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. A good estate plan will allow a person to reach desired economic, legal, and personal objectives.
Death is unpleasant to talk about and we tend to avoid those conversations or assume we will live forever, but death is inevitable. You will rest easier and your family will benefit greatly if you will take time to develop an estate plan.
Estate planning is providing for the desired personal, economic, and legal consequences in the accumulation, conservation, and distribution of your property. It is the process of arranging for the well-being of your family and the use of your property to accomplish your objectives while you are living and after your death. It is choosing from among the many alternatives that are available to secure your financial future, especially during retirement, and perhaps preserve an estate for your heirs after payment of debts, taxes, and other settlement costs.
Estate planning is complex and requires knowledge in federal and Ohio estate taxation, wills, insurance, methods of owning property, forms of business organization, trusts, and more. It involves consideration of the amount and type of your property, forms of property ownership, and plans for its transfer. Retirement plans, arrangements for estate liquidity, concern for your children's futures, planning to meet family objectives, and many other factors must be considered. Obviously, this publication is not intended to serve as legal counsel. Rather, it is to help you think objectively about the consequences of alternative ways of using and disposing of your estate.
"An ounce of prevention is worth a pound of cure."
What would happen if your estate had to be settled tomorrow? Would your spouse be able to maintain a satisfactory standard of living? Would an adequate education for your children be assured? Who would receive your property if after your death your spouse remarried-your children, the second spouse, a business partner? Will your plan be followed, or would it be the plan provided by Ohio law? These questions and others can be specifically answered in your estate plan.
People spend a lifetime accumulating an estate but are often "too busy" to spend a few hours planning for its conservation and orderly transfer for maximum satisfaction for them and their families. A few hours of planning now may save your family thousands of dollars in settlement costs, needless delay, and unnecessary family discord.
Develop a Plan for Your Situation
Your plan needs to be tailored to your resources and to your family needs. Unfortunately, many families cannot come to grips with these challenges because they either are not aware of the present day cost of not planning, afraid of what they think is a complex subject, or wary of outsiders who seek to help develop a plan.
Actually you are unconsciously developing part of your estate plan every time you acquire property, decide how it will be held, or purchase insurance. If you do not have a will, the Ohio Statute of Descent and Distribution will be followed for property that is subject to probate. This plan for property distribution may or may not agree with your family needs. For non-probate property, the way the property is owned or the designated beneficiaries will dictate the distribution. These plans also need careful attention.
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..you'll receive targeted daily reports pertaining to the important topics that relate to your estate planning needs.
Why you should sign up and get information right in your inbox today....
Whether you are looking into financial planning options, starting to develop your retirement plan, or just looking for estate planning advice, this newsletter will give you the information you need to have before consulting with a financial planning professional. With your newsletter you will begin to learn about some of the following topics that affect your estate plan:
- Getting Planning on your Estate. We'll get you the information you need to start planning today. Facts about estate planning you should know and what to avoid in your financial planning decisions.
- Federal Insurance - FDIC - and How its changing the game will affect your Estate Planning measures.
- Charitable Trusts for the average Joe. We'll show you how you can leverage charitable trusts for your estate.
- Protecting your quality of life. Estate Planning is more than just writing a will and we'll show you why.
Dont forget....You'll not only get this initial guide to estate planning, you'll also get our monthly newsletter that targets your needs and interests, giving you advice and strategy on how to manage your financial condition, grow your personal wealth, and put you on the path to total financial independence. Expert advice from local experts for you the central Ohio consumer- oh, and its FREE.
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***Please note all information we collect at RightWay is held in strict confidence. We do not sell or share our customer list with any other entities under any circumstances.
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Pre-screened to the most stringent standards, we connect you with a professional that is selected specifically to match your needs.
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Can't Find it? Go to our article archive and check out some of our past articles. article archive
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Financial tips, tricks, guides, and expert advice from local professionals. Learn how to plan for your future and for your financial health.
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