Estate planning is a crucial part of your financial plan. With it you are able to determine how and who manages your assets in the event of your death or if you are unable to manage them on your own. Everyone can benefit from an estate plan no matter how large or small your assets may be. The estate planning process involves your assets, family members or friends you wish to bestow money to and possibly charitable organizations or other business entities. Learn how an estate planning attorney such as Bart Leonardi can help you put together a plan that will cover all your financial bases.
An estate plan consists of a number of documents that spells out the future of your financial plan. If you die intestate, or without a will or plan, the estate law of Ohio will determine what happens to your assets. Their determination of your assets may not be the best for your family. It is essential to hire an Ohio probate lawyer to put your financial affairs in order before something unfortunate occurs.
Some documents that your estate planning attorney will suggest for you may include:
Your estate plan will hold all of your assets. As you begin to plan out the future for your assets you can use the above named documents to secure your future and the future of your family.
As the law currently stands in Ohio, estates are subject to a 6% tax rate that have assets valued over $338,333 up to $500,000. For estates over $500,000 the tax rate increases to 7%. However, the Ohio Estate Tax will be repealed on January 1, 2013 which means that anyone who dies on or after this day will not have estates subject to additional tax. As you prepare your estate plan, consider the tax implications for the assets you plan to distribute.
Begin by gathering all financial information for your current assets. Figure out what assets you plan on offering to charitable organizations and which ones you plan to keep within family. After you have a rough idea of where you plan on allocating your assets schedule a free consultation with estate planning lawyer Bart Leonardi. He provides a free initial meeting so you can figure out the best option for your future.