Estate Tax Planning
You have come to the time in your life when you begin planning for how you can provide for your loved ones once you are gone. At this point it is likely that you have prepared a will and/or trust and prepared final instruction on how you would like your final wishes carried out. Although you have properly prepared and filed all the necessary documents, it is likely that you have not planned for the large percentage of your assets that will go to paying state and/or federal inheritance taxes. As such, depending on the value of your estate at your death, a large percentage of your estate could be subject to both federal and Ohio estate taxes.
Ohio permits a surviving spouse to receive an unlimited amount of assets upon the death of a spouse without paying any taxes on them. However, because of these tax protection laws, the surviving spouse’s estate will likely be subject to an estate tax upon his or her death. Similarly, the estate of a non-married individual will almost always be subject to an estate tax if his or her remaining assets are substantial. To help avoid or minimize the taxes that may be assessed on your estate following your death, it is important to discuss your estate plans with an attorney who can offer direction on how to best protect your assets from taxes.
Because tax laws can change quite frequently, an attorney can help you prepare an estate tax plan that will work best for you. For example, recent changes to federal estate tax laws require an increased need for legal guidance in adequate tax planning. Current tax laws will reduce estate taxes over the next few years, and completely eliminate them in 2010; however, this reform is not yet permanent and will revert to the old rules in effect pre-2001 unless a new estate tax bill is passed by Congress by 2011.
Luftman, Heck & Associates provides estate tax-planning advice to people who are interested in saving their estates from substantial state and federal taxes. The firm’s lawyers offer extensive estate tax planning experience and guidance to clients with any size estate. They will explain the financial strategies and legal options that are available to help protect your beneficiaries from probate court and reduce or avoid excessive inheritance taxes upon your death.
