More Common Estate Planning Errors to Avoid
Not Realizing There Is a Delay in the Distribution of Assets You might believe your loved ones will receive your assets almost immediately after you pass, but this is never the case if probate is involved. In most cases, at least nine to 12 months before your assets can go to their rightful new owner. Let’s say you owned a property your kids want to sell to help with their expenses. They could petition to sell the property before nine months have passed, but they wouldn’t be able to distribute the money to the heirs until after they reach the distribution of assets stage during estate administration.
On page two, we discussed a couple of the most common estate planning errors we see at our office. But those are only a few mistakes that plague people’s estate planning efforts. Below, we’ll share a few more to keep in mind. These are all incredibly important, and failing to fix these errors can make things harder for your loved ones in the future. Failing to Understand the Expenses Associated With Transferring Assets One of the biggest estate planning mistakes we regularly see is people deeding their house to their kids. They think this is the best way to ensure the home stays in the family, but they fail to realize how much their children may need to pay in taxes and other fees. Let’s say you have a home worth around $150,000, some money in the bank, and a vehicle you plan on passing to your kids after you pass away. With everything totaled up, your estate would be valued at over $250,000. You would be looking at over $9,000 of probate expenses and registration that you could have avoided entirely if you had built your estate plan properly. Now, consider that most people in Ohio have homes worth well over $250,000. Those fees would be even higher. Putting these significant assets into a living trust is much better for keeping them in the family and helping your heirs avoid paying obscenely high fees.
TAKE A BREAK
Korean Steak Slaw
INGREDIENTS • 2 tbsp gochujang or sriracha hot sauce • 2 tbsp soy sauce • 3 tbsp sesame oil, divided • 2 sirloin steaks, about 1 lb total
DIRECTIONS
1. In a large bowl, mix gochujang, soy sauce, and 2 tbsp sesame oil. Set aside 1 tbsp of mixture to use for dressing. Place steaks in bowl with the remaining marinade and coat. 2. Julienne radish and carrot into strips. Shred red cabbage and slice 3 green onions. Mix the reserved marinade with the remaining sesame oil and rice vinegar, then toss with vegetables in a large bowl to coat. 3. Heat a frying pan until very hot. Fry steaks for 2 minutes on each side for medium rare, brushing with the marinade as they cook. Set aside to rest for 5 minutes, then slice into thin strips. Slice the remaining green onions and add to the slaw. 4. Serve sliced steak over the slaw and sprinkle with toasted sesame seeds.
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1 daikon radish 1 large carrot 1/2 red cabbage 5 green onions, divided
CARDINAL COCOA FROSTY GARLAND
GENEROSITY MENORAH MITTENS PEPPERMINT
PINECONES SNUGGLE UNITY YULE
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2 tbsp rice vinegar
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2 tsp sesame seeds, toasted
3 740-314-4829
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