Wood + Lamping - Estate Planning / Elder Law

By: Joe Strecker Productions
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  • Summary

  • 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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Economics Personal Finance
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Episodes
  • Mark Reckman - Online Wills

    Mark Reckman - Online Wills
    Apr 30 2025
    You can go online and craft a Will for $100 or less – sometimes a lot less.
    AARP writes on this subject all the time. But they make it clear that online
    Wills are only for the most basic circumstances.
    So, if you have a small estate and want to leave everything to your spouse
    and then to your kids, an online Will works – IF you fill it out and execute it
    correctly.

    But, what kinds of issues make online Wills risky?
    A. Minor children
    B. Second marriages
    C. Medium size estates and larger
    D. Disability – of the testator or the beneficiary
    E. Real estate in more than one state
    F. Children with “issues” such as poor money skills, bad spouses,
    poor judgment, drug and alcohol abuse, big debt, bad health
    G. Significant “non-probate” assets
    H. Planning for one’s own disability
    I. “Legacy” assets, including family cottage
    J. Family business.

    Beneficiary Designations.
    Executing a Will is only one part of an estate plan. You also need to
    consider:

    A. Power of Attorney
    B. Living Will
    C. Power of Attorney for Health Care
    D. Beneficiary designations.

    I have never met a client who didn’t believe his/her estate was simple
    – most were mistaken.
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    9 mins
  • Mark Reckman - How Specific Should Your Will Be?

    Mark Reckman - How Specific Should Your Will Be?
    Apr 2 2025
    How Specific Should Your Will Be?

    I. Most Wills are general in nature. The same is true of Trusts. Many clients are surprised by this. They expect a Will to list certain assets to go to certain people – at least the big things.

    II. There are two kinds of gifts:

    a. Specific bequests
    b. Residual bequests.

    III. Specific bequests come in two types:

    a. The bequest of specific assets such as a house, stock, jewelry, car, household goods, etc. For example, “I give all my jewelry to my daughter, Kay Smith.”
    b. The bequest of a specific amount of money such as giving $50,000 to my son or giving $10,000 each to my grandchildren.

    IV. Residual bequests address what is left after the cost of administration and after specific bequests.

    For example, “I give the rest and residue of my estate in equal shares to my children,”

    or “I give 20% of my residual estate to the University of Cincinnati, 40% to my son Brent, and 40% to my son Eric.” Of course, it must add up to 100%

    V. Most Wills have both specific bequests and residual bequests. Most Wills say:

    a. Pay the administrative expenses.
    b. Pay my bills.
    c. Pay my taxes.
    d. Give my household goods and personal effects to my children to be determined by my executor.

    e. Give what is left equally to my children in equal shares.

    VI. It is not uncommon to add one or two specific bequests:

    a. I give $5,000 to each of my grandchildren.
    b. I give my jewelry to my two daughters.
    c. I give $100,000 to Cincinnati Children’s Hospital.

    It is important to specify what happens if a beneficiary dies before you do. What happens to that gift – does it go to their spouse or children, or does it lapse (get cancelled)? Also, remember is that specific bequests come before residual bequests. So, if the specific bequests use up all the assets in the estate, nothing goes to the residual beneficiaries.

    VII. Many clients think we should list assets in the Will or Trust. But, there are a few reasons that we do not:

    a. If my Will gives 100 shares of P&G to my son and I don’t own that stock when I die, what happens? In Ohio, that gift is cancelled.
    b. It is a mistake to assume that an asset means the same to a beneficiary as it does to us. If a beneficiary really wants something specific from the estate, he/she can buy it from the executor. Don’t “saddle” your values or your sentiments on your beneficiaries.
    c. Itemizing assets may trigger an appraisal and effect estate taxes.
    d. We don’t want to amend your Will every time your assets change.

    VII. Some experts suggest that itemizing assets in your Will reduces family conflict. I don’t agree. If families want to fight, they are going to fight. The terms of the Will can affect this, but not by itemizing assets. Alternative: Make a “private” list to give to the Executor. This is easy to change. The Will should give the Executor broad power and discretion. Pick the right Executor and trust them to work it out. Don’t tie the hands of your Executor or beneficiary.
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    9 mins
  • Mark Reckman - The estate plans – or lack of estate plans – of famous people can teach us a lot

    Mark Reckman - The estate plans – or lack of estate plans – of famous people can teach us a lot
    Mar 21 2025
    Unlock the secrets of estate planning and learn how to protect your family's future with insights from Simply Money and our special guest, expert Mark Reckman from Wood and Lamping. Discover the intricacies of Anthony Bourdain’s estate, where smart planning led to the creation of a trust for his daughter, effectively sidestepping the probate process. Yet, his choice of an estranged wife as trustee serves as a cautionary tale about the importance of selecting a reliable trustee. Listen as we dissect the complex world of assets, including the unexpected significance of frequent flyer miles, and how they can play a role in your estate plans.

    Join us as we explore estate planning as a profound gesture of love for those you hold dear. Through the lens of Paul Newman's personalized approach and the strategic application of the Wagner Rule, we highlight the necessity of bespoke planning that fits unique family dynamics. With Mark Reckman’s expert guidance, we emphasize the critical nature of having a well-crafted estate plan to secure the future of your loved ones. Elevate your understanding of managing trusts and learn valuable lessons from the “Death Styles of the Rich and Famous” that can be applied to your own life.
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    9 mins

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