Wood + Lamping - Mark Reckman - Estate Planning / Elder Law

De: Joe Strecker Productions
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  • Resumen

  • 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.

    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.

    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.

    Mark appears biweekly on the 55KRC radio show Simply Money and enjoys travel, tennis, and scuba diving.
    Copyright Joe Strecker Productions
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Episodios
  • Mark Reckman - Do you REALLY need to get (re)married?

    Mark Reckman - Do you REALLY need to get (re)married?
    Aug 26 2024
    10 m
  • Mark Reckman - Taking Care of Your Loved Ones / Elder Care

    Mark Reckman - Taking Care of Your Loved Ones / Elder Care
    Aug 19 2024
    10 m
  • Mark Reckman - The Afterlife of Your Frequent Flyer Miles

    Mark Reckman - The Afterlife of Your Frequent Flyer Miles
    Aug 12 2024
    THE AFTERLIFE OF YOUR FREQUENT FLYER MILES

    In a normal year, Americans rack up about 3 trillion frequent flyer miles. The average is about $622 per household per year. And travel experts are predicting that travel this year will exceed all previous years. What happens to those frequent flyer miles when we die?

    Many airlines allow you to give your miles to your heirs – so do many hotel reward programs. There is often a fee - $50 - $100.

    Neat idea – but also a pain in the neck – probably worthwhile but a pain nonetheless.

    How does it work?

    You can do it in a Will. You can be specific or it will pass as a part of your residual estate.
    You can do it in a Trust.
    You can do it in a beneficiary designation specific to those loyalty points.

    To make the claim:

    Have a death certificate.
    Have the regular address and email address of the deceased.
    Have the account number and password of the deceased.
    Have your own account number and password.

    Have the transfer documentation (assignment, Will or Trust)
    Then contact the airline – probably by phone – and be patient.

    Some airlines (Delta and American Airlines) will send you a packet to fill out. Some airlines (Southwest) simply do not allow transfers.

    Loyalty points are part of your taxable estate – so they should go on your estate tax return – if you file one. The hardest part is how to pick a value for them. I have never seen loyalty points on an inventory or on an estate tax return. The IRS has not adopted an enforcement plan relative to FFM.

    Don’t take the first “No” as an answer – try again.

    Tips to make things easy:

    Make a list of all your frequent flyer accounts and put it with your Will.

    Sign a document that says “When I die, I leave my frequent flyer miles in Delta Airlines Acct. # to my wife, Jane Doe.

    Transfer those miles to your own account, if the plan allows. It is best to do that before death. But, you can log on as the deceased and do it that way – if you know the account number and password (and other security info).

    Some plans allow the owner to buy tickets for others. You can long on as the deceased and buy a ticket for yourself.
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