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The Corporate Transparency Act
February 25th, 2022
Do you own 25% of any entity, or directly or indirectly exercise substantial control over any entity? Have you or your attorney filed an application to form a corporation, limited liability company, or other similar entity? Have you bid on a government or federal project? Congratulations! You are now required to file a Beneficial Ownership Information Report (BOI). You may ask why? The government believes that “while such entities play an essen…
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Super Lawyers Rising Star
January 11th, 2022
Palecek, McIlvaine, Hoffmann & Morse Co., LPA is proud to announce that Attorney Brandon Davis has been selected by Super Lawyers® to the 2022 Ohio Rising Stars list. The Rising Stars list recognizes the top up-and-coming attorneys in the state 40 years old or younger, or in practice for 10 years or less. Only 2.5 percent of the lawyers in the state are selected for this honor. Super Lawyers is a rating service of outstanding lawyers who hav…
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Mineral Rights
January 4th, 2022
Mineral rights are the rights to own and access natural resources like coal, oil, salt or other minerals underneath the surface of one’s real property. It is possible to sever the rights between the surface property where, for example, a house may sit, and the mineral rights beneath. In the Northeast Ohio area, landowners most frequently encounter this in the form of an oil and gas lease. Oil and gas leases allow for a drilling or energy compan…
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Ohio Adopts New Limited Liability Company Act
September 14th, 2021
On February 11, 2022, the Ohio Revised Limited Liability Company Act (the “New Act”) will be applicable to all Ohio limited liability companies. The New Act completely replaces the existing Ohio Limited Liability Company Act codified in Chapter 1705 of the Ohio Revised Code with new Chapter 1706 of the Ohio Revised Code. The New Act places an emphasis on allowing businesses to conduct themselves according to their needs and protecting busines…
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The Importance of Estate Planning in Light of COVID-19
July 9th, 2021
The Importance of Estate Planning in Light of COVID-19 In light of the COVID-19 pandemic, many people are considering whether their personal affairs are in order. This global health crisis has forced people to imagine worst-case scenarios and to confront the unknown. Many people are wondering what will happen if they become seriously ill or unexpectedly pass away. In these times of uncertainty, ensuring that your wishes are known and legally prot…
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Categories: News
Linda Hoffmann Receives Professionalism Award
March 8th, 2021
At the March 4 quarterly meeting of the Medina County Bar Association, County Recorder Linda Hoffmann, managing partner of Palecek, McIlvaine, Hoffmann & Morse Co., LPA received the association’s Professionalism Award. A recently instituted honor, the award recognizes a member of the bar association who exemplifies “exceptional dedication to the standards of the profession and demonstrated integrity and commitment to the community.” At…
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New Driver’s Licensing and Identification Requirements for Air Travel
December 10th, 2019
Beginning October 1, 2020, the Federal Government will require all airline passengers to produce either i.) A federally compliant driver’s license; or ii.) Another acceptable form of identification, in order to fly within the United States. How do I know if I have a federally compliant driver’s license? A federally compliant driver’s license, commonly referred to as “REAL ID”, is marked with a star at the top of the card. Note: Legacy O…
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Categories: News
SPOUSAL SUPPORT (ALIMONY) CHANGES
January 31st, 2018
The new federal tax plan adopted in December 2017 eliminates the tax deduction for spousal support payments (commonly called alimony). This change may make negotiating a settlement more difficult and expensive and place a real burden on low-moderate income couples. In Ohio, spousal support is an award of a payment in a divorce or dissolution that is separate from child support. The payment is made to a former spouse who earns less money. Under pr…
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Categories: News
Property Records Solicitation Alert
December 6th, 2016
Homeowners in Medina and surrounding counties are receiving mail solicitations offering to provide landowners with “a property profile” and an additional copy of the property owner’s deed for a fee, usually $75 to $100. What many homeowners do not realize is this information is available for free on the County Auditor or Fiscal Agent’s website in the county in which they live. By researching online at no cost, the property owner by using…
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2017 Estate and Gift Tax Update
November 22nd, 2016
Contributor: Mary Jo Morse
The IRS has updated the limits for the unified estate and gift tax exemption amounts. These updates increase the limits for federal estate and generation-skipping tax and several other provisions affecting the transfer of wealth. The gift tax limit remains unchanged for 2017. Tax Exemption Amount. The federal estate tax exemption amount for 2017 is $5.49 million per person. This means that every person dying in 2017 can transfer up to $5.49 milli…
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Categories: News