Estate Tax Planning Lawyer Upper Arlington Ohio

Your Upper Arlington Estate Tax Planning Lawyer

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

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Estate Tax Planning in Upper Arlington, Ohio

As you reflect on your financial achievements, you likely dream of the positive impact your wealth could have on future generations. But estate taxes can erode a significant portion of your legacy. Fear not—the Jarvis Law Office is here to help. Our Upper Arlington estate tax planning lawyers can help you navigate this complex landscape, minimizing your tax burden and ensuring your wealth continues to grow for your beneficiaries.

Contact our Upper Arlington 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 Upper Arlington 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.

Preserving Your Financial Legacy: The 40% Challenge

While federal estate taxes won’t impact most Americans, they can be a significant hurdle for some families. Strategic planning is essential to pass your wealth on to future generations. If the idea of forfeiting 40% of your financial legacy to the Internal Revenue Service (IRS) and other governmental organizations makes you uncomfortable, it’s time to take action.

There are proven tactics to minimize or even avoid this hefty tax burden, but many require time to be fully effective. Start planning now to protect what you’ve built.

Smart Gift-Giving: Your Secret Weapon Against Estate Taxes

Our Upper Arlington estate tax planning attorney’s deep knowledge of tax legislation can be crucial in developing a robust gifting strategy. One key approach is utilizing the annual exclusion to reduce your taxable estate. In 2021, you can gift up to $15,000 per person each year. For example, you might present $15,000 in mutual funds to one child and $15,000 in business interests to another without surpassing the yearly threshold. For more substantial gifts, our lawyer can help you structure them over time to circumvent tax implications.

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.

Fortifying Your Legacy with Irrevocable Trusts

Irrevocable trusts offer a powerful way to remove assets from your estate. You’ll select a trustee to oversee the trust, entrusting them with all decision-making responsibilities. Assets transferred to the trust are excluded from your estate, thus avoiding estate taxes. Upon your death, these assets will be distributed to your beneficiaries.

If you’ve amassed significant wealth, an irrevocable trust might be a prudent consideration. Discuss the potential benefits with our Upper Arlington estate tax planning attorney. Should you decide to move forward, our lawyer can manage the trust’s establishment on your behalf.

Leveraging SLATs for Effective Marital Estate Tax Planning

A Spousal Lifetime Access Trust (SLAT) is a type of irrevocable trust, meaning certain elements become fixed after its creation. This trust structure facilitates inter-spousal gifting while both partners are alive, allowing couples to fully utilize their combined lifetime gift-tax exclusions. For couples with assets surpassing $12.06 million in 2022, SLATs offer significant advantages. By moving assets into a SLAT, these funds exit the couple’s taxable estate, reducing their exposure to federal estate taxes. This strategy can lead to substantial tax savings 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.

Estate Tax Planning: Why Waiting Isn't an Option

Proactive engagement in estate tax planning is essential. Federal regulations allow for the review of estate transfers made within three years of death. This means a portion of your assets could face retroactive taxation. Consequently, strategic planning in the present can yield substantial financial preservation 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?

Our experienced Upper Arlington estate planning attorneys 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 Upper Arlington 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 Upper Arlington 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.