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Traditionally, estate planning was about structuring your assets so that you could minimize any estate taxes that would be paid upon your passing. While this is still an important goal, the amount of estates subject to the federal estate tax is shrinking due to the fact that the federal "exemption” amount has been increased.
However, the State of Ohio has its own estate tax system which applies to estates over $338,333.00. With proper estate planning, it may be possible to reduce, or even eliminate the amount paid in Ohio estate taxes.
Yet, estate planning is more than just saving estate taxes. If you want to be able to control your property while you are alive and able, take care of yourself and your loved ones if you become disabled, and give what you have to whom you want, the way you want, and when you want, while saving every tax dollar, professional fee and court cost possible, then estate planning is appropriate for you.
Today, estate planning is not just for the very wealthy. Estate planning is also for the average person who simply wants to ensure that their affairs are taken care of, in the event of disability or death, according to their wishes. Estate planning is also about protecting your children from losing their inheritance to lawsuits, divorces, bankruptcy and even their own poor judgment. A major mutual fund company recently completed a study indicating that the average inheritance is completely spent within 74 days! By talking with Ohio trust attorney Timothy Jarvis, you can set up a plan that will give you the peace of mind knowing that your wishes will be followed after you've passed.
If you've researched estate planning at all, you may have been somewhat overwhelmed by the alphabet soup involved with certain strategies. For instance, should you consider using a QPRT, a FLP, a GRAT, a RLT, an IDGT, a CLAT, a CRUT or even a NIMCRUT? Fortunately, you don't have to go it alone. At Jarvis Law Office we can walk you through these and any other potential strategies.
If you're concerned about the federal estate tax or the Ohio estate tax or if you just want to make sure your wishes are carried out in case of disability or upon your passing, contact Ohio estate planning attorney Timothy Jarvis for a no-cost initial consultation.
Please call today for your no-cost consultation.
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