Estate Tax Planning Lawyer St. Clairsville Ohio
Your St. Clairsville Estate Tax Planning Lawyer
The Jarvis Law Office Helps clients reduce or eliminate estate taxes.
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Estate Tax Planning in St. Clairsville, Ohio
A lifetime of financial success should culminate in a lasting legacy for your loved ones. Yet, the specter of estate taxes threatens to diminish the fruits of your labor. Don’t let this happen to your hard-earned wealth. The Jarvis Law Office has the knowledge and experience to help you navigate the complexities of estate tax planning, ensuring that your assets continue to grow and benefit your family for years to come.
Contact our St. Clairsville, 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 St. Clairsville 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 St. Clairsville estate planning attorney today for more information on how you can enjoy estate-related tax benefits.
Don’t Risk Surrendering up to 40% of Your Weath to The Federal Government
While federal estate taxes won’t impact the majority of Americans, they can significantly affect certain families. Planning ahead is key to preserving your wealth for your descendants. If the prospect of surrendering 40% of your life’s achievements to the Internal Revenue Service (IRS) and other government entities alarms you, it’s time to take action.
Strategies exist to reduce or eliminate this substantial tax liability, but they often need time to reach maximum effectiveness. Don’t wait to protect what you’ve built.
Shrink Your Estate Tax Burden with Strategic Gift-Giving
Our St. Clairsville estate tax planning lawyer’s comprehensive understanding of tax legislation can be instrumental in developing a robust gifting strategy. Leveraging the annual exclusion is a prime method to decrease your taxable estate. As of 2021, you can gift up to $15,000 per individual annually. So, for example, you might give $15,000 in bonds to one child and $15,000 in artwork to another without surpassing the yearly limit. When dealing with larger gifts, your attorney can provide guidance on distributing them over time to avoid tax liabilities.
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: Your Shield Against Estate Taxes
Consider irrevocable trusts as another method to extract assets from your estate. You’ll select a trustee to administer the trust, granting them complete control over decisions. Once property is transferred into the trust, it’s excluded from your estate and protected from estate taxes. Following your passing, your chosen beneficiaries will receive the trust’s contents.
For those with considerable assets, an irrevocable trust could be a strategic choice. Seek guidance from our St. Clairsville estate tax planning lawyer to understand the trust’s advantages. If it aligns with your goals, our attorney can set up the trust for you.
Navigating Estate Taxes: The Role of Spousal Lifetime Access Trusts
A Spousal Lifetime Access Trust (SLAT) is an irrevocable trust variant, characterized by its limited amendability post-creation. This trust enables one spouse to make lifetime gifts to the other, allowing couples to fully leverage their individual lifetime gift-tax exclusions. For couples with assets over $12.06 million in 2022, SLATs offer significant benefits. By moving assets into a SLAT, couples can reduce their taxable estate, thus minimizing federal estate tax exposure. This strategy 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.
The Right Time for Estate Tax Planning is Now
Estate tax planning is best approached with foresight. The federal government examines estate transfers made during the three years before your death. These assets may incur posthumous taxes. Thus, implementing strategic plans today can yield considerable financial advantages for your estate and heirs.
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- 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
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 St. Clairsville legal team has extensive knowledge of tax laws and Ohio regulations to maximize tax savings while ensuring a smooth transition of assets.
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.
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.
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 St. Clairsville estate planning attorneys can help you explore options like charitable trusts that benefit both your chosen causes and your tax savings goals.
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.
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