The preparation involved with providing for loved ones once an individual is deceased should take into consideration the large percentage of assets that will be applied to state and/or federal inheritance taxes. In the state of Ohio, one is legally permitted to receive an unlimited amount of assets upon the death of a spouse without tax penalty. Because of such tax protection laws, the surviving spouse receiving the estate will likely be subject to an estate tax upon his/her death.
For the estate of a non-married individual, there will almost always be an estate tax if his/her remaining assets are substantial. Proactive legal protection of an estate is highly recommended to avoid heavy estate tax penalties.
In addition, recent changes to federal estate tax laws require an increased need for legal guidance in adequate tax planning.
With all of the complexity around estate taxes and the changing federal laws, it is important to discuss your estate plans with an attorney from a respectable firm like Luftman, Heck & Associates to help avoid or minimize the taxes that may be assessed on your estate following your death. Because tax laws can change quite frequently, we can help prepare an estate tax plan that will work best for the individual and his/her situation.
Luftman, Heck & Associates provides estate tax-planning advice that help save estates from substantial state and federal taxes. Our attorneys offer extensive estate tax planning experience and guidance to clients with estates of all sizes. To begin the process for you or a loved one, contact us today.