Estate Tax Planning Lawyer Lancaster Ohio

Your Lancaster Estate Tax Planning Lawyer

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

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Estate Tax Planning in Lancaster, Ohio

Building wealth is a journey of dedication and perseverance. As you contemplate your legacy, you likely want your assets to benefit your family, not the government’s coffers. Estate taxes can pose a significant threat to this dream, but there’s hope. The Jarvis Law Office is experienced in estate tax planning, offering strategies to minimize your tax burden and maximize the wealth you pass on to the next generation.

Contact our Lancaster 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 Lancaster, 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 Lancaster estate planning attorney today for more information on how you can enjoy estate-related tax benefits.

Protecting Your Family's Future: The 40% Wealth Drain You Can't Ignore

Federal estate taxes may not concern most Americans, but for some families, they pose a real threat. Proper planning is essential to ensure your hard-earned wealth reaches the next generation intact. If you’re uneasy about potentially losing 40% of your assets to the Internal Revenue Service (IRS) and other governmental bodies, now is the time to take control.

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

Smart Gifting as a Powerful Tool to Lower Estate Taxes

With their deep knowledge of tax laws, our Lancaster estate tax planning attorneys can help you craft a savvy gifting strategy. The annual exclusion is a key component, allowing you to reduce your taxable estate. Since 2021, the limit has stood at $15,000 per person yearly. You could, for instance, gift $15,000 in stocks to one child and $15,000 in real estate to another, staying within the annual limit. For more substantial gifts, your attorney can advise on spreading them across multiple years to sidestep tax consequences.

The 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.

Safeguarding Your Legacy: The Power of Irrevocable Trusts

Irrevocable trusts present a strategic option for removing assets from your estate. You’ll designate a trustee to manage the trust, entrusting them with all decision-making responsibilities. Assets placed in the trust are effectively removed from your estate, shielding them from estate taxes. These assets will then pass to your beneficiaries upon your death.

If you possess significant wealth, an irrevocable trust might be an astute financial move. Discuss the potential benefits with a Lancaster estate tax planning attorney. If you choose to move forward, our lawyer can handle the trust’s creation for you.

SLATs: A Powerful Tool for Married Couples' Estate Planning

Spousal Lifetime Access Trusts (SLATs) are a type of irrevocable trust, which means they have limited flexibility after establishment. These trusts facilitate inter-spousal gifting during the lifetime of both partners, allowing couples to maximize their combined lifetime gift-tax exclusions. This approach is crucial for couples whose assets surpass $12.06 million in 2022. Transferring assets to a SLAT removes them from the couple’s taxable estate, thereby reducing the estate’s exposure to federal estate tax. This strategy can significantly decrease the estate tax liability following the death of the second spouse.

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.

Estate Tax Planning: Why Sooner is Better

When it comes to estate tax planning, an early start is advantageous. Federal authorities review estate transfers occurring in the three years preceding death. These transactions could face post-mortem taxation. Consequently, thoughtful planning in the present can lead to substantial monetary benefits for your estate and loved ones.

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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 Lancaster legal team has extensive knowledge of tax laws and 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 company transition. 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 Lancaster estate planning attorneys can help you explore options like charitable trusts that benefit your chosen causes and tax savings goals.

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

While a simple will can suffice for essential 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 requires 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.