For people in Ohio and throughout the United States, the estate planning implications of the new federal tax law could be significant. The law worked to massively increase the exemptions for gift, estate and generation-skipping transfer (GST) taxes. When the Tax Cuts and Jobs Act took effect on Jan. 1, the exemption for all three of these types of taxes doubled up to $11,180,000 for a single individual and $22,360,000 for a married couple. These amounts are also slated to increase each year according to inflation.
Planning for health care costs in retirement
Many Ohio residents contemplating retirement talk to their financial planners about their investments, Social Security benefits and taxes but neglect to discuss health care. Planning for health care costs is just as important as creating a financial plan because a sudden health crisis could drastically impact a retiree's finances.
Estate plans affected by tax law changes
The federal tax bill passed in Dec. 2017 could have impacts on estate planning for people in Ohio and across the United States. There are several changes that can affect people's choices about how to plan for their property after death.
Using trusts in estate plans
When considering their assets and their goals, Ohio residents may begin to see that using a living trust may be more beneficial than using a simple will. Contrary to popular belief, trusts are not meant to used solely by individuals who are extraordinarily wealthy.
