Businesses and individuals often want to buy or sell something over time. There are four items to consider when entering into a sale or purchase “over time.” First, if the sale includes a house or land with a house, it may be referred to as a “land contract,” which requires numerous legal requirements. Second, if the subject of the purchase is real estate that isn’t a house, the buyer and seller can agree to almost any terms they want. Third, if the subject of the purchase isn’t real estate, and it’s personal property, the buyer and seller can be flexible in terms as long as the personal property isn’t a retail item. Finally, every installment sale should be reviewed by the buyer and seller’s tax advisers.
When the time arises to make a decision about long-term healthcare, three steps should be taken. First, be sure that the family member facing care has an updated power of attorney and living will. Second, develop a financial plan with an attorney. Finally, work closely with the attorney regarding bills and asset transfers.
Ohio has several laws to govern pedestrian traffic, and many communities have their own additional laws and ordinances as well. Pedestrians must obey all pedestrian traffic-control signals. Sometimes people can become confused over how to handle pedestrians at intersections with stopped vehicular traffic.
When reading about trusts, it makes sense to replace “trust” with “rulebook.” The trustee of a rulebook is the manager of assets that have been made subject to the rules in the trust. The owner of the assets subject to the rules in the trust is called the beneficiary. Trusts can have multiple beneficiaries or successor beneficiaries. For most trusts, there is no rule that the trustee and beneficiary must be different people.
Some people may avoid helping others with the concern that they may make the situation worse. For this reason, the law often includes “good Samaritan” protections to people who are trying to help others. Ohio law is general and comprehensive when it comes to help during emergencies and disasters.
Sometimes we wonder how far something can legally be stretched. When forming an LLC, some may wonder if there’s any way to protect assets from being used to satisfy legal responsibilities related to an accident or misdeed.
Legal protections, like a tape measure, include limits on how far they can be stretched.
While it’s difficult to warn against overpreparing, the issue with super-detailed planning is that any slight change in the situation can make the plan obsolete. The need to plan for our future should be balanced with the recognition that the future will be different from the present.
When someone is hired to do a job that they’re not qualified to perform, the result can be disappointing. There can be recovery, though, in many instances in which shoddy goods or services were provided.
Hiring the right professional from the start will ultimately save both time and money rather than getting stuck with cleaning up the mess from a poorly done job.
Limitations to the use of property fall into four, broad categories: neighbors, zoning, development and contracts.
First, we owe our neighbors certain duties. Second, many parts of Ohio are zoned. Third, development restrictions are similar to neighbor-respect restrictions. Finally, prior owners or we ourselves may have agreed to restrictions on the use of our property.
It’s difficult to watch parents lose their mental strength. Often, the loss of capacity to make decisions happens over time rather than overnight. Many parents will have good days and bad days.
A good day is an opportunity to have a loved one sign powers of attorney if that paperwork isn’t already in place.