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Posts tagged "Estate Planning"

Planning your estate as a young professional

It's never too early to start thinking about planning your estate. If you are a young adult, it's likely that you don't have a lot of assets, and therefore you may think that planning your estate is unnecessary at this stage in your life. However, the benefits of planning your estate go far beyond the distribution of assets.

5 reasons to draft that estate plan now

Do you have goals for your estate plan? It's different for everyone, but figuring out your goals is a great place to start. When you know what you want that estate plan to do, you can start working with that in mind, and you can learn about all of the options that will get you to that desired outcome.

How to put your funeral wishes in your estate plan

For many people, a major motivation in planning their estate is making sure that their loved ones are not under a great deal of stress with administrative responsibilities at the end of their life. By taking their time to plan out their estate, perhaps even creating trusts to avoid the probate process, their loved ones are likely to be relieved of many of the bureaucratic processes while they are grieving.

Planning for the unknown in your estate plan

In planning your estate, you are essentially attempting to plan for an uncertain future. None of us will be able to predict what ours and our loved ones' lives will be like in a decade's time. In addition, we are not able to force how laws might change, particularly in regard to taxes and inheritance.

How badly do I need an estate plan?

If you're debating whether you need an estate plan, you should probably err on the side of caution and get one. In fact, everyone -- no matter how wealthy he or she is -- receives important benefits from a finalized estate, not just in the financial arena. An estate plan, for example, allows you to indicate a person who will make financial and health decision on your behalf in the event that you become incapacitated. Furthermore, an estate plan will indicate who takes care of your children if you're no longer able to do so.

Estate planning for small business simplifies the transition

Small business owners in Ohio would be well advised to take a look at the benefits of estate planning for transferring one's share or its value to their heirs at death. This will usually involve a mix of legal instruments drawn from both estate planning and business law agreements to make the transition easier and ultimately more lucrative for one's heirs. The complicated tax issues that may arise in this context are best determined and planned in consultation with an estate planning attorney and a tax expert or qualified financial planner.

Estate planning can minimize the specter of family conflicts

It takes some attention and common sense thinking for persons in Ohio or anywhere else to write up a will that will minimize the prospect of later family conflicts. The way things are written impacts on whether some family members may feel slighted or otherwise "left out" of the loop. Some phrasing or certain appointments may plant an idea with one or more family members that others are receiving special treatment. Good estate planning, in cooperation with an experienced estates attorney, will minimize greatly the chances of family dissension.

  • Ohio State Bar Association | Connect.Advance.Succeed
  • Federal Bar Association | ORG Jan 5th 1920
  • Dayton Bar Association 1883
  • Super Lawyers
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