In this last of a four-part series, Jenkins Fenstermaker, PLLC, explores the myriad and varied Qualified Opportunity Zones in West Virginia, focusing in on current development projects in North Central West Virginia.
West Virginia finds itself with loads of exciting prospects with the creation of Qualified Opportunity Zones and Qualified Opportunity Funds that were established by the Tax Cuts and Jobs Act (Public Law 115-97). West Virginia's numerous US routes (US 50, 119, and 250), ease of road transportation (via I-79 and I-68), and Corridor D and Corridor H, combined with the state's assorted industries and focus on hospitality and tourism, make the Mountain State an ideal location for potential investors.
Chances are you've heard the term "power of attorney" at some point, probably in reference to health care decisions. Although that is one type of power of attorney, it isn't the only one. This article will touch on the different types of powers of attorney and focus on the Ohio power of attorney for financial affairs.
We all want financial security-for ourselves and our loved ones. If something were to happen, we want to be sure that our spouse, children, or other dependents are provided for. In Ohio (OH), take steps to gain that security by creating a comprehensive estate plan with an experienced estate planning attorney. By doing so, you and your family will know that there is a workable plan in place for the security of your family.
An inheritance tax is one method states use to tax the transfer of wealth. Not to be confused with an estate tax, which is payable from the estate of the deceased, an inheritance tax is paid by a person who inherits from the deceased. For anyone who has received or is anticipating an inheritance, following is a short guide to West Virginia inheritance tax.
When a West Virginian dies, the deceased's property is transferred to his or her heirs through a legal process referred to as probate. After the debts of the estate are paid, the property is devised to heirs in one of two ways: (1) if the person had a Last Will and Testament (a "will"), this means the person died "testate," and the property is transferred according to the will; or (2) if the person died without a will, the decedent is said to have died "intestate." West Virginia intestate laws then control the allocation of the decedent's property. This blog will discuss what happens to property when a person dies without a will.