Estate Tax Planning Lawyer Powell Ohio

Your Powell Estate Tax Planning Lawyer

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

Get The Legal Help You Need

Estate Tax Planning in Powell, Ohio

You’ve dedicated your life to building wealth and securing a bright future for your loved ones. Yet, without proper planning, estate taxes could significantly reduce the assets you pass on. This is where the Jarvis Law Office steps in. Our comprehensive estate tax planning services can help you minimize your tax liability, ensuring that your hard-earned wealth continues to benefit your family for generations to come.

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

Your Wealth's Greatest Threat: The 40% Government Claim

Federal estate taxes may not be of great concern to the majority of Americans, but they can have a profound effect on certain families. Thoughtful planning is crucial to ensure your wealth benefits future generations. If the prospect of losing 40% of your accumulated assets to the Internal Revenue Service (IRS) and other government entities alarms you, it’s time to make a move.

Effective strategies exist to reduce or even eliminate this significant tax liability, but many need time to reach their maximum potential. Don’t delay in safeguarding your family’s financial legacy.

Outsmart Estate Taxes with Strategic Gifting

Armed with a thorough understanding of tax regulations, your Powell, Ohio, estate tax planning counsel can assist you in devising an effective gifting strategy. The annual exclusion is a vital tool for shrinking your taxable estate. As of 2021, you’re permitted to gift up to $15,000 per individual annually. For instance, you could give $15,000 in cash to one child and $15,000 in collectibles to another without exceeding the annual limit. When dealing with larger gifts, your attorney can guide you on distributing them across several years to avoid triggering tax consequences.

Our 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.

Craft a Tax-Efficient Estate Plan Using Irrevocable Trusts

Irrevocable trusts present another strategy for removing assets from your estate. You’ll designate a trustee to administer the trust, granting them full authority over decisions. Once property is placed in the trust, it’s no longer part of your estate and is shielded from estate taxes. When you pass away, your beneficiaries will receive these protected assets.

For individuals with considerable wealth, an irrevocable trust could be a strategic financial move. Consult with our Powell estate tax planning lawyer to review the trust’s advantages. If you determine it’s suitable for your needs, our attorney can handle the trust’s creation for you.

SLATs: Efficient Wealth Preservation for Couples

A Spousal Lifetime Access Trust (SLAT) is an irrevocable trust allowing one spouse to transfer assets to the other during their lifetime. This strategy helps couples maximize their lifetime gift-tax exclusions, particularly beneficial for those with assets over $12.06 million (as of 2022). By moving funds into a SLAT, couples remove these assets from their taxable estate, potentially reducing federal estate taxes, especially upon the second spouse’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.

The Time is Now to Jump-Start Your Estate Tax Planning

When it comes to estate tax planning, early action is key. The federal government scrutinizes transfers from your estate made in the three years preceding your death. These transactions may be subject to post-mortem taxation. So, jump-starting your estate tax planning today with Jarvis Law Office’s strategic measures can result in significant savings for your estate and beneficiaries.

Request A Consultation

Please fill out the short form below. Then click the schedule your consultation button. You will be directed to a calendar to select a day and time that works for you!

*Required Fields

We respect your privacy. The information you provide will be used to answer your question or to schedule an appointment if requested.

or Call Now

(740) 653-3450

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.

Testimonials

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!

Contact Us

*Required Fields

By ticking the consent above and clicking “Contact Us Today”, I consent to join the email list and receive SMS from Jarvis Law Office. Message and data rates may apply. Message frequency varies. More details on this are in our Privacy Policy and Terms and Conditions. Text “HELP” for help or contact us at 740-746-1260. Text “STOP” to cancel.

Frequently Asked Questions

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

The experienced tax estate planning attorneys at Jarvis Law Office 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 Powell, Ohio, 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 Powell 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.