Bailey R. Drexler
Practice Areas
Education
- University of Minnesota Law School, J.D., 2018, magna cum laude
- Minnesota Law Review, Articles Editor, 2017-2018
- Xavier University, B.A., 2014, cum laude
Bar & Court Admissions
Bailey is an associate in the Vorys Cincinnati office and a member of the trusts, estates and wealth transfer group.
Bailey is licensed to practice law in both the State of Ohio and the State of Florida. Her practice focuses on estate planning, including preparation of wills, trusts, financial powers of attorney, and health care planning documents. Bailey also provides more comprehensive family wealth planning, including minimization of gift and estate taxes, charitable planning, and providing solutions for the efficient transfer of assets, both at death and during lifetime. She also advises individual clients and corporate trustees with respect to the tax consequences of inherited retirement plan assets held in trust and matters related to trust and estate administration.
Bailey also helps clients identify and achieve their goals with respect to residential real estate planning in Ohio and Florida. This includes limiting liability, correcting errors in title, purchasing new real estate, and transferring ownership for gift, creditor protection, or probate avoidance purposes. In particular, Bailey has assisted many clients in planning for the management, use and succession of family vacation homes and rental properties. Bailey focuses on minimizing income, property, and transfer tax liability while taking into account the family’s practical needs and the clients’ overall estate planning goals.
Bailey received her J.D. magna cum laude from the University of Minnesota Law School, where she was an articles editor of the Minnesota Law Review and a member of the Order of the Coif. She received her B.A. cum laude from Xavier University.
Insights
- 9/28/2021The U.S. House of Representatives Ways and Means Committee recently released a new tax proposal known as the “Build Back Better” Act. The proposal, if signed into law, would significantly change the current estate and gift tax exemption amount and the grantor trust rules.
- 8/30/2021Changes to the federal tax laws could be coming as soon as January 1…..2021.
- 4/26/2021For some clients, estate planning can be relatively straightforward.
- 10/27/2020The transfer tax system (estate, gift and generation-skipping transfer taxes) taxes transfers during lifetime and at death, which, in effect, exceed a set exemption amount.
- 8/2020Baily Drexler authored an article for the Probate Law Journal of Ohio titled “Back To Basics: How Your Client Holds Title To Real Estate Makes A Difference.”
- 6/2/2020During life, parents can generally broker and manage the use of the vacation home among their children and extended family with ease – or at least with a sense of clear control and geniality. But what about when mom and dad are gone?
- 5/6/2020Regardless of how higher education institutions decide to proceed with classes this fall, it is clear that this pandemic has caused many parents to consider certain legal aspects relating to their adult, college-bound children.
- 4/13/2020The Internal Revenue Service (IRS) has announced that the due date for certain taxpayers filing Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, and/or making payments of federal estate and generation skipping transfer tax is automatically extended until July 15, 2020.
- 4/3/2020Current economic conditions now provide a unique opportunity to avoid the payment of federal gift and estate taxes on asset transfers to children, grandchildren or other beneficiaries.
- 4/3/2020The IRS has announced that the due date for filing Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and making payments of federal gift and generation-skipping transfer tax is automatically postponed to July 15, 2020.
- 1/27/2020In late December, 2019, the “Setting Every Community Up for Retirement Enhancement Act,” or the “SECURE Act,” was enacted.
- 7/18/2019In North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust, Case No. 18-457, 588 U.S. __ (2019), the Supreme Court held that states may not impose a tax on trust income based solely on the residency of an in-state beneficiary.
- 6/3/2019Whether you’re planning early for your child’s future or contemplating how your youngest grandchild’s education will be covered after you’re gone, there are several tax-favorable mechanisms for funding growing education expenses.
- 4/16/2019Generally, a trustee is required to provide certain information and accountings to the beneficiary of an irrevocable trust.
- 1/22/2019If you’ve recently updated your estate plan, there may be outstanding tasks that require your attention.