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An Estate Plan Can Provide The Security You Need

Planning for your future involves a lot of important decisions, such as selecting a guardian for your child, making decisions about your medical care and ensuring that your estate is distributed according to your wishes. At MDSLaw Ohio in Marietta, we can help you make these decisions by working closely with you to prepare a personalized estate plan that meets your needs and goals.

No matter your stage of life or level of wealth, we have the experience to help you develop a plan to secure your future and protect your loved ones. The decisions you make today can impact the future of your family, business or health. We commit ourselves to providing solution-oriented support and tailored legal guidance to Ohio families.

Comprehensive Plans Personalized To Your Life

A solid estate plan goes beyond financial instructions and the division of your estate. With the proper tools, you can ensure stability and security for your loved ones.

We can help you with a variety of estate planning needs, including:

We will take the time to get to know you, your needs and your objectives to ensure that your estate plan comprehensively provides what you need to meet your goals.

Estate Planning Strategies For High Net Worth Individuals

If the value of your estate is high enough, it could be subject to the federal estate tax, which the IRS describes as a tax on your right to transfer your estate to other parties when you die. While Ohio does not have inheritance or gift taxes, heirs living in other states could be taxed for their inheritances, and gifts you make during your lifetime could be subjected to the federal gift tax.

Fortunately, our estate planning lawyer uses several strategies to help our clients avoid, or at least minimize, these tax burdens when the time comes. You can also use estate planning to pass on real estate and other assets more quickly and easily than through the standard probate process. Legal tools commonly used by high net worth families in Ohio include:

  • Tax-deferred retirement accounts
  • Establishing an LLC to possess real estate and other assets
  • Irrevocable life insurance trusts
  • Grantor retained annuity trusts (GRATs)
  • Qualified personal residence trusts (QPRTs)
  • Charitable gifts
  • 529 accounts for students

It is common for wealthy people in Marietta to own substantial property in and outside of Ohio, such as vacation homes, businesses and investment properties. Working with an estate planning attorney like ours, who is familiar with business and estate laws across the country, can be a huge advantage. Your plan will be carefully tailored to your particular needs and legally enforceable, no matter how complex your assets are or how many jurisdictions are involved. Most of all, our estate tax planning attorney will work to ensure your legacy will go to your loved ones and favorite charities as you intend, not to taxes.

Frequently Asked Questions About Estate Planning

You may think that estate plans are just for people with high wealth or large families, but taking appropriate steps can also help protect your elderly parents or your child who is newly enrolled in college as they embark on the next phase of their lives. At MDSLaw Ohio, we are here to answer your questions, but in the meantime, please read some answers to frequently asked questions about estate planning below.

What are the benefits of an estate plan?

An estate plan is a tool used to take care of yourself, your family or your business after you pass away. Every estate plan can be unique to the individual and may include measures to provide for your family, like ensuring that your beneficiaries inherit the right property. An estate plan can also minimize expenses and taxes collected on your estate, meaning that your beneficiaries can keep more of the money you set aside for them.

What are the best ways to protect an elderly parent’s assets?

Older adults may be vulnerable to scams and fraudulent activity attacking their finances. However, you can take steps to ensure their safety and protection. We can help you establish a power of attorney to act on your parent’s behalf when they can no longer make decisions. Your parents can also establish a living trust to protect their assets.

How can estate planning help prepare for children going to college?

Establishing an estate plan may not be the first step on your list while helping your child prepare for college, but it can help prepare for unexpected challenges. Establishing a financial and health care power of attorney can allow you to make decisions regarding their care and finances if they cannot decide for themselves. A Family Educational Rights and Privacy Act release can also be included in your child’s estate plan, allowing their school to discuss and release your child’s records to you in the case of an emergency.

Make Decisions Today To Protect Your Tomorrow

Take steps today to prevent confusion, heartbreak and further stress on you and your heirs. We can help you develop an estate plan that will protect your interests and your future. Contact us today to schedule a free consultation by calling 740-923-4235 or completing our online contact form.