Ohio has been on the cutting edge of asset protection trust legislation since enacting its Ohio asset protection trust code in 2013.

Chapter 5816 of the Ohio Revised Code sets forth the rules and regulations for Ohio Legacy Trusts.  Ohio Legacy Trusts are sometimes referred to OLTs.  Ohio Legacy Trusts are a form of Asset Protection Trusts. Specifically, Domestic Asset Protection Trusts (DAPT). (more…)

As a Cleveland business attorney and corporate counsel in the Cleveland, Ohio area, with my main office in Hudson, Ohio, one of the common questions I get from new Cleveland business law clients who need to prepare a Buy/Sell Agreement is, “what should I consider before we design my succession plan and Buy/Sell Agreement.”  There are many parts to a Buy/Sell Agreement and all related succession planning documents, and it can get very complex.  As Cleveland business attorney and corporate counsel, I always appreciate it when my clients are prepared.  To help make the process as efficient as possible, please review and complete the following corporate buy/sell questionnaire prior to our first meeting. (more…)

One of the most common questions we get from new clients who have been named as a Trustee of a Trust, is “what exactly do I need to do to stay in compliance with the terms of the Trust?  Is there a checklist?”  Well, now there is!

For the benefit of our Trustee clients, to answer the question of “what do Trustees need to do?” we have compiled the following checklist and outline for the Trustee to follow: (more…)

On February 23, 2017 Eric Valente of Valente Law co-hosted an estate planning and financial planning event with financial adviser David Trende of Wealth Design Partners, LLC.  Here is a slideshow and a link to the handout materials that were available for the guests.  If you want more information on wills, trusts and estate planning, take a look at our Great Information on Wills, Trusts and Estate Planning. Valente Law hosts events like this quite often, so if you would like to attend a future estate planning and financial planning event, please call or email us today so that we can invite you to our next event!

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Just THINKING about your estate plan is not enough!  We know first hand how easy it is to put off your estate plan, and we are an estate planning law firm that is here to make things easy on you.  First, take a look at our Information on Wills, Trusts and Estate Planning.  Then, contact us to get started on your estate plan (more…)

Trusts are governed by the Ohio Revised Code Title 58, which you can read here: ORC Title 58 – Ohio Trust Code.

Here are the basics on trusts: (more…)

The Federal Estate tax exemption went up to 5.49 million in 2017 from 5.45 million in 2016.  That’s nearly 11 million for a married couple.  If you are one of the few American’s that is in the estate tax range, call Valente Law today to help save money by avoiding estate taxes.  Estate tax is 40% rate on every dollar above 5.49 million, but with proper estate tax planning, we can almost always help you minimize the estate tax and in a lot of cases, we can totally avoid estate tax altogether.

The 2017 Gift Tax exemption is still stuck at $14,000, (more…)

Valente Law counsels clients in the Cleveland and Akron areas who have recently inherited assets or been asked to manage their parents’ assets.  Whether you are getting an inheritance as an heir or will be acting as the successor trustee for a parent that has passed away, Valente Law can help you navigate the technical, legal issues in working with the next generation of heirs by: (more…)

New clients always ask, “what should I think about before our first estate planning meeting” and I always answer by sending this questionnaire. In addition to the below questionnaire take a look at our comprehensive Will, Trust and Estate Planning Lawyer Page.

What follows is my standard estate planning questionnaire that I use for my estate planning clients in Cleveland, Ohio and Akron, Ohio.  As an estate planning attorney, I always appreciate when a client comes prepared and knows what to think about.  Please call Valente Law at (330) 665-5000 to discuss your estate plan!  We offer free initial consultations, so it really is a no lose situation!

Here is a link to the estate planning questionnaire in its entirety with proper formatting:

Estate Planning Questionnaire – Valente Law, LLC – 2017 Update

And here is the estate planning questionnaire in text form: (more…)

There are many types of trusts which are designed to serve many purposes.  Every trust has very unique, specific rules and benefits and each should be carefully reviewed.  In very general terms, some of the most common trusts include the following.

Living trusts are created by the grantor during the grantor’s lifetime. (more…)