Estate Tax Planning Lawyer Columbus Ohio

Your Columbus Estate Tax Planning Lawyer

The Jarvis Law Office Helps clients reduce or eliminate estate taxes.

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Estate Tax Planning in Columbus, Ohio

Your lifetime of hard work has resulted in significant assets and wealth. Naturally, you want to ensure these investments and properties benefit your loved ones. But the looming threat of estate taxes might seem like an insurmountable obstacle. That’s where Jarvis Law Office comes in. Our experience in estate tax planning can help you significantly reduce your tax burden, allowing your wealth to continue flourishing for generations to come.

Contact our Columbus estate planning lawyer today for a free consultation. After reviewing your case, the attorney will develop a custom estate planning strategy to help you hold onto your assets.

Estate Tax Planning Strategies

Our Columbus estate tax planning lawyer utilizes numerous estate planning tools and strategies to reduce your tax burden, secure your business interests, and protect your family’s future. These strategies include:

Charitable trusts
Irrevocable Trusts
Spousal Lifetime Access Trusts
Life insurance trusts
Gifting
Re-titling assets
Grantor-retained annuity trusts
Qualified personal residence trusts

Your estate plan will protect you today and in the future. Contact our Columbus estate planning attorney today for more information on how you can enjoy estate-related tax benefits.

Your Legacy at Risk: Can You Afford to Lose 40% to Uncle Sam?

While federal estate taxes won’t affect most Americans, they can significantly impact some families. Planning is crucial to preserve your wealth for future generations. If the thought of forfeiting 40% of your life’s work to the Internal Revenue Service (IRS) and other government entities makes you cringe, it’s time to act.

Effective strategies exist to reduce or even eliminate this substantial tax burden. However, these approaches often require time to reach their full potential. Don’t delay in safeguarding your legacy.

Minimize Estate Taxes Through Strategic Giving

Our Columbus estate tax planning attorney understands the intricacies of tax laws and can guide you in developing an effective gifting strategy. One approach is to utilize the annual exclusion to reduce your taxable estate. As of 2021, you can gift up to $15,000 per person annually. For example, you could give $15,000 worth of property to one child and $15,000 in cash to another without exceeding the annual limit. For larger gifts, your lawyer can help you structure them over several years to avoid tax implications.

An attorney might also advise gifting to your spouse as part of an asset protection planning strategy. You can gift up to $159,000 a year if your spouse isn’t a United States citizen. Otherwise, there is not a limit on tax-free gifts to spouses. While gifting to your spouse doesn’t always make sense, it is a sound legal strategy in some cases. Thus, consult with your attorney to see if it is a wise strategy for you.

Irrevocable Trusts: A Powerful Tool for Asset Protection

Irrevocable trusts offer another avenue to remove assets from your estate. You’ll appoint a trustee to oversee the trust, granting them full decision-making authority. Once assets are transferred into the trust, they’re no longer considered part of your estate and thus avoid estate taxes. Upon your passing, your beneficiaries will receive these protected assets.

For individuals with substantial wealth, an irrevocable trust could be a prudent choice. Consult with our Columbus estate tax planning attorney to explore the advantages of this trust type. Should you decide to proceed, your lawyer can establish the trust on your behalf.

Maximizing Estate Planning with Spousal Lifetime Access Trusts

A Spousal Lifetime Access Trust (SLAT) is a form of irrevocable trust, meaning certain aspects become fixed upon creation. This trust allows one spouse to gift assets to the other while both are alive, enabling couples to utilize their individual lifetime gift-tax exclusions fully. This strategy is particularly valuable for couples with assets exceeding $12.06 million in 2022. By transferring funds to a SLAT, these assets exit the couple’s estate, avoiding federal estate tax. Consequently, this reduces the potential estate tax burden upon the second spouse’s passing.

The current Federal Estate Tax rules will “sunset” in 2025. If nothing changes by then, the new Federal Estate Tax limit will drop to about $6.2 million per person or about half the current amount allowed to be passed on free from estate tax.

The Timely Approach to Estate Tax Planning

Initiating estate tax planning early is a prudent move. The federal government scrutinizes transfers from your estate made within three years of your passing. These assets may be subject to retroactive taxation. Therefore, implementing strategic planning measures now can result in significant financial savings for your estate and beneficiaries.

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Why Choose Jarvis Law Office?

Free Consultation – Discuss your needs during a complimentary consultation with Jarvis Law Office. We can consult virtually, so you don’t have to visit the office.
High Satisfaction Rate – Our clients have left reviews praising our knowledge, experience, and helpfulness. We have a track record for high-level service and customized solutions.
Focused Practice Areas – We focus exclusively on the area of elder law.
Three Convenient Locations – We have offices in Lancaster, St. Clairsville, and Dublin, making it easy to reach clients throughout Central and Southeast Ohio.
Free Events – Our firm offers free events for Ohio residents. These events cover essential estate planning issues, such as how to pay for long-term care while protecting your assets.
Family First – We’re focused on family. Our family (yes, we employ several family members in the firm) is protecting yours.

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I have worked with Emily at Jarvis Lancaster location and she is very personable, friendly and has “Great” customer service. I would recommend Jarvis Lancaster location to anyone who needs assistance with elder care planning!

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Frequently Asked Questions

How can an estate planning attorney help me minimize estate taxes?

An experienced estate planning attorney can develop a comprehensive estate plan tailored to your family’s unique needs. They can employ strategies such as creating family limited partnerships, establishing revocable trusts, and advising on charitable giving to reduce your estate’s net taxable value. Our legal team has extensive knowledge of tax laws and Ohio regulations to maximize tax savings while ensuring a smooth transition of assets.

What role does business succession planning play in estate planning?

Business succession planning is crucial for business clients looking to transfer property and ensure a smooth transition of their company. Our Columbus estate planning services include creating limited liability companies, addressing employee benefits, and navigating complex tax issues. We assist clients in developing strategies that align with their retirement planning goals and minimize potential inheritance taxes.

How often should I review and update my estate plan?

It’s advisable to review your estate plan every 3-5 years or when significant life changes occur. Tax laws and Ohio regulations can change, impacting your estate’s net taxable value. Our legal team stays current on these changes to ensure your estate plans remain effective. We can help you address evolving family dynamics, new assets, and changing estate planning needs.

Can charitable giving help reduce estate taxes?

Yes, charitable gifts can be an effective way to reduce estate taxes. By incorporating charitable giving into your estate plan, you can potentially lower the fair market values of your estate, which is subject to taxation. Our Columbus estate planning attorneys can help you explore options like charitable trusts that benefit both your chosen causes and your tax savings goals.

What's the difference between a simple will and a more complex estate plan?

While a simple will can suffice for basic probate avoidance, a more comprehensive estate plan is often necessary to address complex tax issues and ensure proper estate administration. Our legal team has extensive experience in handling both simple and complex cases. We can help you determine whether your situation calls for additional tools like revocable trusts, family limited partnerships, or other sophisticated estate planning strategies to meet your legal needs and tax savings goals.

Please note that the information provided here is general in nature and should not be considered legal advice. It is recommended to consult with an attorney from Jarvis Law Office to obtain personalized advice based on your specific circumstances.