Kathryn T. Joseph & Associates, Inc.

October 2016 Archives

Estate planning across multiple states

Ohio residents who live in more than one state throughout the year should keep this in mind when they are making their estate plan. Generally, people have official residence in only one state even if they spend part of the year in another one. They whether either state where they spend their time has an estate tax. There is a federal estate tax, but in 2016, there is an exemption of $5.45 million. There might also be some states, like Florida, that do not have an estate tax but have other taxes when a person dies.

Estate planning for people with substantial assets

Angel investors in Ohio may use careful estate planning in order to pass more of their assets on to their children or other beneficiaries. The federal government currently has a lifetime exemption amount of $5.45 million for estate taxes. For couples, that amount is $11 million. People who have substantial assets may use estate planning laws to their advantage in order to reduce the size of their estates and lower their tax burden.

The use of a living trust

It is important for people to make sure they have a plan in place to have their assets distributed according to their wishes in the event of their death. Ohio homeowners may want to consider placing the home in a living trust.

Estate plans are not just for the wealthy

There are many reasons that Ohio residents might need an estate plan that are not related to how wealthy they may be. For example, they might want to think about end-of-life care and who they would appoint to handle their health care and finances. This can be two different people, and more than one person can handle each responsibility. For example, when creating a power of attorney, people might choose two of their children or a child and an attorney to manage their finances if they are incapacitated. Long term care insurance can help prevent a scenario in which people lose all their assets if they go to a nursing home.

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Kathryn T. Joseph & Associates, Inc.
Executive Commons West
29425 Chagrin Blvd.
Suite 305
Cleveland, OH 44122

Toll Free: 888-335-6650
Phone: 216-245-0504
Fax: 216-765-8817
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