Wood + Lamping - Estate Planning / Elder Law
Mark Reckman has been with Wood + Lamping since 1979 and has served as the head of the Real Estate and Probate Practice Areas as well as managing partner of the firm. Currently, Mark’s practice spans Medicaid, estate planning, probate, real estate, and small business. Mark is a founding member of TriState Care Partners, which is a referral network of Cincinnati health care providers dedicated to enabling seniors to age in the place they call home. Since 2006, Mark has been selected annually for inclusion in Ohio Super Lawyers®. Mark was recently selected by his peers for inclusion in The Best Lawyers in America© 2014. He has been named one of Cincinnati's "Leading Lawyers" by Cincinnati Magazine annually since 2007. Mark was also a member of Class XI of Leadership Cincinnati. In 2017, Mark received an award from the PLAN Southwest Ohio committee. PLAN is a non-profit whose mission is to serve those with serious disabilities. Mark has been involved in their initiative since their inception. Mark appears biweekly on the 55KRC radio show Simply Money and enjoys travel, tennis, and scuba diving.
Episodes
I. What is the Death Tax?
· There has been a lot of talk this week about the Trump Tax Bill, what is in it, what’s included, and in my practice this always conjures up talk about the death tax or the estate tax.
· The estate tax is a tax assessed on the total value of your assets which transfer at death to heirs or beneficiaries.
· As of 2025, the estate tax only appli...
After you pass away all the property that you own and the debts that you have must be administered through a public court process called probate. ·
The word probate actually comes from the Latin word, as us lawyers always have to use Latin phrases, “to prove.” ·
You see, for the title to your property (whether that is r...
AARP writes on this subject all the time. But they make it clear that online
Wills are only for the most basic circumstances.
So, if you have a small estate and want to leave everything to your spouse
and then to your kids, an online Will works – IF you fill it out and execute it
correctly.
But, what kinds of issues make online Wills risky?
A. Minor children
B. Sec...
I. Most Wills are general in nature. The same is true of Trusts. Many clients are surprised by this. They expect a Will to list certain assets to go to certain people – at least the big things.
II. There are two kinds of gifts:
a. Specific bequests
b. Residual bequests.
III. Specific bequests come in two types:
a. The bequest of specific assets such as a house, sto...
Clients ask me all the time how much detail should go into their Wills.
They are usually referring to their “stuff” – their personal possession such
as furniture, art, household goods, car, etc. Well, the answer is that we
don’t usually itemize those things in your Will – except for those rare
pieces. This is for a whole lot of practical reasons and tax reasons. That
often is not enough for folks...
over 85 have dementia. This is expected to rise to 14 million people by 2050.
Profile of Potential Target:.
1. Dementia symptoms
2. Easily influenced by others
3. Lives alone (isolated)
4. Lonely
5. Recent loss of family member
Forms of Abuse:
- 1. Forging checks or forcing victim to sign checks
- 2. Forcing victim to sign a deed, will, trust or POA
- 3. Stealin...
Each year about this time, we pause to talk about the upcoming Holiday season.
This season is about family and friends. It’s also about recognizing others and giving
thanks for what we have. And it is a time to think about folks who are less fortunate.
That brings us to today’s topic: GIFTING.
Broadly, there are two types of Gifts:
1. Gifts to individuals (usually family); and
2. Gifts to charity.
A. Gifts to Individua...
A. Broad Duties of an Executor:
1. Follow instructions in a Last Will and Testament.
2. Hire professionals.
3. Work with family.
4. Pay taxes and bills.
5. Distribute assets.
B. Specific Duties of an Executor:
1. Find the Will and Review its contents
a) Locate and review the Will with a lawyer. ...
Once you have created an estate plan, it is important to keep it up to date. You will need to revisit your plan after certain key life events, including marriage, the birth of children, divorce or the death of a spouse, and a significant increase or decrease in assets. Here’s why.
Marriage.
Whether it is your first or a late marriage, you will need to update your estate plan after you g...
ELDER LAW ATTORNEYS ARE OFTEN CALLED UPON TO DETERMINE IF A CLIENT HAS THE LEGAL CAPACITY TO SIGN CERTAIN DOCUMENTS. HOW DO THEY MAKE THAT CALL? WELL, THE TESTS ARE DIFFERENT FOR DIFFERENT THINGS. WHEN CONFRONTED BY THE PROSPECTS OF A GUARDIANSHIP, THE TEST IS IN THE STATUTE:
CAN A PERSON MANAGE HIS/HER AFFAIRS OR THE AFFAIRS OF A DEPENDE...
Parents of disabled children are often encouraged to consider a guardianship by a number of sources – school counselors, case managers, medical advisors, etc. The truth is that guardianships are not always needed.
I. What is a Guardianship? It is a court proceeding in which you ask the court to declare your child to be incompetent. A guardian takes over. Yo...
In a normal year, Americans rack up about 3 trillion frequent flyer miles. The average is about $622 per household per year. And travel experts are predicting that travel this year will exceed all previous years. What happens to those frequent flyer miles when we die?
Many airlines allow you to give your miles to your heirs – so do many hotel reward programs. There is often a fee - $50 - $...
Well, while they both address medical costs, they are not a package and they are very different.
Back in the 1960s, when JFK was assassinated, he was succeeded by his VP – a Texan named Lynden Johnson. Johnson’s goal was to expand the social “safety net”. He called his program “The Great Society”.
The Great Society had three m...
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