Death, & Taxes, Life: & COLUMBUS OHIO ESTATE PLANNING
Our law firm has experience representing clients in a broad range: Estate Legal matters. Inheritance Disputes. If you dispute over a loved one’s estate’s settling, please contact (614) 497-9918. Dennis Rathbun understands the emotional issues surrounding contested estates.
Call Rathburn Associates – (614) 497-9918
Death & Taxes are never pleasant to think about, but with uncertainty, you can plan.
We have all living in Columbus been impacted by the pandemic in some way, with family members and friends directly affected by COVID in Ohio And from 2020, which has now continued to “The Only Two Certainties in Life are Death and Taxes.” Benjamin Franklin in 1789, We now see a third certainty of which I concur: Ohio Estate Planning.
With all the fake news and inconsistent changing information, we are receiving regarding COVID-19, there is not always a rhyme or reason for those individuals who have lost their lives to this virus. Some folks in Columbus I have spoken with about their personal experiences with COVID-19 have stated they were scared about Covid deaths and the health epidemic it has become. And now that the 2020 Election is behind us, we are unclear about what will be happening with Estate Taxes and Estate Planning.
Taxes and Estate Planning
During his campaign, Mr. Biden discussed taxes, estate tax exemption, gift tax exemption, etc. Below is a chart reflecting some of now President Biden’s recommendations that will directly impact Ohio, Columbus estate planning.
| 2020 | Biden | |
|---|---|---|
| Estate tax (Individual) | $11.7 Millon Indexed for inflation | $5 Millon (or lower) Possibly Indexed for inflation |
| Estate tax rate | 40% | 45% + |
| Step Up in Basis | Yes | No |
As we think about and reflect on everything going on around us, it is crucial now more than ever in 2021 and beyond to have your Ohio Estate Planning Columbus documents in order. This does not just mean your OH, Last Will, and Testament but also includes all the disability planning documents and incapacity Our Estate Planning Columbus Ohio Document Chart provides a list of the essential documents to consider.
The Bottom Line The Tragedy of Dying Without a Last Living Will & Testament
Thinking about death. it’s never easy but, without the proper estate planning documents in Ohio, your family could be thrown into the messy courts of settling an estate in Columbus Ohio with no Will. Our example illustration story below are examples of just that – the tragedy of dying without a will.
Divorced Never Finalized
The woman’s husband abruptly died without a Will. This was a second marriage for both her and her husband. We discovered that his preceding divorce which has been filed earlier, years ago; was actually never finalized. Therefore, we had to break the news to her that she and her late husband were never legally married and all of what she thought was that their community property wasn’t. Since his divorce was not correctly finalized, the home she and her late husband bought when they wed years back was owned half by his previous wife. (. . .If only Her husband could have had a Will.)
Common-Law Marriage
The woman contacted our office after the death of her Father. The women’s Father died without a Will. We looked into her husband’s estate and discovered that he was not married at the time of his departure and had just two kids: his daughter and his son equally adults. We also discovered that he’d moved in with his girlfriend of two years before his departure. Throughout our investigation, her husband’s girlfriend filed a probate event naming herself as the common-law spouse. We needed to tell her and her brother who she would receive part of the estate if she had power of attorney with the submitting.
If only Their Dad would have had a set up a Will.
If the parties at the tales above had taken the time to draft And sign a last will, their estate and assets could have gone to precisely who They picked and would have saved their nearest and dearest stress, time, and money. From experience one of these illustrations!
If you need the assistance of an Ohio estate planning attorney in the Columbus, Ohio, area, we can help!
Our suggestion is to dust off your estate planning documents and contact our office to schedule an appointment to review them.