Estate Planning News: October 2015
     
  
Plan. Preserve. Protect.
A Quarterly Compilation of Important Estate Planning News
In This Issue
Quick Links
R & R
A "Just For Fun" Column
For each quarterly newsletter, a member of our staff will share a recent trip, experience, restaurant, movie, etc., that provided them with some much needed Rest and Relaxation. We hope that this column gives you something enjoyable to read in addition to our extremely important, yet sometimes not always "fun", Estate Planning News. 

A Little R&R:
Hosting a Row Dinner

A couple of weeks ago, my husband and I hosted a row dinner for some members of The Ohio State University Marching Band. A row dinner is a dinner for a certain "row" in the band and in our case it was for Q row, of which our son is an assistant squad leader. Every Friday evening during the week of an OSU home football game, rows in the band are invited to dinner.  Typically, the hosts are parents of a current band member or alumni, but sometimes the hosts are just people who love the band and want to treat them to dinner. The 14 members of Q row arrived at our house after a long Friday band rehearsal and were starving. This particular Friday was wrought with storms resulting in area power outages and road closings.  Luckily our power did not go out because I am uncertain how we would have managed without electricity. Downed power lines and trees blocked roads near our home but they finally made it. 

 
They arrived to a full spread of hors d'oeuvres a nd dinner coming out of the oven. It made us smile to hear how appreciative they were for a hot, home-cooked meal.  After dinner everyone piled into the living room to relax and enjoy each other's company. The evening was full of laughter and telling stories. It was a perfect time to visit with our son, catch up with those we knew from Q row last year, and also meet the new Q row members. 
 
Before they left, we gave each one a plate of goodies to take with them. We had made buckeyes (of course) and sugar cookies in the shapes of trombones, the letter "Q", musical notes, footballs and, my personal favorite, little marching band members with white cross belts and gloves.  They were almost too cute to eat - almost.  I learned never to get between a hungry band member and a plate of food or a plate of cookies. Almost all of the food was eaten, the power stayed on, and everyone had a fun evening.  I would say it was a successful row dinner, for sure.



 
R&R by: Linda M. DiCocco
  Dear Friend of Resch and Root,

Welcome to our last quarterly eNewsletter of the year. In this issue we will take a look at what some of the pitfalls of "do-it-yourself" estate planning can be. What you think may be saving yourself time and money,  could end up costing you and your heirs much more in the long run with the unintended results.

Now that fall is officially in full swing, so is football season and we find ourselves cheering on Ohio State every Saturday. In the R&R column, we'll learn about a fun OSU Marching Band tradition that takes place during the week of every home game. 
 
As always, feel free to share with us any ideas you may have on upcoming eNewsletter issues or questions regarding topics that were discussed.
 
Regards,
F. David Resch  
William K. Root
The Pitfalls of "Do-It-Yourself" Estate Planning
 
Proper estate planning enables you to maintain control over your affairs and to protect your estate for yourself and your loved ones, and allow you to make distributions of your assets to your heirs in accordance with your wishes.  Your Will must be valid in the jurisdiction where your property is located or it will not be recognized by the courts.  It is also mandatory that your assets be properly titled to avoid unintended consequences when they are distributed to your heirs at death.   
 
Larry, who lived in Virginia, did not sign or have witnesses sign his handwritten Will.  His "holographic" will was valid under the laws of Virginia at the time.  However, Larry owned property in Ohio and the laws of Ohio controlled the property dispositions at his death.  Ohio does not recognize unsigned, unwitnessed holographic wills.  As a result, under Ohio law, Larry died "intestate" (without a will).  Ohio law controlled the distribution of Larry's Ohio property at his death.  The beneficiaries of his holographic Will created in Virginia did not receive Larry's Ohio property as he intended.
 
John and Mary, a married couple, seeking the least expensive way to create a will, used an online "fill-in-the-blanks" type will.  Though John and Mary wanted the survivor of them to inherit all of their assets, neither John nor Mary realized that due to a misreading or misunderstanding of the form, they had inadvertently disinherited each other when they signed their Wills created online. At Mary's death, John inherited nothing and all assets were directed to their children according to the instructions they inadvertently included in their Wills. 
 
George was an elderly man who asked his daughter, Lisa for help paying bills and writing checks.  For convenience, he titled his bank account in his name and Lisa's name as joint tenants with right of survivorship.  George also drafted a new Will in which he bequeathed all of his assets to his three children equally.  When George died, his most valuable asset, his account with Lisa, was distributed to her because his Will did not control the joint account.  Lisa's brothers were inadvertently disinherited due to George's use of a joint account with right of survivorship with his daughter.
 
All of these unintended consequences can be eliminated with a properly funded revocable trust plan.  Assets will not be subject to probate, and will be distributed to your loved ones in accordance with your wishes.

Programs

The attorneys of Resch and Root speak often to different organizations and parent groups on many different estate planning topics including but not limited to: 
  • Special Need Planning, where we discuss special needs trusts, guardianships, or alternatives to guardianship. 
  • Business Succession, where we focus on the estate planning strategies required to transfer business assets from one generation to another.
  • Proper Life and Estate Planning, where we explore the the common mistakes individuals make in planning and how you can avoid them.
During the school year, you will also find us attending transition/resource fairs throughout several Central Ohio school districts. Please don't hesitate to stop by our booth if you are ever in attendance, we'd love the opportunity to speak with you.  If you know of an organization or parent group that would be interested in having one of our attorneys come out and speak with them, please contact Meghan Weaver at mweaver@resch-root.com

 

Upcoming Events

October 20, 2015: 
Ohio CSEA Conference, Embassy Suites Columbus-Dublin

October 21, 2015: 
Transition Night Resource Fair, Hilliard Darby High School

October 27, 2015: 
South-Western City Schools Resource Fair, 4750 Big Run South Road, Grove City

November 3, 2015: 
Business Succession Continuing Education Seminar, The Conference Center at OCLC 

November 19, 2015: 
Dublin City Schools Parent Network & Discussion Series, 
Dublin Coffman High School Lecture Hall 
                 
If you have any questions regarding these events, please contact  Meghan Weaver at mweaver@resch-root.com
 

 

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 About Resch and Root, LLC

With over seventy years of combined experience, we have learned to listen. 
We are attorneys and counselors at law specializing in estate planning and tax minimization.

 

Upon learning and understanding your needs, we craft solutions that accomplish your family's personal and financial planning goals. With our insights, knowledge and understanding, our experienced attorneys and staff will guide you through what for many can be a sensitive process. Our comfortable environment allows you to feel at ease while discussing these important decisions. Invite us to take care of your family while preserving your legacy. At Resch and Root, we are committed to providing you with the best gift of all. Peace of mind.