Flynn, Py & Kruse
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Sandusky, Ohio Legal Blog

For start-up Kika Tech, U.S. market expansion a booming success

For many Ohio start-up companies, the process of developing a strategy for market expansion requires time, thorough analysis and attention to crucial details. With focused goals and a clear understanding of what consumers want from certain products or services, start-up companies can take an innovative idea and transform it into a successful enterprise. 

This is exactly what one start-up company, Kika Tech, has been able to do despite its relatively new expansion into the U.S. market. The company has made it its mission to develop technology that is designed to facilitate communication between users. They hope to create methods that allow people to communicate more effectively and participate in conversation that is meaningful and rewarding. They do this by fulfilling consumer demand related to being able to share information, send and fulfil requests and acknowledge human emotions.

Know your value: Calculating your estate

To know if you'll owe taxes on your estate, it's important to be aware of the overall value of your estate. There are two dates on which you can state the value, either at the time of your death or on an alternate valuation date. The first is the actual date of death of the individual, while the second is six months following the date of death.

There are reasons to value your estate at different times. For instance, if your assets could increase in value over time, waiting for the alternate valuation date might be a bad idea and end up costing you more money in estate taxes. On the other hand, if assets decrease in value over time, waiting for the alternate valuation date makes more sense.

When a homeowner needs Medicaid to move to a nursing home

Moving into a nursing home or assisted living facility in Ohio typically means leaving your old home permanently. What happens to your house if you are a Medicaid recipient depends on a number of factors. At Flynn, Py & Kruze, we understand how to address each aspect of home ownership when applying for Medicaid to move to a long-term care facility.

According to the Ohio State Bar Association, when you move out of your house and into a nursing home, you are not necessarily leaving your property vacant. You may have a spouse, an adult child or a roommate who shares the house with you. If the person who remains in the home is your spouse, the home is exempt. You do not have to worry about the state forcing your spouse to sell it, or putting a lien on it. It is a good idea, though, to take your own name off the title and have only your spouse's name on it.

Can your business create lasting relations in a virtual world?

You may be well aware that the success of your business is heavily reliant on your customers and their return business. However, perhaps equally as important are the lateral relationships you create with other businesses who share your market space and may work with you as suppliers, distributors and facilitators. Creating lasting relationships with other businesses can be exceptionally challenging as the world becomes increasingly technological. Fortunately, you can positively market your Ohio company in the virtual world and develop strong corporate relationships who have valuable competencies, when you understand which practices are most beneficial in an online setting.  

Entrepreneur has shared some helpful insight that you may consider as you venture into the competitive online business arena. Here are some of the things you can do:

  • Be active: Look for opportunities to interact with other businesses in an online setting. For example, join online conversations where you can share ideas, best practices and insight with other professionals who share your interests.
  • Follow up: Do not limit your communications to online forums. Make the effort to go offline and follow up with connections you have made. Doing so will reiterate your interest in building a lasting relationship. 
  • Stay genuine: Whenever you are communicating online, keep your content genuine, unique and interesting. Stay true to yourself and your company's values and mission to effectively build your brand and market your strengths.
  • Know your audience: As you share information about your company, market to the followers who will make a substantial difference in your company's online reputation. Acquiring followers who are interested in your content is an excellent way to gain increased exposure when these dedicated followers share your information with others. 

The primary differences between revocable and irrevocable trusts

When a person has financial stability, personal satisfaction and overall contentment with his or her life, it can be difficult to think about planning for the future. However, the more proactive people in Ohio are about creating a valid, customized and legal plan for their future, the more confidence they can have that things will be organized and understandable if anything were to ever happen to them.

When a person begins planning for their future, one of the things they may consider is a trust. There are different types of trusts: revocable trusts and irrevocable trusts. According to thebalance.com, the primary difference between the two is whether or not they are able to be modified after the initial agreement has been established and signed. A revocable trust is able to be changed if someone decides they want to modify or omit certain clauses. It can also be changed if someone decides to change who they have listed as beneficiaries. On the other hand, an irrevocable trust is unable to be changed at all once an agreement has been signed. 

