Maumee Ohio Legal Blog

Most Ohio residents who think of estate planning think of taking the steps necessary so that, when they pass away, they have preserved their wealth for their loved ones. While this is certainly a big part of estate planning, it is not the only consideration that must be made. There may come a time when one is suddenly unable to make important healthcare and financial decisions, including those related to estate planning, due to their condition. When this happens, they may want to make sure that their affairs are left to someone they trust.

One way to protect oneself and assets is to create a living will and a power of attorney. Through a living will, one can dictate the type of care they want in the event that they cannot make that decision on their own and cannot communicate it to others. This part of an estate plan and can be as detailed as one wants, but one may also want to create a power of attorneys so that their wishes can be properly effectuated.

Eminent domain is the process whereby the government takes private property, even against an Ohio property owner's wishes, in exchange for compensation. In order for the taking to be legal under eminent domain, though, the proposed use must be for public use. An example of eminent domain would be the government paying fair market value for a piece of land so that it can expand a highway.

However, sometimes, even the partial taking of one's private property can decimate the value of the entire property. For example, if the government takes a business's parking lot in order to build a round-about, under the traditional definition of eminent domain, the government would only have to pay for the value of the parking lot. The business, though, may claim that without a parking lot its entire business will suffer and, as such, the government has essentially taken all of its property. When a governmental taking of a piece of land greatly damages the use of the land as a whole, it is referred to inverse condemnation.

Promises made and the follow through on those promises make the business world work. In its most basic terms, these are the elements of a contract. One party promises something in exchange for something else. When one side fails to keep its promise, then a breach of contract may be at hand, leaving one of the parties financially harmed. These contracts can be seen in just about every aspect of the business world, but one of the more common, and most negotiated, is the employment contract.

There are a variety of terms that can make up a business contract. Obviously an employee's compensation and the length of his or her employment will be spelled out, but so, too, will his or her benefits, including paid time off, insurance and retirement contributions. While these terms are often the most focused upon, they may not be the most important to the parties who are negotiating an employment contract.

Forming a business constitutes an exciting process. You believe in your idea, and you want to create an entity to sell your product or service. You do not have business partners, but you want to ensure that your business idea is legal and protected under Michigan and Ohio law.

A sole proprietorship gives you the ability to own and operate your business individually. No partnerships, corporations are involved, and you can control all business elements. Both advantages and disadvantages exist when forming a sole proprietorship, so it is important to weigh the responsibility and individual control of this type of entity.