The COVID-19 pandemic led many individuals to take action on their estate plans —either by creating a will for the first time or updating an existing one. This shift was a step in the right direction. Dying without a will, known as dying intestate, means that Ohio law will determine how to divide your assets, which can create unnecessary complications for your loved ones. However, even with a will in place, there’s another critical piece of the puzzle: your beneficiary designations . Beneficiary Designations Override Your Will Many people don’t realize that the beneficiaries named on certain accounts—like retirement plans, life insurance policies, bank accounts, and investment accounts— supersede what’s written in your will. This means that even if your will says one thing, these accounts will go to the person listed on the form, regardless of how long ago it was completed. That’s why it’s essential to regularly review and update your beneficiary designations, especially after major life events such as marriage, divorce, the birth of a child, or the death of a loved one. Even a change in address or name should prompt a review to ensure everything remains accurate and aligned with your intentions. Consider Charitable Beneficiaries In some cases, naming a nonprofit or charitable organization as a beneficiary can be a thoughtful and tax-efficient option. Because charities are tax-exempt, they can receive retirement assets without the income tax burden an individual might face. If you choose this route, be sure to list the organization's full legal name to avoid confusion. Keep Your Estate Plan Current Ultimately, you are responsible for updating your beneficiary designations. Make it a habit to revisit your estate plan—including these designations—every few years. If you need assistance or have questions, the estate planning attorneys at Hoover Kacyon, LLC are here to help guide you through the process with clarity and care. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.

A divorce is a life-changing event that requires updating many aspects of your life—including your estate plan. If you fail to revise your will, trusts , and beneficiary designations after divorce, unintended beneficiaries, including your ex-spouse, could inherit your assets. Learn to navigate these important updates to ensure your estate plan reflects your current wishes. Revising Your Will In Ohio, divorce automatically revokes any provisions in a will that benefit a former spouse. This detail means that if you had previously named your ex-spouse as a beneficiary or executor, they will now be treated as if they had predeceased you. However, this does not apply to other family members of your ex-spouse whom you may have included in your will. If you still wish to leave assets to your ex-spouse or make other changes, you must draft a new will that clearly states your intentions. Most wills include language that revokes prior versions, ensuring clarity in case of disputes. A new will also allows you to reassign executors and beneficiaries according to your updated preferences. Reviewing Trusts Trusts are common estate planning tools that also require careful review after divorce. If you have a revocable trust , Ohio law typically removes your ex-spouse as a beneficiary. However, irrevocable trusts do not change automatically—meaning your ex-spouse may still be entitled to benefits unless you restructure the trust. To avoid unintended outcomes, it is essential to review all trust agreements with an experienced estate planning attorney who can help modify or create new trusts as needed. Updating Beneficiary Designations Not all assets pass through a will or trust. Many financial accounts, including life insurance policies, retirement accounts, and payable-on-death (POD) bank accounts , are distributed based on beneficiary designations. A divorce does not automatically revoke these designations in Ohio, so if your ex-spouse remains listed, they could still receive those assets. To prevent this, update all beneficiary designations through your financial institutions, workplace benefits, and insurance providers. Naming a Legal Guardian for Minor Children If you have minor children, your estate plan should name a legal guardian in case something happens to you. While custody typically goes to the surviving parent, you should name a backup guardian in case your ex-spouse predeceases you or is deemed unfit. Working with an attorney ensures these plans align with Ohio law and your family's best interests. Take Action Today Failing to update your estate plan after divorce can lead to unintended consequences, including assets going to the wrong individuals or disputes among family members. At Hoover Kacyon, LLC, we guide residents of Akron, Fairlawn, and Cuyahoga Falls, Ohio, through this process, ensuring their estate plan reflects their new circumstances and protects their loved ones. If you are recently divorced or in the process of divorcing, schedule a consultation with our estate planning team today. Let us help you secure your future with confidence. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.

