Estate Tax Planning Lawyer Ohio

Your Ohio Estate Tax Planning Lawyer

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

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Estate Tax Planning In Ohio

You have worked hard to grow your assets and wealth, and you want to leave your investments and property to your loved ones. However, you are concerned that a large portion of it will go to the government due to estate taxes. While that might be true without planning, the Jarvis Law Office can help you minimize your estate tax burden. Then, instead of losing your wealth, it will continue to grow in the next generation.

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

Here Today Gone Tomorrow - Will The Federal Government Take 40% Of Your Wealth?

While most Americans won’t be impacted by federal estate taxes, some families will be. Planning to prevent or minimize this loss is crucial to being able to pass wealth to future generations. If the idea of losing 40% of what you’ve accumulated to the Internal Revenue Service (IRS) and other entities makes your gut wrench, then it’s time to take action.

While there are effective strategies to reduce and even eliminate having to pay nearly half of what you’ve worked for in taxes, these strategies often need time to be fully effective.

Reduce Estate Taxes With A Gifting Strategy

Your Ohio estate tax planning lawyer knows the tax laws and can help you develop a gifting strategy. First, you can gift up to the annual exclusion each year to lower your taxable estate. As of 2021, you are allowed to gift up to $15,000 per person. For instance, you can gift $15,000 worth of property to one child and $15,000 worth of cash to another without going over the annual exclusion limit. If you have a larger gift, your attorney can help you break it up over several years so you won’t have to pay taxes on it.

Your 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

Irrevocable trusts are another option to remove assets from your estate. You’ll choose a trustee to manage the trust, and that person will make all of the decisions. Once the property is inside the trust, it’s no longer part of your estate and not subject to taxes. Then, when you pass away, your beneficiaries will receive the property.

If you have a great deal of wealth, an irrevocable trust might be a wise choice. Talk to an Ohio estate tax planning lawyer to go over the benefits of the trust. Then, your attorney can set one up for you if you wish.

Spousal Lifetime Access Trusts

A Spousal Lifetime Access Trust or SLAT is a type of irrevocable trust, which simply means there are certain changes you can’t make after it is created. This type of trust enables one spouse to make a gift to the other, even while both spouses are still living. This allows the couple to maximize both of their lifetime gift-tax exclusions. This is important for couple with more than $12.06 million in assets in 2022. By making a gift to the SLAT, these funds are removed from the couple’s estate and thus are no longer subject to the federal estate tax. This will help reduce the amount that would otherwise have to be paid in estate taxes upon the second individual’s death.

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.

When Is It Time To Start Estate Tax Planning?

It’s wise to start early when it comes to estate tax planning. The federal government will review the transfers from your estate for the three years prior to your death. Then, the government can impose taxes on those assets after the fact. Thus, strategic planning now can save your estate and loved ones a great deal of money.

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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 the team at the Jarvis Lancaster location, and they are very personable and friendly and have “Great” customer service. I would recommend the 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 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 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 that you consult with an attorney from Jarvis Law Office to obtain personalized advice based on your specific circumstances.