What to Know About Irrevocable Life Insurance Trusts (ILIT) in Ohio
When planning your estate, you want to make sure your loved ones are protected and that your assets go where you intend. One powerful tool to help with this is an irrevocable life insurance trust, often called an ILIT. Gudorf Law Group, LLC, helps Ohio families understand how ILITs work and whether one could benefit their estate plan.
What Is an Irrevocable Life Insurance Trust?
An irrevocable life insurance trust is a type of trust that holds a life insurance policy outside of your estate. When done properly, this keeps the policy’s value and death benefits from being counted as part of your taxable estate. That means the money from the insurance policy doesn’t face estate taxes when you pass away.
The trust owns the policy, not you. This is important because it removes control from your hands. That might sound scary, but it comes with benefits. You give up the ability to change the trust later, but in return, the value of the policy is kept safe from taxes and sometimes creditors. Gudorf Law Group helps c… Read More
What is Portability in Estate Planning?
Estate planning is all about protecting your family’s financial future. One important tool that helps married couples reduce estate taxes is portability. But what is portability in estate planning, and how can it help you and your loved ones? Gudorf Law Group, LLC has years of experience helping Ohio families take advantage of portability and other key estate planning strategies to secure their legacies.
What Does Portability Mean in Estate Planning?
Portability in estate planning refers to the ability of a surviving spouse to use their deceased spouse’s unused federal estate tax exemption. This means if one spouse passes away without using their full exemption amount, the surviving spouse can apply the remaining portion to their own estate. This can significantly reduce or even eliminate federal estate taxes for a couple, allowing them to leave more of their assets to their heirs. Gudorf Law Group regularly helps clients understand how portability appli… Read More
Can Stepchildren Contest a Will?
When a loved one passes away, the probate process can be complicated and emotionally taxing, especially for families with blended dynamics. If you’re a stepchild wondering whether you have the right to contest a will, you’re not alone. This situation can be tricky, but at Gudorf Law Group, we’re here to offer clear answers, guidance, and compassionate support throughout the process.
Do Stepchildren Have Legal Rights to Inherit?
In Ohio, stepchildren don’t automatically inherit from their stepparents unless they’ve been legally adopted. This means that even if you had a close relationship with your stepparent, you might not have any legal right to their estate unless they specifically named you in their will. If your stepparent didn’t include you as a beneficiary, and you weren’t adopted, you typically won’t be considered an heir.
At Gudorf Law Group, LLC, we understand how important clarity is when it comes to matters of inheritance. We know that family dynamics can be complicated, and we’re here to guide you through the legal process with the care and attention you deserve. Our team will he… Read More
About OhioProbateLawyer.com
The tasks involved in probating an estate can be daunting, especially for those who have never been through it before. We are committed to relieving anxiety around the probate process and to helping Ohioans through an often-challenging time in their lives.
Contact Us