Parents are often thrilled when their children marry, welcoming new family members with the hope of a lifelong union. However, as reality shows, marriages don’t always last. While you can’t shield your children from the emotional toll of divorce, you can take steps to ensure their inheritance remains protected. Including asset protection in your estate planning can prevent an ex-spouse from claiming part of your child’s inheritance in a divorce. How Ohio Law Treats Inheritance in Divorce Ohio follows an “equitable distribution” system, meaning marital property is divided fairly—but not necessarily equally—during a divorce . While assets inherited by one spouse are generally considered separate property, they can easily become marital property if commingled. For instance, if your child inherits money and deposits it into a joint bank account with their spouse, it can lose its status as separate property. Similarly, if an inherited home is jointly improved or used as the couple’s residence, its increased value may be considered marital property. Once separate property becomes marital property, it typically cannot be reversed. Strategies to Protect an Inheritance from Divorce To safeguard your child’s inheritance, consider the following options: 1. Establishing a Trust A well-structured trust is one of the best ways to protect an inheritance. Two primary options exist: Revocable Trust – Allows flexibility while the grantor is alive, ensuring assets are managed and distributed according to predetermined terms. Since the trust, not the child, owns the assets, they are protected from becoming marital property. Irrevocable Trust – Provides stronger protection by preventing the assets from being reclaimed by the grantor. This step ensures the inheritance is shielded not only from divorce but also from creditors and legal claims. 2. Using a Limited Liability Company (LLC) For inheritances involving family businesses, farms, or valuable property, an LLC can be an effective tool. By structuring ownership through an LLC, assets remain separate and protected, preventing them from being subject to division in a divorce. Secure Your Family’s Future The unfortunate reality is that nearly half of marriages end in divorce. By taking proactive steps now, you can help ensure that your child’s inheritance remains protected for future generations. Consulting with an experienced estate planning attorney at Hoover Kacyon LLC can provide peace of mind and legal strategies tailored to your family's needs. Contact Hoover Kacyon LLC today to discuss safeguarding your child’s inheritance and securing your legacy. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.

Divorce can be a complex and stressful process for business owners who have dedicated time and effort to building their companies. The division of assets, spousal support, and financial impact can be overwhelming. At Hoover Kacyon, LLC, we understand these challenges and are here to help protect your interests and future. Is Your Business Marital Property? A key concern is whether a business is considered marital property. In Ohio, assets acquired during marriage are typically subject to equitable distribution. If you established your business before marriage, its original value may remain separate property. However, any increase in value during the marriage could be considered marital property, especially if marital funds or joint efforts contributed to its growth. Protecting Your Business During Divorce Here are strategies to safeguard your business: Control Business Growth – Consider slowing major expansions if divorce is imminent, as increased business value may be subject to division. Trust Legal Guidance – A skilled attorney can handle negotiations and protect your business assets while you focus on operations. Distinguish Separate vs. Marital Property – Keeping clear financial records can help clarify which portions of your business are separate property. Negotiate a Buyout – Instead of dividing ownership, offer an equalization payment as a lump sum or structured payment plan to retain full control. The Role of Prenuptial and Postnuptial Agreements A prenuptial or postnuptial agreement is one of the best ways to protect a business from future claims. Prenuptial Agreement – Created before marriage, it defines how to handle business assets in a divorce. Postnuptial Agreement – Established after marriage, it outlines asset division. However, courts may scrutinize postnups if you’re already considering divorce. Avoiding Litigation Litigation can be costly and expose business details to public records. Alternative dispute resolution methods, such as mediation or negotiation, can maintain privacy and lead to fair settlements. Negotiating a division of other marital assets—such as real estate or investments—may allow you to retain full business ownership without court intervention. How Hoover Kacyon, LLC Can Help At Hoover Kacyon, LLC, we understand the unique challenges business owners face during divorce. Our legal team specializes in asset protection, negotiations, and crafting agreements that safeguard business interests. If you are a business owner facing divorce, schedule a consultation with Hoover Kacyon, LLC today to protect your business, financial stability, and future. No matter how complicated your divorce might be, the Akron, Fairlawn, and Cuyahoga Falls Hoover Kaycon, LLC Attorneys at Law are here to answer your questions and help you through the process. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.

