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Did You Know?
The costs and expenses of a conservatorship are paid by your estate
A CONSERVATORSHIP is if you suffer from an incurable disease or are involved in a debilitating accident and are unable to manage your own affairs, state law might require someone to go to court to have a conservator appointed by the court. The conservator is given the authority to make financial decisions and handle your financial affairs, under court supervision, when you lack the capacity to manage them on your own.
In Ohio if you die without a will, your family could be in for more than they bargained for. You sons and daughters could be left fighting over their share of your estate. If you are located in another region of the country contact one of our estate planning attorneys nationwide. Don’t make them go through that hassle; contact our Ohio Estate Planning Lawyer to help get your affairs in order.
[1] Gross estate is shown at the value used to determine estate tax liability. The value could be determined as of the decedent's date of death or 6 months thereafter (i.e., alternate valuation method).[2] Includes U.S. territories, U.S. citizens domiciled abroad, and a small number of returns for whom State of residence was unknown.[All figures are estimates based on samples--money amounts are in thousands of dollars] in Ohio
Gross estate tax purposes
3,726
Gross estate tax Amount
7,184,323
Total allowable deductions Number
3,726
Total allowable deductions Amount
2,927,881
State death tax credit Number
2,406
State death tax credit Amount
224,245
Net estate tax Number
2,050
Net estate tax Amount
900,794
Source: Internal Revenue Service, Statistics of Income Division, Unpublished Data, April 2003.
Our Ohio Estate Planning Attorneys can help you decide how best to transfer property, and how to resolve other personal matters including tax planning. Estate-planning lawyers can also help you with the most important part of the estate planning process: Making a will.
If you don’t have a will, the state of Ohio will control who gets your property by default. While most states have their own unique laws descent and property distribution, most states give your children priority when it comes to doling our your possessions.
State laws are modeled after what the legislature thinks most people will want to do, but whatever the laws say might not be in line with your wishes. An estate-planning lawyer can help you draft a will that explains your wishes in great detail.
Our Ohio Estate Planning Attorneys can also help you set up a trust. A trust holds your property until your death and then disperses the property according to your wishes. Trusts can can be created by your will, or the can be revocable or irrevocable.
Most parents use trusts to better prepare for their children’s needs at the time of their death.
Issues and topics related to Ohio Estate Planning include:
Pensions and the Future of Savings
Audio, RM, 44 Kbps, 8:46, 11/17/2004
Pension plans were once considered a good bet for a comfortable retirement -- but these days it can all seem like a gamble. Major companies are defaulting on their pensions, and it's not clear who's going to pick up the tab. We discuss the future of pensions. Source: National Public Radio
Ohio External Sites
Medicaid Estate Planning and Estate Recovery in Ohio
Planning and Estate. Recovery in Ohio. August, 1999. Prepared for ... practice of Medicaid Estate Planning, and 2) require states to operate Medicaid Chapter 10:
August 1999 Medicaid Estate Planning and Estate Recovery in Ohio. -119-. Chapter 10:. Results from. Studies of County Medicaid. Eligibility Workers i
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Latest news about Financial & Estate Planning in Ohio and nationwide:
Making A Will
The simplest way to ensure that your funds, property and personal effects will be distributed after your death according to your wishes is to prepa... Read more >
Planning Your Estate
A primary purpose of estate planning is to distribute your assets according to your wishes after your death. Successful estate planning transfers y... Read more >
Definition:
The difference between the Tax Basis (the amount originally paid for property with certain adjustments) and the amount received for the property when it was sold.
Informed Consent
Definition:
An authorization to proceed by a person who has been given and understands all of the relevant facts.
Grantor
Definition:
The person who sets up or creates the trust; also called a Settlor, Trust Creator, Trust Maker, or Trustor.
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Did You Know?
Estate Tax Returns Filed in 2001: Gross
Medicaid Estate Planning and Estate Recovery in Ohio