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Estate Planning
Most people do not grasp the impact poor planning will have on themselves
or their loved ones. In fact, over 70% of Americans have no estate plan.
We define estate planning as follows:
“I want to control my property while I am alive and well, take care of
myself and my loved ones if I become disabled and give what I have to
whom I want, the way I want, and when I want, while saving every tax
dollar, professional fee and court cost possible.”
The Top 10 Reasons to do Estate Planning Are:
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Making sure your wishes are followed;
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Maintaining your privacy by avoiding the cost and delay
of lifetime and death probate;
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Planning for your potential disability by preventing
unnecessary placement in a nursing home and providing clear instructions for
care in your home;
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Protecting your children and spouse from creditors, lawsuits
and divorces;
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Protecting your children from bad habits or in the event your
spouse chooses to remarry;
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Protecting your assets from the nursing home;
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Making proper decisions regarding retirement assets;
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Avoiding payment of all federal and state estate taxes at death
while minimizing income taxes;
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Leaving a charitable legacy; and
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Protecting your pets.
A skilled estate planner will counsel clients in order to
understand the unique objectives of his clients and will create a sensible
wealth accumulation and property transfer plan, which is consistent with these
objectives.
The documents every individual needs, regardless of wealth, are as follows:
• Living Will
• Health Care Power of Attorney
• Authorization for Release of Protected Health Information
• Donor Registry Form
• Revocable Living Trust
• Last Will and Testament
• Durable Power of Attorney
• Certification of Trust
• Memorial Instructions
For others, additional documents are recommended, for
example:
• Irrevocable Life Insurance Trust
• Family Limited Partnership
• Limited Liability Company
• Gifting Trust
• Intentionally Defective Grantor Trust
• Retirement Trust
• Special Needs Trust
• Inheritor’s Trust
• IRA Inheritance Trust
• Charitable Trust
Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001
Since congress passed the Economic Growth and Tax Relief Reconciliation Act (EGTRRA)
of 2001, there has been a great deal of confusion about the nature and extent of
the tax relief afforded and how it impacts a person’s estate planning decisions.
In that analysis, it is important to stress the following frequently
misunderstood point. The estate tax has not been repealed and it may not ever be
repealed. The law presently states that the estate tax will be repealed only for
one year, after which it will be reinstated permanently if both houses of
Congress do not affirmatively act to repeal it permanently.
Ohio Estate Tax
Many people focus exclusively on the federal estate tax and forget about the
Ohio Estate Tax. It is vitally important that clients understand this tax and
take steps to avoid it. DocuBank
 DocuBank
provides emergency access to your healthcare directives, 24/7/365. We
include DocuBank as part of our estate
planning services to ensure that your
living will, health care power of attorney and other medical directives
will be immediately available at the hospital when you need them, via
fax and/or online –around the clock and around the world.
Be sure to carry your
DocuBank Emergency Card in your wallet -- next to your driver’s license
or health insurance card. You should also periodically update your
emergency contact and medical information stored with DocuBank. To do
so, simply
click here
or on the DocuBank logo. For more information on this valuable service,
visit
www.DocuBank.com
or call toll-free 866-DOCUBANK.
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