Estate And Wealth Planning
With the changing landscape of the federal and state of Ohio tax code, we assist our clients with the opportunity to transfer assets to your family or others with less governmental impact. Our wealth planning office will help you achieve your goals with less taxation impact.
We believe that basic documents such as a will, health power of attorney and durable power of attorney should be prepared for every person. If you have not reviewed your estate plans in the last five years or have any major change in your life, such as marriage, divorce, children or health issues, a review of your estate plan by an estate planning attorney should be considered.
Our office can advise you with respect to irrevocable life insurance trusts, revocable testamentary trusts, annual gift-giving programs and charitable remainder trusts. Further, the current estate tax exemptions are due to expire at the end of 2025, at which time the tax exemption is scheduled to revert to pre-2018 levels.
Our office can assist you in the preparation of Spousal Lifetime Exemption Trusts (“SLATs”) to allow you to transfer more of your assets to your family without taxation. Upon the death of a loved one, Schottenstein Legal Services Co., LPA, can guide you through the administrative process of probating an estate.
Frequently Asked Questions About Estate And Wealth Planning
Below, we address some of the most common concerns.
Who needs an estate plan, and what are the benefits?
Many people assume that estate planning is only for the wealthy, but that is not the case. Anyone who owns property, has children or wishes to control how their affairs are handled can benefit from an estate plan. An estate plan in Columbus can:
- Make sure your assets are passed to the people you choose.
- Protect minor children by naming a guardian.
- Reduce family conflicts by clearly outlining your wishes.
- Simplify the legal process for your loved ones.
Even without significant wealth, an estate plan provides protection and assurance that your wishes will be fulfilled. Working with a Columbus estate planning attorney helps ensure your plan reflects your specific needs and Ohio laws.
Do I need a will, a trust or both?
This depends on your circumstances. A will allows you to name beneficiaries, appoint guardians and state your final wishes.
On the other hand, a trust can provide added privacy, help avoid probate and offer tax benefits in certain cases.
Many people use both a will and a trust to cover different aspects of their estate. As experienced attorneys, we can help determine the right combination for your family.
What is a power of attorney, and what types are available?
A power of attorney in Ohio is a legal document that gives someone the authority to act on your behalf. Common types include:
- Durable power of attorney: Covers financial matters and remains effective if you become incapacitated.
- Health care power of attorney: Allows someone to make medical decisions for you if you cannot.
- Limited power of attorney: Grants authority for specific tasks or time frames.
Choosing the right type of power of attorney helps ensure your affairs are managed by someone you trust.
What are the estate planning implications of aging and long-term care?
As we age, planning for health care and long-term care becomes critical. Without preparation, families may face financial strain or uncertainty about decision-making. Estate planning in Columbus can address:
- Medicaid eligibility and asset protection
- Long-term care costs and planning strategies
- Health care wishes are honored through advance directives
Addressing these issues early can protect your health and financial security. A Columbus estate planning attorney can guide you through these important decisions.
Contact Schottenstein Legal Services
To schedule a consultation, call the firm at 614-321-1226. You can also reach the firm using the online contact form.