Between 2013 and 2017, financial institutions have reported to the federal government over 180,000 suspicious activities targeting older adults, involving a total of more than $6 billion. In 2017 alone, banks and other financial institutions filed approximately 63,500 reports with the U.S. Department of Treasury regarding suspected financial exploitation of older adults. That number has continued to rise. The full report by the Consumer Financial Protection Bureau can be found here. These are only the reported figures. A 2017 World Health Organization study determined that 1 in 6 adults over 60 was the victim of some form of exploitation or abuse. Because of the feelings of shame and embarrassment that inevitably comes from being duped, and because of other circumstances where the person may not even know he or she is being exploited, these numbers are most likely low.

One advantage of using a trust for estate planning is privacy. The probate process is generally all a matter of public record for any inquiring mind. Trusts, though intended to be more private, can become public when disputes arise that pull the administration into court. But a new Ohio law is changing that.

Happy days! You just learned that your favorite uncle appointed you trustee of his trust and nominated you as his executor of his will.  The honor (he trusted you enough to install this mantle upon you), the power (you get to make decisions that affect beneficiaries’ lives), the riches (you get an income taxable fiduciary fee)–not so fast!  While there is certain honor in taking on that role, the office’s mantle carries tremendous responsibilities and risk. 

We recently created a video highlighting the Estates, Trusts, and Probate Litigation practice group at Reminger. It was a good exercise because it gave us the opportunity to explain, in simple terms, what we do for our clients and to show you the legal team you get when you hire us.  

“Keep in mind – beneficiaries are like cats and they will bite you for no good reason.”[1]  Serving as the trustee of a trust can be challenging because a trustee’s administrative responsibilities are, at times, layered with complicated family or beneficiary dynamics.  While there is no way to guarantee a problem-free administration or termination of trust, Ohio law provides a method to expedite the process to complete distribution while providing protections for the trustee against future claims of the beneficiaries.

Recently the Ninth District Court of Appeals made a ruling in the matter of In Re: Guardianship of Bakhtiar, which allows persons interested in the welfare of another the ability to intervene in guardianship proceedings if the party who is intervening can demonstrate an interest relating to the property or transaction that is the subject of the action.

Reminger Co., LPA is pleased to announce that Adriann S. McGee has been named to the Board of Directors for the Ohio Coalition for Adult Protection Services (OCAPS). OCAPS is a statewide coalition that strives to enhance the provision of services to adults at risk of abuse, neglect, and exploitation through education and advocacy.

The House unanimously passed the elder fraud bill (SB 158) after voting 81-1 to accept an amendment on the floor to add appointees by the House and Senate minority leaders as ex officio members to the Elder Abuse Commission. "We want to make sure we have many voices that can contribute," Rep. Stephanie Howse (D-Cleveland) said.

We are happy to announce that Joseph S. Simms has joined Reminger Co., LPA. Based in our Cleveland office, Joe brings to our team more than two decades of legal experience and unique insight into finance and business concerns that are often associated with complex estate and trust litigation disputes.

On September 18, 2018, the U.S. Department of Veterans Affairs (VA) issued Final Rule Number 8320-01, RIN 2900-AO73, which goes into effect on October 18, 2018.  This Rule establishes new requirements for evaluating net worth, medical expense deductions, and asset transfers,and drastically changes the planning opportunities available for veterans and their surviving spouses. 

Who is Eligible for a va pension? 

The VA pension is available to veterans or surviving spouses of limited income and resources.  The pension begins with a base rate and then increases depending on the number of dependents and whether the veteran or surviving spouse is housebound or in need of “aid and attendance” (i.e. assistance with at least two activities of daily living).  A single veteran can receive between $13,166 and $21,962.00 depending on his/her rating and will increase based on the number of dependents.  A surviving spouse without a dependent can expect to receive between $8,830.00 and $14,113.00.