Hesch Law Cincinnati

Author: heschlawadmin

  • 3 Reasons Online Estate Planning Can Devastate Your Family

    The Top 3 Reasons How Online Estate Planning Documents Can Devastate Your Family and Leave Them in Financial Ruin

    With the help of Google, Youtube, and other search engines, the internet has turned us into a “do-it-yourself” society, where everyone can learn how to change their oil, self-diagnose their medical condition, or do their own legal work. The internet can be an amazing resource if you’re trying to save money. However, using the internet to save money may not be wise for more advanced tasks, including estate planning.

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  • What Should You Do When a Loved One Passes Away

    If you are dealing with the death of a loved one, it can be a very difficult time for you and your family. Not only can it be difficult for you to mourn the loss, but you may also be unsure of the steps you need to take in the days and weeks following the death. This article can help identify what steps you should take following the death of a loved one.

    One important thing to remember is that you should not try to do everything by yourself. When people ask what they can do to help, take advantage of their offer. Therefore, the first thing you should do is contact the immediate family.

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  • Become A Better Business Owner Pt.2-More Tips!

    How To Become a Better Business Owner: MORE Tips from a Successful Entrepreneur

    Business owners need to properly plan for a large number of roadblocks that will challenge the success of their business. Bill Hesch is a successful entrepreneur with over 22 years of experience managing his law firm and CPA firm in the Cincinnati and Northern Kentucky area. Bill is uniquely experienced to consult with his CPA and law firm clients who are business owners regarding their legal, tax, and financial problems and concerns.

    Last month, Bill provided five tips that every business owner can use to become a better business owner. Here are five more tips to help you achieve that goal:

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  • Family Vacation Planning-Add an Estate Plan to Your To-Do List

    If you are going on a family vacation this summer, you probably have a to-do list that needs to be completed before you leave. Your list might include: packing your bags, confirming hotel rooms, and paying a friend to watch your house and water your plants. However, there is one task that is arguably more important than all the others, and it is typically the most overlooked. That task is to review and update your estate plan with your CPA, estate planning attorney, and financial advisor.

    If you listen to the radio or watch the news, you know that traffic accidents occur every day in the Cincinnati and Northern Kentucky area and often someone dies or is seriously injured.

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  • How to Become a Better Business Owner

    Business owners need to properly plan for a large number of roadblocks that will challenge the success of their business. Bill Hesch is a successful entrepreneur with over 22 years of experience managing his law firm and CPA firm in the Cincinnati and Northern Kentucky area. Bill is uniquely experienced to consult with his CPA and law firm clients who are business owners regarding their legal, tax, and financial problems and concerns.

    Here are a few tips from Bill that every business owner can use to become a better business owner:

    1. The main reason most business owners do not succeed is because the business plan is flawed and not enough capital is raised to get the business to its breakeven point.

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  • Cutting Corners to Save Money-Forming Your Business

    When it comes to starting your own business, you don’t want to cut corners to save money. Some business owners choose not to work with an attorney because they believe that their business model is too simple to require legal counsel or that the up-front costs of an attorney are too expensive. However, even if you have a very simple business plan, there are numerous legal issues you still need to address with your business and tax attorney. If you choose not to work with an attorney, these legal issues can potentially become major problems for the success of your business. Here are three legal issues you should discuss with an attorney before forming your business.

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  • 2015 Federal Gift & Estate Tax Rates | Estate Planning

    Each year, the IRS adjusts the limits for the amount of tax-free annual and lifetime gifts an individual can make. The Federal estate tax lifetime exemption is the amount an individual can leave to his or her heirs without having to pay Federal estate tax. The annual gift tax exclusion is the amount an individual can gift each year to another individual without using up their lifetime exemption. Beginning January 2015, the IRS has adjusted for inflation the federal estate tax lifetime exemption amount. The exemption amount has increased from $5.34 million to $5.43 million. The combined lifetime exemption amount has also increased for married couples, rising from $10.68 million to $10.86 million. With the Federal estate tax rate at 40%, it becomes critical to plan to avoid estate taxes if you are an individual with higher wealth exceeding the lifetime exemption.

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  • ABLE Accounts as an Estate Planning Tool for Special Needs Children

    Did you know that if you die without proper planning, the assets your special needs child inherits may make the child ineligible for government assistance? Estate planning is important for everyone, especially when disabled children are involved. Traditionally, attorneys use an estate planning tool called a special needs trust. The special needs trust is used to pay for expenses that are not covered by government benefits. Upon the death of the parents, the assets inherited by the special needs child are protected from being used up for the child’s basic needs paid by government programs. Today, there are additional tools attorneys can use, including ABLE accounts. But are ABLE accounts right for you?

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  • Back to Basics: Ohio and Kentucky Medicaid

    With a record number of people above retirement age in the United States, many children are now facing the challenge of deciding long-term care and medical options for their parents. A large part of the process is dealing with Medicare and Medicaid. However, most people do not truly understand what Medicaid is or how the program works. This article reviews the basics of Medicaid and how it may affect your planning process.

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  • Probate Attorney

    Probate 101: All You Need to Know

    Whether you’re sitting on a fortune or only possess a few family heirlooms worth more sentimental value than cash, your estate will go through probate after you die. With the help of a good probate attorney, your assets are protected and your possessions end up where you want them to be. Without a basic understanding of the probate process, it’s tough to understand exactly where your money and belongings will go after you die.

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