Some people in Ohio may have complex estates that include a business and other assets. They may think of the business and assets as their legacy and want to make sure their spouses and children benefit from that legacy. However, people often do not take into account the fact that their loved ones may be ill-prepared to take over their businesses or manage assets. It is possible to create an estate plan that still allows loved ones to benefit financially without giving them control of the legacy.
According to a recent Wells Fargo survey, one in four older Americans do not have a plan in place to take care of their medical and financial needs in case they become incapacitated. It's important to remember that there are several ways Ohio residents can protect themselves in case of incapacity.
Roughly half of all adults in Ohio and throughout the nation do not have a will. While failing to create an estate plan is not uncommon, it can cause headaches for family members after the estate owner's death.
According to a Wells Fargo survey, 40 percent of older individuals in Ohio and the rest of the nation have not completed all of the necessary legal documents that should be included in their estate plans. People who do not have all of the necessary estate planning provisions in place may be susceptible to individuals taking financial advantage of them when they are older.
Most Ohio residents would probably prefer to pay as little in estate and inheritance tax as possible. This is especially true in the case of untimely deaths. The last thing a grieving family wants to deal with is extra taxes. The story of the so-called 'death tax" is an infamous part of the history of Congresswoman Kristi Noem. Despite the Representative's claims, a close examination of her story and documents points to poor estate planning rather than unfair tax laws as the culprit. The lesson of the Noem family can serve as a memorable lesson for all taxpayers.
Ohio residents may believe that legacy planning is something that only a famous person would do. However, almost anyone could have a life's work or story to share. This is true whether a person is a writer, teacher or anyone else who has accomplished something. Therefore, creating a legacy plan is not necessarily an egotistical thing to do.
Ohio residents may want to skip probate as it can be a long and expensive process. However, it may be avoided by creating a joint tenancy arrangement, which can allow an asset to pass solely to a survivor. This may be used on assets such as an investment or bank account, and it may override provisions put in a will or other estate plan documents.
When an Ohio resident dies, there is likely to be property that family members must decide how to divide. There might not be a will, or there might be items of personal property that is not mentioned in the will.
Many Ohio residents believe that they don't need a will. This is often because they have few, if any, assets and assume that there is no need to designate what happens to their money and belongings after they die. This is untrue.
Various options are available for people who want to be involved in what happens with their assets before and after they die. Some people create trusts to define how their family members spend their money. Others divide their assets between loved ones and the charities they support during their lifetime. Ohio residents who value charitable giving may benefit from working with professionals to set up a plan that saves them money while also helping them achieve their goals.