Ohio residents can use an estate plan to ensure that their wishes regarding how their legacy is handled are enforced. Estate planning can be used to protect and manage one’s legacy while reducing the tax burden of the state.
It is important that everyone who has assets, even if they are minimal, devise an estate plan. An attorney who practices estate planning law may provide valuable guidance regarding how one’s assets should be allocated.
Minimizing the tax assessments and probate fees on an estate is one reason why individuals may create an estate plan. Individuals who have highly valued assets will be required to pay state estate taxes and, in some cases, federal estate taxes as well. An attorney may assist with determining when, to whom and where one’s assets should be designated.
Estate planning can also be used to protect one’s assets in certain situations. For example, individuals could have certain provisions in place to prevent their financial assets from being drained in situations in which nursing home care or some other long-term assistive medical care is required. An estate plan can also include additional insurance coverage that is useful if an individual is injured in a motor vehicle accident and has maxed out their auto insurance limits.
One of the main reasons people use estate plans is to control and manage their assets. An estate plan helps eliminate fear or guesswork regarding how the assets of a decedent should be distributed.
An estate planning attorney may advise clients about which legal devices should be included in their estate plans to protect specific types of assets and ensure that they are able to benefit future generations of their family. The attorney may litigate to address disputes regarding certain inheritance issues, such concerns regarding the contents of a will.