Menu

The demise of the estate tax

An estate tax is a tax levied for the honor of dying. There were only 17 states that levied this tax. This January there will only be 16. Jeff Roth
Effective Jan. 1, 2013, the Ohio Estate Tax is no longer. This tax was one of several reasons why Ohioans would exit the state and establish residency in a non-tax state.  Gov. Kasich vowed to repeal this tax if elected and he has followed through with his promise. This tax was 7 percent of all of a deceased individual’s assets over $338,333. This was the lowest exemption amount in the nation.
It is anticipated that the repeal will entice those couples to return to Ohio. These same couples also moved to a state that has no income tax so it will be interesting to see if the repeal will be enough to have them return.
The reason for the delay in its starting date was to give villages, townships and cities time to correct future budgets reflecting the eliminations of the funds. These entities received eighty percent (80%) of the estate tax revenue. Actually, I am not sure how the municipalities and especially the townships will replace this revenue but there has been very little complaining and it appears that the repeal will stand.

Read more...

Redbone Walleye Tournament June 21-22

Correction!!! We gave you the wrong dates for the Ken Landon Family Lake Erie Fishing Classic. It will be held Thursday and Friday, June 21 and 22, not June 14 and 15 as we reported John Schaffnerlast week. It will still be held at Catawba Island Club. It is still a Redbone Walleye Tournament that was started 10 years ago by Susan and Ken Landon to find a cure for Cystic Fibrosis. Susan passed away much too soon last year after a long battle with cancer. The event is one of the biggest on Lake Erie. Angler Boat Entrée Fee is $1,100 (four people). For information, contact Glenda or Len Partin at Jack Bradley Realty, 419-734-5551, or you can visit their website at http://northernOH.cff.org/lakeeriefishing. Once again, when we screw up, I make sure the correction appears prominently!

Read more...

529 Plan Can Help

Now that another school year is drawing to a close, your young children are a step closer to the day when they’ll be heading off to college. Of course, as you’re probably aware, higher Gary Cooneducation doesn’t come cheap — and the costs seem to continuously climb. You can help your children — or even your grandchildren — meet these expenses by investing in a 529 plan. And this college savings vehicle offers estate-planning benefits.
As a college funding vehicle, a 529 plan offers some significant benefits. When you contribute to a 529 plan, your earnings accumulate tax free, provided they are used for qualified higher education expenses. (Keep in mind, though, that 529 plan distributions not used for qualified expenses may be subject to federal and state income tax and a 10% IRS penalty.) Furthermore, your 529 plan contributions may be deductible from your state taxes. However, 529 plans vary, so be sure to check with your tax advisor. And the lifetime contribution limits for 529 plans are quite generous; while these limits vary by state, many plans allow contributions well in excess of $200,000. Plus, a 529 plan is flexible: If the child, grandchild or other beneficiary decides against college, you can transfer the unused funds to someone else, tax and penalty free.

Read more...

Happy Memorial Day!

It is Memorial Day Weekend and the traffic in our area will be crazy, so just take your time and enjoy the ride if you have to get somewhere, especially in the area close to the Walleye John SchaffnerFestival near downtown Port Clinton. Also, remember what this weekend is REALLY all about. It is about honoring the memories of those who gave the ultimate sacrifice in defense of freedom. Port Clinton’s Memorial Day services begin at 9 a.m. at Port Clinton Yacht Club to honor those who lost their lives at sea. At 10 a.m. the Memorial Day Parade will form at the Middle School and proceed to the newly refurbished Veterans Park on Monroe Street. Lt. Col. Barbara Herrington-Clemens, Garrison Commander at the Camp Perry Training Center, will give the principal address.


Read more...

Rally for the Kids!

The Knoll Crest Shopping Center parking lot will be the site for a very special event this Saturday, May 19. It is a Rally for Kids in support of CASA — Court Appointed Special Advocates — and Joyful Connections. There will be gobs of activities for young and old alike. All of the activities for the kids will be free. The Ottawa County Sheriff’s office will be there for child Schaffnerfingerprinting. There will also be a 5K run/walk, a Cornhole Tournament, a sidewalk sale with 20 vendors, basket raffles, food and a Grocery Run Raffle for a 3-minute shopping spree at Bassett’s Market. So, make it a point to stop by and join in the fun this Saturday.

Read more...

Conestoga group holds first potluck of the season

One of Port Clinton’s top success stories is the Conestoga Neighborhood on the City’s east end. Since the neighbors joined together to make that part of Port Clinton a better place, crime rates and police calls have dropped dramatically. The first meeting/potluck of the year for the group will be from 5:30 to 7 p.m. tonight (Thursday, May 10). The meeting will be held at John Schaffnerthe Lakeview Park shelter house. Mayor Vince Leone will be the featured speaker and Charlene Watkins from WSOS will also be on hand to discuss the Chip Program.

Read more...

Think long-term this Mother’s Day

If you’re a mother, you’ll probably get some nice cards and flowers on Mother’s Day. But of course, your greatest gifts are your children themselves. And since you want to see them Gary Coonhappy and financially secure, perhaps you can use this Mother’s Day as an opportunity to consider ways to help your children at various stages of their lives.
So, let’s take a look at steps you can take:

Read more...

Lessons learned between the lines

I have mixed emotions writing this column because it will be my last Coffin’s Corner for The Beacon. It’s always tough to leave a job you have really enjoyed, but it is necessary to recognize when the job has come to an end. For this and other meaningful retirements in my life, such as teaching and coaching, the only way to explain the reason was to say, “It’s just time.”
I am amazed that it has been four years and 40 columns since I asked Beacon publisher, John Schaffner, if I could write a column for his newspaper. I hoped I could draw on my experiences from coaching and teaching physical education for more than 20 years to give advice to parents and coaches on ways to help kids succeed in sports. 

Read more...

My job, your job

When it comes to estate planning, we each have our job and duties to complete a valuable estate plan.  
Jeff Roth
THE ATTORNEY
• 1 — FACTS, CONCERNS AND TRUTH DETECTING.  Anyone can prepare documents. It is the job of the attorney to learn as much about the family unit as he can.  We must look through the niceties to determine just how the family relates to each other. We must look into future generations to determine if they can continue the business or if it should be sold. We must glean from conversations your values, your desires, and how each member of the family fit into the family puzzle. The more we learn, the more we can design a plan to protect you, your assets and your future generations.

Read more...

Week brings sad losses for Ottawa County

We had some very sad losses this past week.John Schaffner
First, Port Clinton Yacht Club has lost two of its Past Commodores: Kells Pugh and Bill Benedict. Both were absolutely outstanding gentlemen. Geoff Bailey told me a story about Kells and Joan Pugh, about how when they first joined PCYC, they were singled out for a warm welcome, a greeting whose memory has lasted through the years. Their daughter Jan is the owner of Packer Creek Pottery in Genoa whose artistic items have become famous throughout the world.

Read more...
Subscribe to this RSS feed