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

著者： 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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あらすじ・解説

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
個人ファイナンス 経済学
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  • Mark Reckman - Financial Abuse of the Elderly

    Mark Reckman - Financial Abuse of the Elderly
    2025/01/23
    Roughly 6 million Americans suffer from one or more dementia symptoms. 10% of 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. 1. Forging checks or forcing victim to sign checks
    2. 2. Forcing victim to sign a deed, will, trust or POA
    3. 3. Stealing property
    4. 4. Promising lifelong care in exchange for money
    5. 5. Using property without payment or permission
    6. 6. Phone scams
    7. 7. Mail scams
    8. 8. Internet scams
    9. 9. Self neglect
    Indicators of Abuse:
    1. Changing mailing address on financial reports/statements
    2. Large withdrawals
    3. Unpaid bills
    4. Substandard care
    5. Perpetrator spends too much time with victim
    6. Perpetrator shows too much interest in money matters
    7. Missing belongings
    8. Limiting visitation by family and friends
    9. Investing in sketchy business ventures
    10.Late life marriages

    Duty to Report:
    1. Last year, Ohio passed a new law that creates a duty for lawyers, doctors, social
    workers and mental health professionals to report suspected abuse
    2. Reports are investigated by Ohio Adult Protective Services (1-855-OHIO-APS)
    3. Reports are kept anonymous
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    9 分
  • Mark Reckman - Season of Giving

    Mark Reckman - Season of Giving
    2024/12/18
    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 分
  • Mark Reckman - Understanding Executor Responsibilities

    Mark Reckman - Understanding Executor Responsibilities
    2024/11/25
    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 分
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