point where business operations can truly get underway. Before that happens, however, you will need to make several small but significant choices.

One choice you need to make that will have a lasting impact on your business is deciding on your business name. This part of the process can seem exciting, but it can also prove more complex than you may have originally thought. Therefore, it may prove wise for you do carefully consider your name options before choosing one.

R-E-S-P-E-C-T YOUR FAMILY

It was reported this week that famed soul singer Aretha Franklin died without a Will or Trust. This problem not only throws all of her assets and liabilities into the public eye of probate and to the intestacy statutes, but also guarantees tens of thousands in unnecessary costs and tens of millions of easily avoidable estate tax.

Employee lawsuits and the reputation of your business

Business owners face a myriad of hurdles, some of which arise on a daily basis. We have discussed many on this blog, such as allegations of sexual harassment in the workplace and legal issues with other companies. However, the consequences of an employee lawsuit can be particularly damaging for any business, regardless of its size. If one of your current or former employees has decided to pursue legal action against your company, for any reason, it is important to know what is at stake and be aware of how litigation could harm your company. Aside from the financial penalties and potential loss of key business relationships, the damage to your business' reputation could be significant.

Sometimes, lawsuits filed by employees become highly publicized. Local and national media may cover certain cases, which could be incredibly damaging to the reputation of your business and cause potential customers to take their money elsewhere. Moreover, clients and business partners may decide to move on as a result of the allegations. In fact, this damage can occur even if an employee falsely accuses a company of wrongdoing. In the digital age, information can spread rapidly over social media and the rest of the internet, which can add to the damage.

Mark W. Jordan Has Been Nominated and Accepted as 2018 AIOLC's 10 Best in Ohio For Client Satisfaction

The American Institute Of Legal Counsel has recognized the exceptional performance of Ohio's Attorney Mark W. Jordan as 2018 10 Best Legal Counsel for Client Satisfaction. 

Divorce and your revocable trust

Revocable trusts offer a number of benefits, such as avoiding probate which can help save money as well as time while maintaining privacy. However, there are times when people may decide to take a second look at their revocable trust. For example, someone who has decided to split up with their marital partner may need to go over their trust as a result of their divorce. For starters, it is very important to remember that everyone's circumstances are unique, so the approach that works best for you may vary in comparison to someone else's. Many people choose to speak with a legal professional to ensure that they make the right decisions and know their options.

You may have a number of considerations related to your revocable trust due to a divorce, whether they involve your former spouse, your kids or your property. Ending your marriage can be challenging for many reasons, whether you are adversely impacted from a financial standpoint or struggle with emotional difficulties due to divorce (depression, anger or anxiety). Some people might feel like pushing off estate-related matters due to a difficult divorce and our law firm certainly understands the pressures that can be involved in divorce cases. Family law issues, especially those involving kids or significant assets, can be very hard to work through.

Litigation over a job-related traffic crash

Motor vehicle wrecks happen in many different types of situations, whether someone is on a road trip or picking their child up from school. Some accidents, however, take place while a person is working. While truck drivers, taxi drivers and other people whose job responsibilities are centered around driving may face an especially high chance of being involved in a job-related accident, other types of workers may become involved in a traffic crash as well. Moreover, these accidents may lead to litigation.

Even someone who rarely drives while on the job may be hit by a reckless driver or involved in a collision due to vehicle-related problems, working excessive hours and suffering from fatigue or some other factor. In certain instances, a car accident victim may blame their employer for the accident and decide to take legal action. This can be incredibly overwhelming for all parties involved and the outcome of litigation may have a significant impact on a business' future. Litigation involving employees should always be taken seriously and this is especially true for employees who have been hurt at work or passed away in a job-related accident.

Finding a new trustee

We have covered many aspects of estate planning and the probate process on this blog, from naming a trustee to the benefits of a trust (such as avoiding court) and probate disputes. However, there are many other issues that may arise with respect to trusts. For example, you may need to find a new trustee. There are a number of reasons why people decide to change the trustee, but it is important to understand the unique details related to the trust in question and move forward accordingly. For example, the approach varies depending on whether the trust is revocable or irrevocable, for example.

With revocable trusts, grantors may decide to revoke their trust and set up a new trust with another person appointed as trustee. On the other hand, irrevocable trusts can be more complicated, but you may be able to remove the trustee of an irrevocable trust. For example, if all beneficiaries and the grantor are in agreement, the modification of an irrevocable trust may move forward. However, it is essential to bear in mind that there are many unique details which apply to each situation, such as state laws, the ability of grantors and beneficiaries to cooperate and come to an agreement, and other factors.

High-asset divorce and your estate plan

Bringing a marriage to an end can be very tough, regardless of a couple's financial circumstances, whether or not they have children, or any other factor. However, it can be particularly challenging for certain people, such as those with a high net worth. If you are in the early stages of a high-asset divorce or have already split up with your spouse, you may need to take a number of factors into consideration, especially those which are financial in nature. Aside from parenting issues, property division, spousal support, and child support, you may also need to focus on how your divorce has affected your estate and go over your estate plan.

There are a number of considerations that may affect you, such as a prenuptial agreement or the type of estate plan that you have. While anyone may feel overwhelmed or stressed out about going over their estate plan following a divorce, this can be particularly true for those with a significant amount of assets. Because of the stress associated with divorce, you may find it helpful to carefully review these matters and give yourself a better idea of what may lie ahead. By reviewing both divorce laws and your different options with respect to your estate, you may have more confidence and less anxiety as you move forward.

Our law office knows that each person's situation is unique, so it is important for you to take an individualized approach to your divorce as well as your estate plan. Please feel free to contact any of our attorneys assisting with Family Law or Estate Planning matters to discuss these issues fully.

Buechner Haffer Meyers & Koenig Co., LPA

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Cincinnati, OH 45202

Phone: 513-401-8759
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