New Developments

 

2019 Update of Ohio Medicaid Figures

Click here  to see 2019 Medicaid figures on our “Ohio Medicaid” page.

Ohio Transfers to Minors Act

 

The Ohio Transfers to Minors Act was amended effective 4/6/17 to permit an extension of the age of 21 to 25. However, this must be specified in the governing document (e.g. Will) creating the custodianship for the minor. Many persons felt that age 21 was too young for most persons to be receiving any substantial inheritance from an estate. Age 25 is thought to be a more mature and appropriate age for the maximum limit of a custodianship arrangement. Of course, the other and better option in planning for minors who might receive an inheritance is use of a trust. A trust can specify any age for full distribution out of trust to the beneficiary, funds can be used for the support or education of the beneficiary as determined by the trustee and principal distributions can be staggered over a period of time (e.g. one third at ages, 25, 30 & 35). The trust option is simply more flexible and can be drafted to the desires of the estate owner.