Wood + Lamping - Mark Reckman - Estate Planning / Elder Law

Von: Joe Strecker Productions
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  • 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.
    Copyright Joe Strecker Productions
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  • Mark Reckman - Season of Giving

    Mark Reckman - Season of Giving
    Dec 18 2024
    SEASON OF GIVING

    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 Individuals

    1. Gifts can consist of anything – cash, stocks, bonds, real estate, jewels,
    cars, etc. Tax law treats all gifts the same way.
    2. Gifts can be made during your life (intervivos) or at your death
    (testamentary). Tax law treats both types the same way.
    3. Lifetime federal gift tax allowance for 2024 is roughly $13.6 million dollars
    per person ($27.2 million per couple). There is no longer a state gift tax in
    Ohio (since 2013).
    4. The annual exclusion amount for 2024 is $18,000 per recipient. Gifts
    under that amount are not reportable to the IRS and do not reduce your
    lifetime allowance. Next year, people are predicting that exclusion will go
    up to $19,000 per person, per year.

    5. Gifts are not taxable income to the recipient.
    6. Gifts and cost basis (“cost basis” is the price you paid to buy the
    investment):
    a) gifts made during life: the person receiving the gift assumes the cost
    basis of the person making the gift.
    b) gifts made at death: The cost basis of the gifted asset is “stepped up” at
    the date of death.

    B. Gifts to Charity.

    Charitable gifting dropped in 2022 – for only the 4th time in 40 years. It dropped
    by about 3.5%. Nationwide, gifts to charity were just under $500 billion in 2022 that
    rebounded to $557 billion in 2023.

    Gifts to charities pre-approved by the IRS can be deductible on your 1040 up to
    60% of your AGI, but, in many cases, 20%, 30%, or 50% limits can apply. Gifts to
    charities made at your death, are deductible on your estate tax return – without
    limitation.

    There are over 1.5 million “approved” charities. Most donations are made to
    religious charities. Education and human services are a distant second and third place.
    Fastest growing category is to Foundations.

    When making a testamentary gift, consider using qualified funds. This avoids
    both estate tax and income tax on that money.


    Consider this idea to build charitable giving into your family’s “culture.” When the
    kids/grandkids get a little older, put some portion of the money used to buy gifts into a
    “pot.” Everybody contributes. Then, convene a family meeting and make a joint
    decision to give it to a charity or list of charities. Not only does this “teach” charity to the
    next generation, it will give much greater meaning to the Holiday Season. It also
    reinforces family values. And, believe me, the kids in the family learn from this.
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    9 Min.
  • Mark Reckman - Understanding Executor Responsibilities

    Mark Reckman - Understanding Executor Responsibilities
    Nov 25 2024
    It’s not easy – it’s not hard – it’s somewhere in between. It’s making choices/decisions.

    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.
    b) Determine if probate is necessary.
    c) File the Will with Probate Court.
    d) Notify beneficiaries.
    2. Secure Assets:
    a) Insure valuables or property.
    b) Conduct an inventory and get an appraisal, if needed.

    c) Determine if there are any non-probate assets included in the estate (such as trusts). This is property that can be transferred outside of the Probate Court. Example: life insurance, TOD/POD assets, retirement accounts, joint and survivor assets.

    3. Manage Finances:
    a) Cancel credit cards, bills and subscriptions.
    b) Freeze accounts and terminate contracts.
    c) Inform banks, brokers, landlord, tenants, doctors/health care professionals, post office, Social Security Administration and employer/employees of the testator’s passing.
    d) Open estate account.
    e) Collect benefits or outstanding payments.
    f) Give notice to creditors and determine if claims are valid.
    g) Sell assets or property if necessary.
    h) Pay outstanding debts (including funeral costs).

    4. Close the Estate:
    a) File a final account with Probate Court and beneficiaries.
    b) Pay the attorney.
    c) Pay the executor.

    5. Disperse the Remaining Assets According to the Will:

    a) Protect all assets until they are ready to distribute.
    b) Donate to organizations or charities if called for.
    c) Deliver gifts to individuals named in the Will.
    d) Divide remaining estate among beneficiaries as specified in the Will.
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    10 Min.
  • Mark Reckman - When Should You Update Your Estate Plan?

    Mark Reckman - When Should You Update Your Estate Plan?
    Oct 2 2024
    When Should You Update Your Estate Plan?

    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 get married. A spouse does not automatically become your heir once you get married. In Ohio, without a Will, your spouse would get one-third to one-half of your probate assets. The rest will go to other relatives. You need a Will to spell out how much you wish your spouse to get. Your estate plan will get more complicated if your marriage is not your first. You and your new spouse need to figure out where each of you wants your assets to go when you die. If you have children from a previous marriage, this can be a difficult discussion. There is no guarantee that you

    leave your assets to your new spouse, he or she will provide for your children after you are gone. There are a number of options to ensure your children are provided for, including creating a trust for your children, making your children beneficiaries of life insurance policies, or giving your children joint ownership of property. Even if you don’t have children, there may be family heirlooms or mementos that you want to keep in your family.

    Minor Children.

    Once you have children, it is important to name a guardian for your children in your Will. If you don’t name someone to act as guardian, the court will choose the guardian. Because the court doesn’t know your kids like you do, the person they choose may not be ideal. In addition to naming a guardian, you may also want to set up a trust for your children so that your assets are set aside for your children when they get older. Similarly, when your children reach adulthood, you will want to update your plan to reflect the changes. They will no longer need a guardian, and they may not need a trust. You may even want your children to act as executors or hold a power of attorney.

    Divorce or Death of a Spouse.

    If you get divorced or your spouse dies, you will need to revisit your entire estate plan. It is likely that your spouse is named in some capacity in your estate plan – for example, as beneficiary, executor, or power of attorney. If you have a trust, you will need to make sure your spouse is no longer a trustee or beneficiary of the trust. You will also need to change the beneficiary on your retirement plans and insurance policies.

    Increase or Decrease in Assets.

    One part of estate planning is estate tax planning. When your estate is small, you don’t usually have to worry about estate taxes because only estates over a certain amount, depending on current state and federal law, are subject to estate taxes. As your estate grows, you may want to create a plan that minimizes your estate taxes. If you have a plan that focuses on tax planning, but you experience a decrease in assets, you may want to change your plan to focus on other things.

    Other.
    Other reasons to have your estate plan updated could include: ·

    You move to another state; ·
    Federal or state estate tax laws have changed; ·
    A guardian, executor, or trustee is no longer able to serve; ·
    You wish to change your beneficiaries; ·
    It has been more that five years since the plan has been reviewed by an attorney.

    Contact your elder law attorney to update your plan.
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    9 Min.

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