Estate Planning

Our estate planning services are all designed to allow our clients to ensure that their accumulation of assets, built over a lifetime of hard work, are efficiently and effectively transferred to appropriate heirs or charities at the right times. It’s essential that any estate planning strategy be tailored to fit the unique circumstances of a particular client. A one size fits all approach is rarely sufficient and rarely addresses all the needs of a particular client and family.

Over the years clients have asked us to implement many different estate planning stragies. A non-exhaustive, representative example of estate planning solutions we’ve designed are listed below:

  1. Ensuring that husband and wife clients treat all their children equally and pass all their assets as efficiently as possible to the next generation, both via wills and transfer on death designations;
  2. Creating an irrevocable life insurance trust (ILIT) to ensure the life insurance death benefit is not subject to federal estate tax;
  3. Developing a wholly discretionary trust to preserve assets for a member of the next generation who is disabled and can’t inherit assets directly;
  4. Setting up a revocable trust to make certain that minor children are appropriately cared for during their adolesence and don’t later inherit large sums of money too early in the event of the untimely death of both caretaker parents;
  5. Helping clients with separate revocable trusts to take advantage of marital deduction planning for federal estate tax purposes, including qualifed terminable interest property (QTIP) planning where appropriate;
  6. Planning for business succession within closely held business families, particularly when less than all of the children are likely to inherit the business assets.

Any estate planning strategy necessarily carries with it a certain documents that must be drafted and signed in order to properly implement the plan. An example of the kinds of documents a client might see, depending upon the plan, are as follows:

  • last will and testament
  • financial durable power of attorney
  • health care power of attorney and living will
  • survivorship deed
  • transfer on death designation affidavit
  • revocable trust
  • irrevocable trust
  • wholly discretionary trust

For more information, you’re welcome to read through our database of original content on our site. Our most recent writings with an “estate planning” tag are below:


Recent Blog Posts in this category

  • The 4 Questions to Answer Before Making Gifts [Part 4 of 4] - In our estate planning and elder law practice, we talk with many clients who are interested in making significant gifts of assets during their lifetimes to their children. Anytime we meet to discuss lifetime gifting, we inevitably discuss 4 topics of consideration: 1. Will the gift create federal gift tax problems? 2. Will the gift...
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  • Recap: Navigating an Estate Plan in the New Year - On December 4, 2013, I was given the opportunity to speak at Fisher-Titus Medical Center to a small group of attendees on various estate planning topics. For those readers not in attendance, below is a brief recap of that presentation: 1. Overview of the Probate Process. The term “probate” refers mostly to the formal court...
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  • The 4 Questions to Answer Before Making Gifts [Part 3 of 4] - In our estate planning and elder law practice, we talk with many clients who are interested in making significant gifts of assets during their lifetimes to their children. Anytime we meet to discuss lifetime gifting, we inevitably discuss 4 topics of consideration: 1. Will the gift create federal gift tax problems? 2. Will the gift...
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  • Trusts and the Probate Process - Many Ohio residents set up revocable living trusts to administer assets both before and after their lifetimes.  There are a number of different reasons to undertake trust planning, but one of the reasons often given is to “avoid probate.”  However, setting up the trust by itself, without taking any further steps, won’t cause an individual’s assets to...
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  • The 4 Questions to Answer Before Making Gifts [Part 2 of 4] - In our estate planning and elder law practice, we talk with many clients who are interested in making significant gifts of assets during their lifetimes to their children. Anytime we meet to discuss lifetime gifting, we inevitably discuss 4 topics of consideration: 1. Will the gift create federal gift tax problems? 2. Will the gift...
    View Article

 

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