When Lee’s grandmother recently passed away, one of the greatest gifts she gave her family (in Lee’s mind) were the loan documents from when his grandparents married and bought their farm. On these documents, the cosigner of the loan was Lee’s great grandmother; it’s common for parents to cosign their children’s loans, especially student loans. Borrowers, cosigners and guarantors are all equally responsible for the debt of the loan.
While the Federal Controlled Substances Act prohibits the production, possession and distribution throughout all of the United States of marijuana, some states have reduced or even eliminated state penalties relating to marijuana. When states decrease penalties in this manner, it’s referred to as “decriminalization.” Decriminalization typically means that society officially discourages this act, but that the penalties surrounding it are so small that the discouragement is minimal. “Legalization” removes all penalties surrounding an act, and decriminalization and legalization are different.
Often when people are facing challenges, they call their lawyer first. Advice and time from attorneys is often expensive, and Lee believes there are two other types of professionals to keep in mind before immediately contacting a lawyer when a situation gets difficult.
Business succession and estate planning are often difficult challenges as each situation is so unique to each family and business. To help clients, Lee has created two primary principles he’d like them to consider while they undertake business and estate planning.
First, Lee believes that mom and dad are always right. Second, he believes that family businesses can remain viable for generations while still treating non-business family members fairly.
Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be […]