Estate Tax Planning Lawyer Hilliard Ohio

Your Hilliard Estate Tax Planning Lawyer

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

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Estate Tax Planning in Hilliard, Ohio

Preserving your hard-earned wealth for future generations is a worthy goal, but estate taxes can pose a significant challenge. Without proper planning, a substantial portion of your assets could end up in government hands instead of benefiting your loved ones. The good news? The Jarvis Law Office is skilled in matters related to estate tax planning. We can help you implement strategies to minimize your tax burden, allowing your wealth to continue growing for your heirs.

Contact our Southeast and Central Ohio 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 Hilliard, Ohio, 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 Hilliard estate planning attorney today for more information on how you can enjoy estate-related tax benefits.

Safeguarding Your Family's Wealth: The 40% Dilemma

While federal estate taxes aren’t a concern for most Americans, they can significantly impact some families. Thoughtful planning is crucial to pass your wealth on to future generations. If the prospect of losing 40% of your accumulated assets to the Internal Revenue Service (IRS) and other governmental bodies alarms you, it’s time to act.

There are proven strategies to minimize or even avoid this hefty tax burden, but many require time to be fully effective. Start planning today to preserve your family’s financial legacy.

Trim Your Estate Tax Bill Through Strategic Gift-Giving

Your Hilliard estate tax planning counsel’s thorough grasp of tax regulations can be invaluable in developing an effective gifting strategy. Leveraging the annual exclusion is a key method to decrease your taxable estate. In 2021, you’re allowed to gift up to $15,000 per person annually. As an illustration, you could present $15,000 in securities to one child and $15,000 in real property to another without exceeding the yearly threshold. For more substantial gifts, your attorney can advise on distributing them over time to sidestep tax liabilities.

Our estate tax planning 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 our attorney to see if it is a wise strategy for you.

The Role of Irrevocable Trusts in Preserving Your Legacy

Irrevocable trusts present another avenue for removing assets from your estate. You’ll choose a trustee to administer the trust, granting them complete decision-making authority. Assets transferred into the trust are no longer considered part of your estate, thus avoiding estate taxes. These assets will then pass to your beneficiaries after your death.

If you possess considerable wealth, an irrevocable trust might be a strategic choice. Consult with a Hilliard estate tax planning attorney to explore the trust’s benefits. Should you decide it’s appropriate for your situation, our lawyer can establish the trust for you.

Unlocking Tax Efficiency in Marital Estate Planning with SLATs

A Spousal Lifetime Access Trust (SLAT) is an irrevocable trust variant, meaning certain aspects become fixed upon creation. This trust allows one spouse to make lifetime gifts to the other, enabling couples to fully leverage their individual lifetime gift-tax exclusions. For couples with assets over $12.06 million in 2022, SLATs provide significant benefits. By moving assets into a SLAT, these funds are removed from the couple’s taxable estate, thus reducing federal estate tax exposure. This approach can lead to substantial savings in estate taxes when the second spouse passes away.

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.

Getting Ahead in Your Estate Tax Planning

When it comes to estate tax planning, timing is crucial. Federal authorities review transfers from your estate made within three years of your passing. These assets could be subject to retroactive taxation. Thus, strategic planning today can result in significant financial benefits 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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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 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 Hilliard 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.

Estate Tax Planning Lawyer Hilliard Ohio

Your Hilliard Estate Tax Planning Lawyer

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

Estate Tax Planning in Hilliard, Ohio

Estate Tax Planning Strategies

Safeguarding Your Family's Wealth: The 40% Dilemma

Trim Your Estate Tax Bill Through Strategic Gift-Giving

The Role of Irrevocable Trusts in Preserving Your Legacy

Unlocking Tax Efficiency in Marital Estate Planning with SLATs

Getting Ahead in Your Estate Tax Planning

Request A Consultation

(740) 653-3450

Why Choose Jarvis Law Office?

Testimonials

Contact Us

Frequently Asked Questions

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