Modifying your will: Where to start

Things change. The people in your life come and go. New children are born, and people pass away. Life is always changing, and because of that, you may need to update your will.

Changing a will is relatively easy. You need to make sure that you follow the laws closely, though, or you could end up leaving behind a will that is contested or made invalid.

Marketing your start-up as a valuable investment opportunity

As you begin to build your start-up business into a fully functioning organization, you will benefit greatly from the mentorship and support of other industry professionals. Oftentimes, you may realize significant advantages from the help of investors who are committed to backing your company from a financial standpoint. At Flynn, Py & Kruse, we are experienced in helping start-up businesses in Ohio to manage the challenges of creating a new company. 

Finding investors who are interested in supporting your product or service requires time, persistence, and focused branding and marketing. Investors will recognize your company when it stands out from the competition as a potentially lucrative investment. According to entrepreneur.com, investors are looking for specific characteristics in your start-up before they will even consider you as an investment. Here are some of the things they look for:

  • Team synergy: Investors are always looking for individuals who demonstrate tenacity and the ability to get things done efficiently and effectively. When you carefully select your organization's leaders, you can create a team who knows how to work together to accomplish a common objective. 
  • Commonality: As you may be well aware, for any business relationship to thrive, there has to be some common ground. Investors will be much more interested in your enterprise if they are able to recognize similarities and commonalities between your organization and themselves.
  • Opportunity: If your company represents a promising opportunity to create an even bigger and more successful organization, you will find that investors seek you out. Being strategic about the way you leverage your own opportunities is an excellent way to transform a potential success into an endeavor for everyone to benefit from.

Creating a living trust for the family home

Often, trusts are associated with significant assets, so people in Ohio who do not have financial wealth may think that their best estate planning option is a simple will. However, if they own a home, a living trust may be an excellent idea. 

Rather than thinking of the trust as a way of bequeathing assets without going through probate, people should consider that it is actually a form of ownership. The American Bar Association explains that a couple could create the trust and name one or more trustees, then transfer the deed of the real estate to the trust. The responsibilities of taking care of the property would then be in the hands of the trustees, who may be the original property owners.

Creating a retirement plan void of common errors

For many aging folks in Ohio, the process of planning their retirement and finalizing critical details regarding wills, trusts and estate administration, requires careful thought and professional assistance. Despite the extensive time and effort, when people are proactive about planning for their future, they can feel much more confident going into their retirement years. 

One of the most effective ways for people to avoid common errors when retirement planning, is simply to be aware of the pitfalls that many unknowingly fall into. Many folks have an unrealistic expectation of what their income will be and how it will be distributed. As they begin planning their retirement, people should be frugal when putting together an income plan. They should use low tax rates and minimum inflation rates to account for potential fluctuations. If retirees have an investment portfolio, they should take the time to have it tested against common stresses. This process will identify how investments will potentially react in varying economic circumstances. An estate plan is another crucial aspect of retirement planning, and once a plan has been put into place it should be regularly updated to address changes in a person's life. 

What is a toxic tort claim?

Ohio business owners like you should prepare for all negative business scenarios that may crop up, even if you hope you'll never need to use that preparation. For example, you might need to know how to protect yourself against claims from employees or contractors who have toxic torts to file. At Flynn, Py & Kruse CO LPA, we provide you with the information you need to defend your business and livelihood.

So what is a toxic tort claim, exactly? This is a personal injury lawsuit in which the person filing the claim believes that a toxic substance has impacted their health negatively. They may experience breathing issues, nausea, dizziness, or even long-term ailments like chronic obstructive pulmonary disease (COPD) or even cancer. In this scenario, the blame for this would fall on you because you're the owner of the business.

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