Starting a business is an exciting yet complex endeavor. While the financial aspects of entrepreneurship often take center stage, legal planning is just as crucial. Making informed legal decisions early on can help prevent complications and set the stage for long-term success. Whether you're launching a small startup or a growing enterprise, understanding the legal requirements for business formation is key. Choosing the Right Business Structure Selecting the appropriate business entity is one of the first and most important legal steps when starting a business. The options include sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Each structure comes with its advantages and responsibilities, including tax implications, liability protection, and operational flexibility. A knowledgeable business attorney can help assess your specific needs and guide you in choosing the right entity for your venture. Registering Your Business and Obtaining Licenses In Ohio, businesses must register with the Ohio Secretary of State . Additional licensing and permits may be required at the state or local level, depending on your industry and location. Ensuring compliance with registration and licensing laws from the start can help avoid legal setbacks down the road. Drafting Business Agreements A well-drafted business agreement is essential if you are starting a business with partners. A partnership agreement, operating agreement (for LLCs), or corporate bylaws should outline ownership rights, decision-making processes, profit distribution, and exit strategies. Clear agreements help prevent disputes and provide a framework for resolving conflicts efficiently. Hiring Employees and Employment Law Compliance Bringing employees into your business adds another layer of legal responsibility. You must decide whether to hire employees or engage independent contractors. Proper classification is critical to avoid penalties related to employment taxes and benefits. Additionally, businesses should consider employee handbooks, confidentiality agreements, and workplace policies to protect both the company and its workforce. Protecting Intellectual Property For many businesses, intellectual property (IP) is one of their most valuable assets.Trademarks, copyrights, patents, and trade secrets should be properly safeguarded to maintain competitive advantage. Legal agreements, such as non-disclosure and non-compete contracts, can further help protect proprietary information from misuse. Understanding Zoning and Environmental Regulations Certain industries must comply with zoning laws and environmental regulations. Local zoning laws dictate where businesses can operate, and environmental laws may impose restrictions on waste disposal, emissions, and land use. Ensuring compliance from the outset can prevent costly legal issues and operational disruptions. Securing Business Insurance Business insurance is another crucial component of risk management. Liability insurance, property coverage, and workers' compensation policies can help protect your business from financial losses due to lawsuits, accidents, or unexpected events. Consulting with an attorney can help determine the appropriate coverage for your business’s unique needs. Set Your Business Up for Success Starting a business involves numerous legal considerations that can impact your company’s future. At Hoover Kacyon LLC, we understand entrepreneurs' challenges and are here to provide expert legal guidance. Whether you need help with business formation, contract drafting, employment law, or risk management, our experienced attorneys can support you every step of the way. For personalized legal assistance in starting or growing your business, contact Hoover Kacyon LLC today.

Probate is the legal process of validating a will and ensuring that a deceased individual’s assets are distributed correctly. While some estates may bypass probate through careful planning, many must go through this procedure to settle debts and transfer assets. Given its complexity, executors (or personal representatives) can easily make mistakes that delay proceedings or create legal complications. Below are some common probate pitfalls and how to avoid them. Delaying the Probate Process Losing a loved one is an emotional time, and while grieving is natural, delaying the probate process can cause significant issues. Taxes and debts may accrue penalties and interest, creditors may initiate legal actions, and heirs could grow suspicious of delays. To prevent these problems, executors should familiarize themselves with probate requirements and timelines. For example, in Ohio, an estate inventory should generally be completed and filed within three months of the executor’s appointment. Acting promptly helps keep the process smooth and minimizes potential disputes. Poor Accounting and Record-Keeping Executors must maintain detailed records of all financial transactions related to the estate, including payments to creditors and distributions to heirs. Poor accounting can raise legal concerns and even lead to allegations of misconduct. To avoid complications: Keep a dedicated estate ledger separate from personal finances. Retain receipts and records of all transactions, no matter how small. Record each transaction individually instead of combining multiple payments into a single entry. Regularly review asset values, including stock statements and real estate assessments. Failing to Communicate with Beneficiaries Lack of communication can lead to frustration and suspicion among beneficiaries. Some may even suspect the executor of mishandling estate assets. Keeping beneficiaries informed fosters trust and transparency. Executors should: Provide regular updates via phone or email, even with no significant changes. Maintain records of all communications with beneficiaries. Address questions and concerns promptly. Seek legal assistance if communication becomes contentious. Distributing Assets Too Soon Beneficiaries may pressure the executor to distribute assets quickly, but doing so before settling all debts can create significant legal liability. Creditors generally have up to a year to file claims, and if an executor prematurely distributes funds, they may be held responsible for unpaid debts. To mitigate risks, executors should: Prioritize debt payments before distributions. Ensure all creditor claims are properly addressed before finalizing asset transfers. Consult an attorney to navigate complex estate matters. Not Seeking Legal Assistance Even seemingly straightforward estates can become complicated due to unexpected claims, tax considerations, or beneficiary disputes. Retaining an experienced probate attorney can help executors fulfill their duties correctly and avoid costly mistakes. A knowledgeable probate attorney provides guidance on legal requirements, ensures compliance with state laws, and helps resolve conflicts efficiently. If you’re serving as an executor and need assistance, the legal team at Hoover Kacyon LLC is here to help. Contact us today to navigate the probate process with confidence.

