Cincinnati Full-Service Law Blog

The importance of business succession planning

As a business owner, you're already beginning to think about what life looks like for the company when you are no longer there. Maybe you're simply planning to retire and step away from the company. Maybe you want a plan in place in case you unexpectedly pass away.

Either way, it is important to have a good business succession plan set up. Let's break down some of the benefits.

Planning ahead is important during gray divorce

Making a major life change on a whim is rarely a good idea. Ohio residents may find it more beneficial to consider the pros and cons and possible ramifications of their actions before simply deciding to change course. In particular, individuals considering gray divorce may want to ensure that they prepare for their future.

Ending a marriage later in life can have its complications, which is why it is wise to plan ahead. Individuals may want to ensure that they have expectations for the future and goals that they want to achieve during the legal process. They may also want to consider the various ways they could divorce and determine whether litigation is a necessity or if an alternative dispute resolution method could work for them. In either case, having information and knowing what to expect could make a considerable difference.

Car accident kills 2 after driver over-corrects

It can be difficult to keep a vehicle under control in certain conditions. Unfortunately, if a driver tries to correct the uncontrollable movements of a car, over-correction could occur, and a car accident could take place. Even a seemingly minor over-correction could have fatal outcomes.

It was recently reported that an accident in Ohio claimed the lives of two individuals. Apparently, neither individual was wearing a seat belt when the single-car accident took place. Reports indicated that the man driving the SUV apparently over-corrected, which caused the vehicle to leave the roadway and strike a guardrail before going airborne. It then hit an embankment and overturned. Both the driver and a passenger were ejected from the vehicle during the incident.

Where a parent lives after divorce could influence child custody

A person's living arrangements can have a considerable impact on his or her life. If individuals live in areas with high crime rates or other negative aspects, it could affect their well-being. Even the size of a person's home could have such effects, which is why courts consider where a parent lives when deciding child custody matters during divorce.

If an Ohio parent lives in an area that does have a high crime rate, has sex offenders in the area or has had a number of homicides, it may not look good to a judge. As a result, it is possible that the court will limit overnight visits for children whose parent lives in such an area. After all, the court has the obligation of keeping the children's best interests in mind, and if an area is unsafe, the judge will likely not consider it good for the kids.

Trusts can be helpful planning tools when used correctly

Getting started on an estate plan is not always an easy step to take. After all, a lot of information is often needed, and some Ohio residents may worry that they will make mistakes that leave them regretting their decisions. Fortunately, with the right help, individuals can create comprehensive plans using trusts and other tools.

It is possible for mistakes to be made when creating an estate plan, which is why it is typically best not to go at it alone. For example, some people may think that creating a trust to gift assets to is the right move to take advantage of their gift tax exemption. However, many people may not create the right type of trust, which can leave them without access to the assets used to fund the trust. This mistake could be avoided by going over the various types of trust and finding the best way to move assets.

How do the courts decide who gets what in an Ohio divorce?

One of the biggest uncertainties that come with a divorce is not knowing how the courts will handle your personal assets. Not knowing if you could walk away from your marriage with very little can leave you feeling like you don't have many options. Also, inaccurate expectations about asset division can lead people to waste a lot of their energy on something unlikely to happen.

There is a lot of misinformation floating around out there about what happens in Ohio divorce proceedings. Some people make exaggerated claims about the outcome of their divorce that distort reality, while other people repeat horror stories that may never have had a basis in reality to begin with. Everyone's heard a story of someone who lost everything in a divorce, but always remember that those stories usually come with a heavy helping of bias or fantasy.

Ready to turn business dreams into a reality?

Becoming an entrepreneur is not an easy path to take. As a result, many people may put off dreams of starting their own business or may even forgo the dream altogether. However, some Ohio residents may feel that the time has come to prepare and do their best to make their business dreams a reality.

When it comes to starting a business, having a good idea is vital. Even if parties think they have a good idea, they need to evaluate it from all angles. This evaluation may result in their finding that certain parts of their idea will not work or that they need to flesh out particular aspects better. If parties find that their idea will not be as successful as they once thought, it does not have to be the end of the road. The process may allow them to see where they can improve and take a different direction.

Car accident caused by illegal passing causes fatality, injuries

Head-on collisions can easily cause serious injuries to those involved. In many cases, such crashes can prove fatal. It is not unusual for this type of car accident to occur when a driver attempts to pass another vehicle in an unsafe or illegal passing area.

It was recently reported that a dangerous passing maneuver led to an accident in Ohio. A 30-year-old man driving a car attempted to pass a minivan while heading west. In order to pass, the man crossed over a double yellow line at the top of a hill, which resulted in the man's car colliding head-on with a vehicle traveling east. The man's vehicle then hit the minivan, which left the roadway and came to a stop in a ditch. After the initial accident, another vehicle heading west struck the man's car.

Giving trusts their due consideration as a planning tool is wise

Getting starting on an estate plan can seem difficult enough for some people. When it comes to deciding exactly what tools to use in their plans, they may easily feel overwhelmed. As a result, numerous Ohio residents may think that they can create a will and be covered, and they may not even consider creating trusts.

Not even thinking about trusts can be detrimental to many people who want to have thorough estate plans. This planning option can help individuals protect assets from creditor claims, make their wishes known for how the assets should be managed later, help parties avoid probate and have a number of other benefits. If individuals do not even consider trusts, they may miss out on these and other useful aspects of this tool.

Divorce may cause anxiety, behavior changes in kids

It is not unusual for people to hope that they will have a happily ever after. For some Ohio residents, it may seem as if their marriage will not lead to that happy ending they had envisioned. Of course, being married is not the only source of happiness in life, and individuals may find that divorce could help them regain some happiness that they had lost. However, they may worry about whether their children will be able to do the same.

It is understandable to worry about how children will handle their parents' split. Ending a marriage can create a great deal of change for everyone involved, and children may feel anxious about what the future will hold. Parents can help combat this anxiety by explaining to the children what their living arrangements will be like, what the new routine will be and when they will spend time with each parent.

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