Estate Tax Planning Lawyer Westerville Ohio

Your Westerville Estate Tax Planning Lawyer

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

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Estate Tax Planning in Westerville, Ohio

Your legacy is more than just the assets you’ve accumulated—it’s the future you envision for your loved ones. However, estate taxes can significantly impact the wealth you pass on. Don’t let your hard work be diminished by excessive taxation. The Jarvis Law Office offers professional estate tax planning services, designed to help you minimize your tax burden and maximize the inheritance you leave behind.

Contact our Westerville 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 Westerville, 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.

The Hidden Wealth Threat: Will 40% of Your Assets Vanish?

Federal estate taxes may not be on most Americans’ minds, but for some families, they’re a looming threat. Proactive planning is key to ensuring your hard-earned wealth reaches the next generation. If you’re troubled by the possibility of losing 40% of your assets to the Internal Revenue Service (IRS) and other government entities, now is the time to take action.

Effective methods exist to reduce or eliminate this substantial tax liability, but many need time to reach their full potential. Don’t wait to secure your family’s financial future.

Gifting Wisely: A Potent Strategy to Reduce Estate Taxes

With their comprehensive understanding of tax laws, our Westerville estate tax planning lawyers can help you craft a savvy gifting strategy. The annual exclusion serves as a powerful tool to shrink your taxable estate. For 2021, the limit is set at $15,000 per individual yearly. You could, for instance, gift $15,000 in bonds to one child and $15,000 in artwork to another, staying within the annual limit. When it comes to larger gifts, your attorney can provide guidance on spreading them across multiple years to avoid tax ramifications.

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: A Strategic Approach to Wealth Preservation

Consider irrevocable trusts as another tool to extract assets from your estate. You’ll appoint a trustee to manage the trust, giving them full control over all decisions. Once property is placed in the trust, it’s removed from your estate and protected from estate taxes. Following your passing, your chosen beneficiaries will receive the trust’s contents.

For those with substantial assets, an irrevocable trust could be a wise financial move. Seek guidance from our Westerville estate tax planning lawyer to understand the advantages of this trust type. If it aligns with your goals, our attorney can handle the trust’s setup for you.

SLATs: A Smart Move for High-Net-Worth Couples

Spousal Lifetime Access Trusts (SLATs) fall under the category of irrevocable trusts, which have limited flexibility once established. These trusts enable spouses to make gifts to each other during their lifetimes, maximizing the use of their individual lifetime gift-tax exclusions. This strategy is particularly advantageous for couples with assets exceeding $12.06 million in 2022. By transferring assets to a SLAT, couples can effectively remove these funds from their taxable estate, minimizing their exposure to federal estate taxes. This approach can significantly lower the estate tax burden upon 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.

Be The Early Bird with Your Estate Tax Planning

Starting estate tax planning early is a smart move. The federal government examines estate transfers occurring in the three-year period before death. These transactions may incur posthumous taxes. Therefore, implementing thoughtful strategies now can lead to considerable monetary advantages for your estate and heirs.

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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 legal team in Westerville 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 Westerville 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 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 requires additional tools like revocable trusts, family limited partnerships, or other sophisticated estate planning strategies to meet your legal needs and tax savings goals in Westerville, Ohio.

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.