One of the most important steps of any divorce or dissolution is the division of marital property. This includes identifying all marital assets, determining fair market values, and then deciding how to divide those assets. Marital assets can include: real estate, whether a primary residence, vacation home, or investment property; vehicles, boats, or ATVs; closely held businesses and professional practices; IRAs, 401k plans, and other retirement plans; Stock Options and Employee Stock Option Plans; as well as antiques, collectables, and other personal property.
Mockensturm Ltd hires new attorney
Kevin Urtz is a new associate attorney with Mockensturm, Ltd., and he primarily practices in the areas of family law, employment law, and general litigation. Kevin grew up in Western Pennsylvania and went to college outside of Pittsburgh, PA. He is an avid sports fan and played baseball throughout college. After graduating with his Bachelor's degree, he took a year off from school and worked construction before attending law school at the University of Akron. Kevin graduated from the University of Akron in 2016, after which point he began working as an associate attorney for the Akron/Cleveland area law firm where he had been clerking during law school. He represented clients throughout Northeast Ohio in employment, personal injury, domestic relations, and general litigation matters, before moving to the Toledo area and joining Mockensturm Ltd.
Rental property is a good investment in Toledo
The price of real estate is has gone up considerably in the last few years here in Toledo. This is good news for property owners, but there are still opportunities for those looking for investment properties such as rentals. In a market such as this, rental property is an excellent investment for several reasons:
Cash flow
Estate planning that involves blended families
Wills, trusts and estate plans come in all different shapes and sizes. Some will be straightforward because there is a single beneficiary, but these days estate plans will often need to consider children, stepchildren and a second (or third) wife. It can even get more tangled if there are multitudes of grandchildren as well.
We like to think that blended families will be as seamless as the family on the Brady Bunch, but it is likely that the dynamics will be more complicated than that. Perhaps the biological children do not get along or do not like a new stepmother, or perhaps the stepmother is considerably younger and likely will live nearly as long as your biological children.
Post-deadline tax law tips
This tax season has been one of the most complicated and confusing in recent memory. Of course, this is due to the implementation of the Tax Cuts and Jobs Act, which was signed at the end of 2017 but Americans who file annually only now crunched the numbers and filed a return for the first time under the new law.
The IRS has seemingly bent over backward in efforts to get folks on board with the new guidelines. This includes allowing a couple of expansions of the penalty waiver if taxpayers reach 80 percent of their estimated by the IRS to be the proper amount.
Handling the breach of a real estate contract
People and businesses generally expect the details of a contract to be honored once it is signed. Whether it is landlords or tenants, contractors or customers, construction companies or owners, the reason contracts are signed is to make sure that a party’s actions support a verbal agreement. However, this is not how it always goes in real life, which can mean that there is a breach of contract.
Resolving the dispute without court
Avoid these payroll tax mistakes
Whether you are looking to hire employees as you start your business or now need them since your business has grown, you take on certain responsibilities when you employ workers. You will need to ensure your workplace is free from discrimination and harassment, and you will need to ensure the safety of your workers.
You also take on financial responsibilities when you have employees. Payroll, benefits and taxes are the primary tasks you must address. One area where many business owners end up in trouble is with payroll taxes.
Determining the value of a business when selling
The biggest question when selling a business is trying to determine its value. Whereas a selling a home will be about the property, amenities and other things that can be compared to other listings, valuating a business can be more complex, and there is more than one approach to doing it.
Three common valuation methods
A quick list of last-minute tax tips
The clock is ticking, and April 15 is right around the corner. So we have provided this handy list of quick tips for helping taxpayers determine what they owe under the new Tax Cuts and Jobs Act. The new law means that there are many changes to how taxpayers crunch their numbers. Many are claiming that they will be paying more under the plan, but there are still opportunities to reduce one’s tax burden.
7 ways taxpayers can lower their obligations
Tom Petty's family fights over his estate
Millions of music fans mourned the loss of Tom Petty when he unexpectedly died in 2017. The Rock and Roll Hall of Famer left behind a sizable estate to his wife and two daughters that was set up as a trust. However, the wife of 16 years and grown daughters from a previous marriage are in dispute over the control and direction of the estate.
According to the Los Angeles Times, wife Dana Petty is listed as the directing trustee of the estate, but daughters Annakim Violette and Adria Petty claim that they are also supposed to have a hand in the decision-making process on matters involving the estate. Each side has filed suits with the Los Angeles County Superior Court.