Remarrying after a divorce can feel like a fresh start and an opportunity to build a lasting partnership. However, Census statistics show that second marriages have a higher rate of failure than first marriages, making it essential to approach this new chapter with awareness and preparation. For those planning to remarry in Ohio, understanding the legal and personal implications can help set the foundation for a successful union. Unique Challenges of Second Marriages Couples entering a second marriage often face hurdles not present in first marriages. Some of these challenges include: Lingering emotions like resentment or anger toward a former spouse. Balancing greater financial and personal independence. Managing financial obligations, including child support or alimony. Blending families and navigating relationships with stepchildren. Adjusting to changes in social networks and family dynamics. Steps to Consider Before Remarrying To increase the likelihood of a successful second marriage, thoughtful planning is crucial. Key steps include: Understanding Past Mistakes: Reflect on the reasons your first marriage ended. Identify patterns or behaviors to avoid repeating in your new relationship. Discussing Family Dynamics: Blending families can be challenging. Open communication with your children and your new partner about expectations and concerns is essential for building trust and harmony. Reviewing Financial Implications: Second marriages often involve complex financial considerations, including: Alimony : Remarriage typically terminates alimony payments. Notify your former spouse promptly, as required by your divorce agreement. Household Finances : Discuss shared expenses and financial responsibilities to avoid conflict later. Life and Health Insurance : Update beneficiaries and ensure compliance with previous agreements before making changes. Considering a Prenuptial Agreement : Protect your premarital assets and plan for your children’s inheritance with a prenuptial agreement. This precaution is especially valuable if there are significant financial disparities between you and your partner. Emotional Readiness: Before remarrying, take the time to heal and address any unresolved emotions. Counseling can help you process lingering feelings and prepare you for a healthy relationship. Setting Yourself Up for Success While challenges exist, second marriages can thrive with open communication, mutual respect, and a shared commitment to resolving issues as they arise. Building trust with your partner and stepchildren and prioritizing the relationship can help create a strong foundation for your new family. Contact Hoover Kacyon, LLC If you’re planning to remarry and have concerns about the legal implications, the experienced family law attorneys at Hoover Kacyon, LLC can help. We provide guidance on prenuptial agreements, financial planning, and family dynamics to ensure you’re fully prepared for this new chapter. The Akron, Fairlawn, and Cuyahoga Falls Hoover Kaycon, LLC Attorneys at Law are here to answer your questions and help you through the process. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Contact us today to schedule a consultation and receive personalized advice tailored to your unique situation. Call us at 330-922-4491 or contact us online to make an appointment.

When you’ve built a successful business, safeguarding it is crucial—especially within the context of marriage. While no one enters marriage expecting a divorce, planning for potential outcomes can protect both your livelihood and your peace of mind. Several proactive strategies can help you secure your business interests, such as prenuptial agreements, postnuptial agreements, and buy/sell agreements. Prenuptial Agreements A prenuptial agreement is a powerful tool for ensuring your business remains protected in the event of divorce. This legally binding document entered into before marriage, allows both parties to agree on how to divide assets if the marriage ends. Specifically, you can designate whether your business qualifies as marital property. By excluding the business from marital property, you protect it from being subject to division. Prenuptial agreements are widely recognized and often provide the strongest protection for business owners. Postnuptial Agreements If you’re already married and haven’t established a prenuptial agreement, a postnuptial agreement offers an alternative. These agreements serve a similar purpose, allowing you to outline how to treat business assets in case of divorce. However, postnuptial agreements can be more challenging to enforce than prenuptial agreements, as courts may scrutinize them more closely to ensure fairness. Still, they can be an effective safeguard when drafted with the help of an experienced attorney. Buy/Sell Agreements For those who co-own a business, a buy/sell agreement can provide additional protection. This type of agreement determines how a spouse’s interest in the business will be valued and handled during a divorce. It can specify a cash award for the spouse’s share while ensuring that the business remains operational under your control. Buy/sell agreements not only protect your business but also provide clarity and stability during potentially turbulent times. Taking Action to Secure Your Business Proactively addressing the “what ifs” with legal agreements allows you to focus on growing your business without worrying about unforeseen complications. Consulting an attorney to create tailored agreements can ensure your business interests are thoroughly protected, no matter what the future holds. At Hoover Kacyon, LLC, we understand the importance of safeguarding your hard-earned business. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Contact us today to discuss your options and take the first step toward protecting your financial future. Call us at 330-922-4491 or contact us online to make an appointment.