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Estate Planning Primer
Thursday, June 16, 2016

Estate planning is a little like individual personalities: each is unique, but there are some basic similarities that apply to almost everyone.
 

Understanding some of the basic concepts in estate planning can help you make sure your specific needs are met when you begin the process.
 

Everyone Should Work with An Attorney or Tax Advisor

An attorney can guide you through the process of creating estate planning documents, including a will, healthcare proxy, and durable power of attorney. You’ll make all of the decisions, but your attorney or tax advisor can explain complexities of each option, help you communicate your wishes clearly, avoid common mistakes, minimize tax implications, and help you make adjustments as things in your life change.


Maximize Your Holdings

One common aspect of planning an estate is to ensure that you leave a financial legacy for your beneficiaries. Your estate planning team can help you understand the legal and tax implications of the different ways you can pass on your assets. Very few people (if any) want to lose assets to taxes, court fees, and other expenses.

 

In particular, you’ll want to be well informed about how to avoid losing assets to taxes. Federal taxes on inheritance, gifts, and estates can be very high. Because estate and gift taxes typically have exemption limits, many people take advantage of opportunities to transfer portions of their estate to beneficiaries while they are still alive. This is one way to maximize the amount beneficiaries will receive.

 

Creating an estate plan is a process that requires a long-term relationship with trusted advisors. When you work with Wolterman, you can be confidant that we have your best interests at heart and that we work hard to make sure your wishes are honored.

 

Contact us today for an initial consultation. We’ll help you get your estate in order and insure that your beneficiaries are well taken care of.

 





 
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Wolterman Law Office LPA

Wolterman Law Office LPA provides legal counsel for clients in Hamilton County, Warren County, Clermont County and Butler County in Southwest Ohio, including communities such as Loveland, Cincinnati, Mason, West Chester, Blue Ash and Milford.
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