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.<br /><br />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.<br /><br />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.<br /><br />Mark appears biweekly on the 55KRC radio show Simply Money and enjoys travel, tennis, and scuba diving.
Wood + Lamping - Mark Reckman - Estate Planning / Elder Law
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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.<br /><br />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.<br /><br />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.<br /><br />Mark appears biweekly on the 55KRC radio show Simply Money and enjoys travel, tennis, and scuba diving.
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Publishing Since
3/10/2023
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I. Have you ever wondered what happens to your assets and property after you pass away? · <br />After you pass away all the property that you own and the debts that you have must be administered through a public court process called probate. · <br /><br />The word probate actually comes from the Latin word, as us lawyers always have to use Latin phrases, “to prove.” · <br /><br />You see, for the title to your property (whether that is real estate, your car, your bank accounts, etc.) to change to your heirs and family, a probate process must occur. <br /><br />II. What is probate? · <br /><br />As I mentioned, before title to property can change to your family, that property must be administered through a process called probate. · <br /><br />Probate is a public court proceeding in which all of your assets, property, and debts are listed in public court documents. · <br /><br />There are a number of public court pleadings (i.e., inventory of assets, accounting, etc) which are filed with the court, as well as a number of court hearings that occur. · <br /><br />At the end of the court proceeding, the assets which remain are distributed to your family members either according to the will or according to state law, after all valid debts have been paid. · <br /><br />Example: o Imagine for a minute Jane, who passed away with a house and bank accounts. In order for Jane’s children to receive the house and bank accounts, Jane’s children had to go through probate before those assets could be transferred. · <br /><br /> Many people think that if you have a will you do not go through probate. However, that is not true. Whether you have a will or not, your property will need to be administered through the probate court process. <br /><br /> III. Why does probate exist? · <br /><br /> Probate Court to ensure debts are paid and assets are distributed either according to law or according to a person’s last will and testament.<br /><br />Probate court is there to make sure that if a person leaves a last will and testament, that the will is determined to be valid according to law. Remember the word probate I mentioned early is Latin for the phrase “to prove.” Well, the will needs to be proven to be legally valid. · <br /><br />Probate court is also there to settle any disputes and disagreements among the heirs or beneficiaries <br /><br />IV. “I hear probate is bad?” · <br /><br />Probate is time-consuming. This means that there will be delays for asset distribution to heirs or beneficiaries of the estate. · <br /><br />The average probate case can last anywhere from 6 months (more likely a year) to two years or more. · <br /><br />Even if you have a will, the will must be admitted to probate. · <br /><br />The executor that you name in your will has no power until the will is admitted to probate and the executor is given authority by the court to act on behalf of the estate. · <br /><br />Probate is also costly. Court costs, attorney fees, and executor fees can add up quickly ($15,000 or more even for simple estates is not unheard of). · <br /><br />Probate is also a public process. Every asset you own and debt that you have will be listed on a public court document than anyone can look up regarding your probate estate. <br /><br />V. Should you avoid probate? · <br /><br />Having practiced as an attorney since 2011, I have seen both simple estates and complex estates go through the probate court process. In nearly every case, my clients have said:<br />o <i>This took a long time</i><br />o <i>This process was extremely expensive</i><br />o <i>I wish mom or dad knew how to avoid this</i> · <br /><br />In general, I have found that families which plan to avoid probate enjoy a simpler estate settlement process than those who go...
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