Why Estate Planning is so Important?
“Estate planning” done by a qualified lawyer in Columbus Ohio refers to the process of reviewing, preparing, and discussing how best to transfer assets to our heirs. While we often view a Will as the only way to dispose of our assets and avoid estate planning, it allows us to look at all options and consider the best way to meet the client’s needs. Although we are committed to protecting the financial interests of our clients, we never lose sight of the bigger picture and strive to handle every case with both the sensitivity and strong advocacy our clients deserve. A trust can be used to avoid probate and can specify the terms of how your estate will be divided, regardless of its size. If you have minor children and you are going to die, it is likely that you don’t want any money left behind for them. Estate planning isn’t just for the wealthy.
Simple estate planning can be as simple as transferring assets to the “survivor” and setting up ownership.
This can be done by using language to set up joint accounts, or by contract agreement with an annuity or life insurance company. Complex estate planning might include a Trust Agreement or a term limit contained in a Will. These joint accounts are a way to protect your beneficiaries and make sure your personal expenses are taken care of by the trust. This will ensure that your heirs are not subject to any financial obligations related to debt servicing.
Estate planning has the amazing advantage of resolving issues about your assets while you’re still alive.
Instead of waiting for Will’s effect to occur posthumously, you can transfer assets to other beneficiaries or your children in a manner that minimizes tax losses. You can transfer real estate and other investments assets to your children as you wish, according to the time that you feel most at ease. Our legal team is well-versed in Ohio and federal tax laws and can help you create your estate plans in a smart way. We can help you minimize your tax liabilities and pay the least amount of estate taxes. These services can be viewed as a combination of a contract lawyer, a financial planner, and a taxable advisor. An experienced Columbus Ohio estate planning attorney “near me” will be able to draft your documents keeping in mind your investment goals and your wishes for asset distribution.
You can also resolve other issues right away. What happens if you are incapacitated or become disabled?
How can you ensure your wishes are honored if you become unable to communicate? The creation of a Living Will is an important part of estate planning. This document will help you decide if you would like a DNR order (Do Not Resuscitate), or what to do if your heart stops beating. You can legally make your opinions about the quality of your life in this case binding by making such a document.
Get Your Affairs in Order
All of us hear about the peace of mind that comes from knowing your family will be taken good care of in case something happens to you. All of this is true and correct.
We hear less about the importance of protecting ourselves.
These documents do not concern your assets, your life insurance, or what you leave behind to your children, spouse, or other relatives. These forms protect your quality of life in the event of an accident or illness. You want to make sure that everyone knows what you would like done if you were diagnosed with a brain tumor. It is important to indicate what kind of medical care you want and whether you want to be on life support if you become unable to breathe on your own.
Are our estate planning options only available to the wealthy?
No. You may think about estate planning and picture someone who is very wealthy. This misconception is common.
ESTATE PLANNING FREQUENTLY ASKED QUESTIONS
Even if you aren’t very wealthy, why is estate planning so important? Six Reasons You Should Have an Estate Plan:
- To plan for your own needs. …
- How to dispose of your wealth. …
- To Reduce Transfer Taxes. …
- To Incorporate Philanthropic Planning. …
- To protect family wealth. …
- To prepare future generations to receive wealth.
Why is estate planning important?
Estate planning makes sure that your assets, online and physical, are passed on to the beneficiaries. If you die without a will, the law may not consider your personal preferences or relationships when distributing your assets.
Why is trust important in estate planning?
A trust is used historically to minimize estate taxes. It can also offer other benefits as part of a well-crafted estate plan. A trust can allow assets to be passed without probate. This saves time and court fees as well as potentially reduces estate taxes. Trusts also offer control over your wealth.
What is the difference between estate planning and trust?
The two most common legal structures to transfer assets to your beneficiaries and heirs are trusts and estates. Each function in a very different way. Estates are a one-time transfer to your assets upon your death. Trusts, however, allow you to continue the transfer over time. You can, however, create trusts to allow for an ongoing transfer of assets before and after your death
An Estate Plan Protects Beneficiaries
You don’t need to be super-rich to make a living in real estate or the stock market. Both of these assets will produce assets you want to pass on your heirs. The courts will determine who will inherit your assets if you die without a will.
Why do people not estate plan?
In summary, if you don’t have an estate plan, it means that your assets, your care of your children, and your medical care are all yours. Failing to plan can also put a huge burden on your loved ones in a difficult time.