Preparing for business succession can be a difficult task to begin and implement. But intentional business succession planning and preparation typically results in very positive results.
There are four major pieces of Ohio real estate taxes that can help clarify the numbers on a real estate tax bill. Real estate tax calculations are like a long algebraic equation.
First, each parcel of land is appraised. Second, the value for agricultural parcels will have its values adjusted each year. Third, the value is multiplied by 35 percent. Finally, there are certain credits that decrease the final tax bill on some parcels.
According to Gary Chapman, everyone has a dominant method of giving and receiving love. The five methods are gifts, time, words, service and touch.
This thesis can also be applied to business, especially when it comes to family businesses being passed down. A classic example of this is farm succession planning.
Many people in our area dream of buying land and building a new house in the country. But many people don’t realize how difficult it actually is to make this dream a reality.
First, you need to find a landowner willing to sell land for a house. It needs to be confirmed that the acreage from the lot can legally be divided.
Next the buyer needs to purchase a soil analysis. Then the contractor may increase the minimum of the acreage needed depending upon the layout and design of the home and its placement.
The idea of facing being relocated to a nursing home or other long-term care facility can be very daunting. Recently it was reported that a woman shot and killed her son because he was planning to move his mother to an assisted living facility.
This can be a difficult situation, and it’s important to remember that the reality of facing relocation is not a decision made by family. Rather, circumstances such as age, life experience and medical need are forced upon families.
Many people will be displaying American flags this week for Independence Day, and there are a series of federal laws that govern how to properly display the flag.
The series of federal laws was initially passed in 1942, and the series is commonly referred to as the “Flag Code.”
Most of the Flag Code has not been enforced, so it’s similar to a handbook on flag etiquette. However, some aspects of the Flag Code have been enforced.
When it comes to real estate and its history of ownership, there’s no such thing as “new” documents. So the best that can be done with real estate documents and files is “good as new.” So the best we can do is file updated documents.
Attorneys use multiple tools to try to clean up real estate documents and files.
Recently, golf carts have become more popular on our city and village streets in Ohio. Operation of golf carts on Ohio streets are subject to unique rules.
Under-speed vehicles like golf carts can use public Ohio roads in certain circumstances, depending upon the location, the condition of the golf cart and the golf cart’s registration.
Ohio is on the brink of joining 33 other states that have abolished the doctrine of dower. Traditionally, married women were not allowed to own property separately from their husbands. So all real estate owned by the family was controlled by and titled in the name of the husband.
The need for dower in today’s society has passed, and abolishing it will simplify the law and save Ohioans significant time and money.
Everyone should evaluate their estate plans in two different ways: All documents should be read and analyzed both together and separately.
It’s important to know that estate planning documents will get the job done both together and separately, which is why it’s important to analyze them through several different lenses.