» Estate Planning
What is a Crummey Trust?
Providing financially for children and grandchildren is one of the most satisfying ways to use the assets you've spent a lifetime accumulating. Of course, you have made an estate plan to dispose of your assets after you're gone, but you want to be able to have the joy of giving while you're still alive. Not only does giving during your lifetime allow you to experience the gratitude of your beneficiaries, but making lifetime gifts can be an excellent way to reduce your taxable estate.
As of 2017, you can make a gift of up to $14,000 as an individual (or $28,000 for a married couple) to a child or grandchild each year without incurring gift tax liability on that amount. This gift can be used for their education, travel, even a down-payment on a house when the time comes. But how you give the gift has a significant impact on the benefit you and the beneficiary will get out of it.
Limitations of Custodial Accounts and Regular Trusts
You don't want to give a large financial gift directly to a minor chil… Read More
Choosing an Estate Planning Attorney for Your Family Farm
We've written before in this space about choosing a probate and estate planning attorney.
Obviously it's important to choose someone who's experienced in estate planning and probate law and who is ethical. But beyond that, does it really make a difference whom you choose?
If one of the assets for which you're planning is a family farm, the answer to that question is an emphatic "yes!"
Unique Planning Issues for Family Farms
Family farms are not like other property, for many reasons. Leaving aside financial complexities, family farms, unlike many other assets, have a legacy, a family heritage attached to them.
While it's important to have an attorney who understands what your farm means to you, there is also much more to planning for a family farm than honoring sentimentality. Many economic factors affect the value of a farm from year to year, which could have an impact on estate tax. Like other family businesses,… 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