Providing for dependents and retirement is discussed first and is of primary importance. Here we discuss what estate plans you should consider and accomplish. ![]() You might wish to begin by filling out the attached response sheet for Part A. These objectives will be the basis for your estate plan. Every person is different, so each of you will need to decide your objectives and the relative importance of each objective. In Part B, you will begin to focus on estate planning objectives. Part A of this fact sheet is just an introduction. Values of individual estates subject to federal estate taxes are as follows. People with more moderate estates might choose to try to minimize Ohio estate taxes. Most people who have larger estates (those subject to federal estate taxes) choose more elaborate estate plans to avert a significant portion of their estate going to the federal government. Or maybe all that needs to be done is to draw up or change your will. Maybe all you need to do is change the wording on your certificate of deposit. Whenever you fill out papers to open a bank account, buy stock or bonds, buy life insurance, or enroll in employment benefits, you are forming part of your estate plan.Īn estate plan doesn't have to be complex or change the way you would have otherwise done things. In fact, every time you acquire property such as land, buildings, equipment, or a car, you form a piece of your estate plan. You are unconsciously forming your estate plan every time you fill out papers to designate title. Therefore, the concept "equal is not necessarily equitable" is discussed, and communication is stressed throughout the fact sheets.Īlso, this fact sheet series will help you with your daily decisions. Others may find it relatively easy to develop an estate plan according to their wishes, but they find the task to be nearly impossible when the wishes of everyone in the family and/or business are considered. Hopefully your comfort level with estate planning will be higher after you read this fact sheet series. They don't like to go to the doctor or dentist, partially because they don't understand the procedures. Some people are uneasy when they are forced to depend on others, especially when they don't understand what is happening. This fact sheet series is an attempt to give you that basic understanding, so you are more comfortable working with those professionals who will assist in developing your plan. Many of us don't understand estate planning, which is a second reason a lot of us don't have an estate plan. Some recent changes to these laws have made it more likely that in certain circumstances these default laws will be closer in accordance with your wishes than before, but they still are not personally tailored to your wishes. Chances are, your will will be closer to your wishes than the laws of Ohio. If you don't have a will, the State of Ohio has laws that determine how your property will be distributed. For many, our uneasiness with death prevents us from doing basic but necessary estate planning. Why do so many of us not have a plan or a will? First, no one likes to think about death, and your loved ones definitely don't want to listen to you talk about your death. ![]() An Ounce of Prevention is Worth a Pound of Cure A successful estate plan not only provides for retirement while passing the largest possible estate to loved ones, but also does this in a way that the people involved are friends through the process and after the estate is settled. Therefore, in these fact sheets, emphasis will be given not only to financial matters, but also to personal considerations. The same might be true of your heirs when your estate is settled. ![]() In fact, for many of us in the United States, more money might not increase our happiness or well-being. In this fact sheet series, estate planning objectives include arranging for the well-being of your loved ones and yourself while you are living and after your death.įor many, personal relationships are more important than financial considerations. ![]() However, we hope you find each of the twelve fact sheets of benefit. Therefore, these fact sheets are in no way, shape, or form intended to replace legal counsel. This fact sheet series is intended to introduce you to the basic concepts needed to develop an estate plan. Please feel free to contact us if you have questions, concerns, or differ with our response.Ī caution before we get started. We, the authors of this fact sheet series, hope you will settle down in an easy chair, take one fact sheet at a time, read it, fill out the response sheet, then compare it with our answers at the end of the fact sheet.
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